Storgate LLC Purchases Shares of 2,017 FedEx Corporation $FDX

Storgate LLC purchased a new stake in shares of FedEx Corporation (NYSE:FDX) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund purchased 2,017 shares of the shipping service provider’s stock, valued at approximately $583,000.

Other hedge funds have also added to or reduced their stakes in the company. OneAscent Financial Services LLC raised its holdings in shares of FedEx by 1.7% in the 4th quarter. OneAscent Financial Services LLC now owns 1,699 shares of the shipping service provider’s stock worth $491,000 after purchasing an additional 29 shares during the period. LRI Investments LLC raised its holdings in shares of FedEx by 5.2% in the 4th quarter. LRI Investments LLC now owns 632 shares of the shipping service provider’s stock worth $183,000 after purchasing an additional 31 shares during the period. Cary Street Partners Investment Advisory LLC raised its holdings in shares of FedEx by 11.9% in the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 292 shares of the shipping service provider’s stock worth $84,000 after purchasing an additional 31 shares during the period. Legacy Bridge LLC raised its holdings in shares of FedEx by 33.0% in the 4th quarter. Legacy Bridge LLC now owns 133 shares of the shipping service provider’s stock worth $38,000 after purchasing an additional 33 shares during the period. Finally, True Wealth Design LLC raised its holdings in shares of FedEx by 8.2% in the 4th quarter. True Wealth Design LLC now owns 462 shares of the shipping service provider’s stock worth $133,000 after purchasing an additional 35 shares during the period. Institutional investors and hedge funds own 84.47% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Susquehanna boosted their target price on shares of FedEx from $410.00 to $455.00 and gave the company a “positive” rating in a report on Friday, March 20th. Jefferies Financial Group boosted their target price on shares of FedEx from $425.00 to $450.00 and gave the company a “buy” rating in a report on Tuesday, March 3rd. Weiss Ratings cut shares of FedEx from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, June 3rd. Raymond James Financial assumed coverage on shares of FedEx in a report on Wednesday, June 3rd. They set an “outperform” rating and a $180.00 target price on the stock. Finally, Morgan Stanley boosted their target price on shares of FedEx from $220.00 to $230.00 and gave the company an “underweight” rating in a report on Friday, March 20th. Eighteen analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $371.45.

FedEx Stock Down 0.1%

FDX opened at $337.65 on Friday. The company has a fifty day moving average price of $371.84 and a 200-day moving average price of $342.64. The firm has a market capitalization of $80.57 billion, a P/E ratio of 17.97, a price-to-earnings-growth ratio of 1.54 and a beta of 1.28. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.47 and a quick ratio of 1.44. FedEx Corporation has a one year low of $172.88 and a one year high of $342.81.

FedEx (NYSE:FDX) last released 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. The firm had revenue of $24 billion during the quarter, compared to analyst estimates of $23.44 billion. FedEx had a net margin of 4.88% and a return on equity of 16.76%. The business’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same period in the previous year, the business earned $4.51 EPS. Equities research analysts expect that FedEx Corporation will post 19.72 earnings per share for the current fiscal year.

FedEx Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 7th. Stockholders of record on Monday, June 22nd will be given a dividend of $1.22 per share. This represents a $4.88 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Monday, June 22nd. FedEx’s payout ratio is 30.87%.

Insider Activity

In other news, EVP Kawal Preet sold 4,900 shares of the business’s stock in a transaction on Tuesday, April 14th. The shares were sold at an average price of $367.89, for a total transaction of $1,802,661.00. Following the completion of the transaction, the executive vice president directly owned 10,953 shares in the company, valued at $4,029,499.17. The trade was a 30.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Susan C. Schwab sold 5,795 shares of the business’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 transaction, the director owned 10,038 shares of the company’s stock, valued at $3,704,022. This trade represents a 36.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 48,104 shares of company stock valued at $17,599,006 over the last 90 days. Company insiders own 0.53% of the company’s stock.

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.