Tribune Investment Group LP Sells 2,270 Shares of FedEx Corporation $FDX

Tribune Investment Group LP lessened its holdings in shares of FedEx Corporation (NYSE:FDX) by 8.8% during the 2nd quarter, Holdings Channel.com reports. The fund owned 23,590 shares of the shipping service provider’s stock after selling 2,270 shares during the period. FedEx comprises approximately 3.0% of Tribune Investment Group LP’s investment portfolio, making the stock its 4th biggest position. Tribune Investment Group LP’s holdings in FedEx were worth $7,387,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in FDX. BlackRock Inc. acquired a new stake in shares of FedEx in the 2nd quarter valued at $6,508,103,000. State Street Corp raised its holdings in FedEx by 4.2% during the fourth quarter. State Street Corp now owns 9,521,691 shares of the shipping service provider’s stock valued at $2,763,824,000 after buying an additional 382,848 shares in the last quarter. Franklin Resources Inc. raised its holdings in FedEx by 6.6% during the fourth quarter. Franklin Resources Inc. now owns 5,133,231 shares of the shipping service provider’s stock valued at $1,482,785,000 after buying an additional 318,293 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of FedEx by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 4,985,778 shares of the shipping service provider’s stock worth $1,443,666,000 after buying an additional 45,818 shares during the last quarter. Finally, Invesco Ltd. lifted its position in shares of FedEx by 3.1% in the third quarter. Invesco Ltd. now owns 3,618,898 shares of the shipping service provider’s stock worth $853,372,000 after buying an additional 108,426 shares during the last quarter. 84.47% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Paul Walsh sold 5,042 shares of the business’s stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $324.56, for a total transaction of $1,636,431.52. Following the transaction, the director owned 16,359 shares of the company’s stock, valued at approximately $5,309,477.04. The trade was a 23.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.65% of the company’s stock.

FedEx Trading Up 2.3%

FedEx stock opened at $323.75 on Friday. FedEx Corporation has a 52 week low of $177.05 and a 52 week high of $345.36. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.44 and a current ratio of 1.48. The firm has a market capitalization of $76.62 billion, a PE ratio of 17.49, a PEG ratio of 1.68 and a beta of 1.32. The business’s 50-day simple moving average is $319.29 and its 200-day simple moving average is $349.29.

FedEx (NYSE:FDX) last announced its earnings results on Tuesday, July 21st. The shipping service provider reported $5.88 earnings per share for the quarter. The firm had revenue of $23.26 billion during the quarter. FedEx had a return on equity of 16.49% and a net margin of 4.68%. Equities research analysts forecast that FedEx Corporation will post 17.6 earnings per share for the current year.

FedEx Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Monday, September 14th will be given a $1.22 dividend. This represents a $4.88 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend is Monday, September 14th. FedEx’s dividend payout ratio is currently 26.36%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Truist Financial lowered their price objective on FedEx from $425.00 to $365.00 and set a “buy” rating on the stock in a report on Thursday, June 25th. Weiss Ratings lowered FedEx from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday. Barclays decreased their target price on FedEx from $450.00 to $425.00 and set an “overweight” rating for the company in a research report on Wednesday, June 17th. Stephens upgraded FedEx to a “strong-buy” rating in a report on Wednesday, July 8th. Finally, HSBC dropped their price target on shares of FedEx from $360.00 to $289.89 and set a “hold” rating on the stock in a research report on Monday, June 1st. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, FedEx presently has a consensus rating of “Moderate Buy” and an average target price of $350.54.

FedEx Company 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.