Resona Asset Management Co. Ltd. Cuts Holdings in FedEx Corporation $FDX

Resona Asset Management Co. Ltd. lessened its stake in FedEx Corporation (NYSE:FDX) by 5.8% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 69,403 shares of the shipping service provider’s stock after selling 4,257 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in FedEx were worth $20,096,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of FDX. Vanguard Group Inc. grew its stake in FedEx by 13.2% in the 3rd quarter. Vanguard Group Inc. now owns 23,442,049 shares of the shipping service provider’s stock worth $5,527,870,000 after buying an additional 2,741,723 shares in the last quarter. Boston Partners purchased a new position in FedEx in the 3rd quarter worth approximately $468,195,000. Dodge & Cox grew its stake in FedEx by 12.0% in the 3rd quarter. Dodge & Cox now owns 16,225,160 shares of the shipping service provider’s stock worth $3,826,055,000 after buying an additional 1,742,666 shares in the last quarter. AQR Capital Management LLC grew its stake in FedEx by 169.2% in the 3rd quarter. AQR Capital Management LLC now owns 2,733,905 shares of the shipping service provider’s stock worth $638,203,000 after buying an additional 1,718,278 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. purchased a new position in FedEx in the 3rd quarter worth approximately $171,960,000. Hedge funds and other institutional investors own 84.47% of the company’s stock.

Insider Activity

In related news, Director Susan C. Schwab sold 5,795 shares of the company’s stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $369.00, for a total transaction of $2,138,355.00. Following the completion of the sale, the director directly owned 10,038 shares in the company, valued at $3,704,022. This represents a 36.60% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Gina F. Adams sold 20,450 shares of the company’s stock in a transaction on Tuesday, April 14th. The shares were sold at an average price of $366.45, for a total transaction of $7,493,902.50. Following the sale, the executive vice president owned 19,403 shares of the company’s stock, valued at $7,110,229.35. This represents a 51.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 48,104 shares of company stock valued at $17,599,006. 0.53% of the stock is owned by corporate insiders.

FedEx Trading Up 1.4%

Shares of FDX opened at $374.84 on Wednesday. The firm has a market cap of $89.44 billion, a price-to-earnings ratio of 19.95, a PEG ratio of 1.40 and a beta of 1.29. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.44 and a current ratio of 1.47. FedEx Corporation has a fifty-two week low of $214.35 and a fifty-two week high of $404.03. The firm has a 50 day moving average price of $369.29 and a 200-day moving average price of $330.46.

FedEx (NYSE:FDX) last posted its quarterly earnings results on Thursday, March 19th. The shipping service provider reported $5.25 EPS for the quarter, beating analysts’ consensus estimates of $4.12 by $1.13. FedEx had a net margin of 4.88% and a return on equity of 16.76%. The company had revenue of $24 billion during the quarter, compared to analyst estimates of $23.44 billion. During the same period in the prior year, the business posted $4.51 EPS. The firm’s revenue was up 8.3% compared to the same quarter last year. As a group, equities research analysts forecast that FedEx Corporation will post 19.72 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on FDX shares. Citigroup boosted their price target on shares of FedEx from $327.00 to $401.00 and gave the stock a “buy” rating in a research note on Thursday, February 5th. The Goldman Sachs Group boosted their price target on shares of FedEx from $364.00 to $369.00 and gave the stock a “buy” rating in a research note on Friday, March 13th. Sanford C. Bernstein boosted their price target on shares of FedEx from $457.00 to $470.00 and gave the stock an “outperform” rating in a research note on Thursday, April 9th. Raymond James Financial boosted their price target on shares of FedEx from $305.00 to $410.00 and gave the stock an “outperform” rating in a research note on Friday, February 13th. Finally, Wall Street Zen cut shares of FedEx from a “strong-buy” rating to a “buy” rating in a research note on Sunday, April 12th. Eighteen investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $398.04.

FedEx Profile

FedEx Corporation (NYSE: FDX) is a global logistics and courier company headquartered in Memphis, Tennessee. Founded by Frederick W. Smith in 1971 and beginning operations in the early 1970s, the company pioneered overnight express shipping and has since expanded into a diversified portfolio of transportation, e-commerce and supply-chain services. FedEx operates an integrated air-and-ground network that moves parcels, freight and documents for businesses and consumers worldwide.

FedEx’s core operating segments include express parcel delivery via its FedEx Express division, domestic and residential parcel delivery through FedEx Ground, less-than-truckload (LTL) freight services, and logistics and supply-chain management solutions.