Resona Asset Management Co. Ltd. Invests $18.70 Million in FedEx Co. (NYSE:FDX)

Resona Asset Management Co. Ltd. bought a new stake in shares of FedEx Co. (NYSE:FDX) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 66,512 shares of the shipping service provider’s stock, valued at approximately $18,703,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Fortitude Family Office LLC raised its holdings in shares of FedEx by 144.4% during the fourth quarter. Fortitude Family Office LLC now owns 88 shares of the shipping service provider’s stock valued at $25,000 after purchasing an additional 52 shares during the period. Peoples Financial Services CORP. acquired a new position in FedEx during the 4th quarter worth approximately $28,000. City Holding Co. acquired a new stake in FedEx in the fourth quarter valued at approximately $28,000. Kentucky Trust Co bought a new stake in shares of FedEx during the fourth quarter valued at approximately $28,000. Finally, Activest Wealth Management acquired a new position in shares of FedEx during the fourth quarter worth approximately $29,000. 84.47% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on FDX. JPMorgan Chase & Co. decreased their price target on shares of FedEx from $323.00 to $280.00 and set an “overweight” rating for the company in a research note on Friday, March 21st. Piper Sandler cut shares of FedEx to a “neutral” rating in a research report on Monday, February 3rd. Jefferies Financial Group raised FedEx from a “hold” rating to a “buy” rating and decreased their price objective for the stock from $300.00 to $275.00 in a report on Monday, March 24th. Barclays dropped their target price on FedEx from $365.00 to $350.00 and set an “overweight” rating on the stock in a report on Friday, March 21st. Finally, Truist Financial started coverage on FedEx in a report on Thursday, March 13th. They set a “buy” rating and a $305.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, FedEx currently has a consensus rating of “Moderate Buy” and an average target price of $302.71.

Insiders Place Their Bets

In other news, CEO Richard W. Smith sold 2,576 shares of FedEx stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $276.93, for a total transaction of $713,371.68. Following the completion of the sale, the chief executive officer now owns 111,886 shares in the company, valued at approximately $30,984,589.98. This trade represents a 2.25 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO John Alan Smith sold 6,155 shares of the company’s stock in a transaction that occurred on Thursday, March 27th. The stock was sold at an average price of $243.55, for a total transaction of $1,499,050.25. Following the completion of the transaction, the chief operating officer now owns 23,347 shares in the company, valued at approximately $5,686,161.85. This trade represents a 20.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 12,711 shares of company stock worth $3,312,693 in the last three months. 8.87% of the stock is currently owned by corporate insiders.

FedEx Stock Down 2.8 %

FedEx stock opened at $209.90 on Friday. The firm has a market capitalization of $50.29 billion, a price-to-earnings ratio of 13.38, a P/E/G ratio of 1.11 and a beta of 1.24. The firm has a 50 day simple moving average of $252.45 and a 200 day simple moving average of $268.95. FedEx Co. has a 1-year low of $203.90 and a 1-year high of $313.84. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 0.73.

FedEx (NYSE:FDX) last released its quarterly earnings data on Thursday, March 20th. The shipping service provider reported $4.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.56 by ($0.05). The company had revenue of $22.16 billion for the quarter, compared to the consensus estimate of $21.96 billion. FedEx had a net margin of 4.45% and a return on equity of 15.59%. The business’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.86 earnings per share. On average, analysts predict that FedEx Co. will post 19.14 earnings per share for the current year.

FedEx Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Monday, March 10th were issued a dividend of $1.38 per share. This represents a $5.52 dividend on an annualized basis and a yield of 2.63%. The ex-dividend date of this dividend was Monday, March 10th. FedEx’s dividend payout ratio (DPR) is presently 34.63%.

FedEx Profile

FedEx Corporation provides transportation, e-commerce, and business services in the United States and internationally. It operates through FedEx Express, FedEx Ground, FedEx Freight, and FedEx Services segments. The FedEx Express segment offers express transportation, small-package ground delivery, and freight transportation services; and time-critical transportation services.