Citizens Financial Group Inc. RI Purchases New Position in FedEx Corporation $FDX

Citizens Financial Group Inc. RI acquired a new stake in FedEx Corporation (NYSE:FDX) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 5,135 shares of the shipping service provider’s stock, valued at approximately $1,614,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in shares of FedEx in the second quarter worth about $6,508,103,000. Norges Bank purchased a new stake in shares of FedEx during the 4th quarter valued at about $859,085,000. Boston Partners acquired a new position in FedEx during the 3rd quarter worth approximately $468,195,000. AQR Capital Management LLC lifted its position in FedEx by 169.2% during 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 acquiring an additional 1,718,278 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in FedEx in the 2nd quarter worth approximately $466,943,000. Institutional investors and hedge funds own 84.47% of the company’s stock.

FedEx Trading Down 0.9%

NYSE FDX opened at $328.43 on Wednesday. FedEx Corporation has a 12 month low of $177.05 and a 12 month high of $345.36. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.48 and a quick ratio of 1.44. The company has a market capitalization of $77.70 billion, a price-to-earnings ratio of 17.74, a price-to-earnings-growth ratio of 1.72 and a beta of 1.30. The company’s fifty day moving average price is $319.36 and its two-hundred day moving average price is $351.63.

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

FedEx Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 7th. Investors of record on Monday, June 22nd were paid a $1.22 dividend. This represents a $4.88 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date was Monday, June 22nd. FedEx’s dividend payout ratio (DPR) is 26.36%.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Truist Financial lowered their price objective on shares of FedEx from $425.00 to $365.00 and set a “buy” rating for the company in a research report on Thursday, June 25th. Jefferies Financial Group initiated coverage on shares of FedEx in a research note on Tuesday, June 23rd. They issued a “buy” rating and a $200.00 target price for the company. Raymond James Financial lowered their price target on shares of FedEx from $415.00 to $330.00 and set an “outperform” rating for the company in a report on Wednesday, June 24th. Evercore set a $165.00 price target on shares of FedEx in a research note on Friday, June 26th. Finally, Wells Fargo & Company cut their price objective on shares of FedEx from $450.00 to $425.00 and set an “overweight” rating on the stock in a report on Wednesday, June 17th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $350.54.

Insiders Place Their Bets

In other FedEx news, Director Paul S. Walsh sold 5,042 shares of the company’s stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $324.56, for a total transaction of $1,636,431.52. Following the sale, the director owned 16,359 shares in the company, valued at $5,309,477.04. This represents a 23.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 0.53% of the stock is currently owned by corporate insiders.

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.