Proficio Capital Partners LLC Takes $1.08 Million Position in FedEx Corporation $FDX

Proficio Capital Partners LLC purchased a new position in shares of FedEx Corporation (NYSE:FDX) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 3,438 shares of the shipping service provider’s stock, valued at approximately $1,076,000.

Several other hedge funds have also recently added to or reduced their stakes in FDX. Hollencrest Capital Management acquired a new stake in FedEx during the 1st quarter worth $25,000. Bayban acquired a new stake in shares of FedEx in the first quarter valued at about $26,000. Solstein Capital LLC acquired a new stake in shares of FedEx in the second quarter valued at about $27,000. EFG International AG purchased a new position in shares of FedEx in the fourth quarter worth about $27,000. Finally, Wealth Watch Advisors INC purchased a new position in shares of FedEx in the third quarter worth about $28,000. 84.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently issued reports on FDX shares. Rothschild & Co Redburn dropped their price objective on shares of FedEx from $375.00 to $344.00 and set a “neutral” rating for the company in a research note on Tuesday, June 2nd. Jefferies Financial Group assumed coverage on shares of FedEx in a research note on Tuesday, June 23rd. They issued a “buy” rating and a $200.00 target price on the stock. Evercore set a $165.00 target price on FedEx in a report on Friday, June 26th. HSBC dropped their price target on FedEx from $360.00 to $289.89 and set a “hold” rating for the company in a research report on Monday, June 1st. Finally, Citizens Jmp initiated coverage on FedEx in a research report on Wednesday, July 15th. They set a “market outperform” rating and a $375.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, FedEx has a consensus rating of “Moderate Buy” and a consensus price target of $350.54.

FedEx Price Performance

Shares of FDX stock opened at $324.12 on Wednesday. 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 firm’s 50-day moving average is $319.41 and its two-hundred day moving average is $350.02. FedEx Corporation has a 12 month low of $177.05 and a 12 month high of $345.36. The company has a market capitalization of $76.71 billion, a PE ratio of 17.51, a price-to-earnings-growth ratio of 1.68 and a beta of 1.32.

FedEx (NYSE:FDX) last posted its earnings results on Tuesday, July 21st. The shipping service provider reported $5.88 earnings per share for the quarter. FedEx had a net margin of 4.68% and a return on equity of 16.49%. The company had revenue of $23.26 billion for the quarter. Analysts predict 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. Investors of record on Monday, September 14th will be issued a $1.22 dividend. The ex-dividend date is Monday, September 14th. This represents a $4.88 dividend on an annualized basis and a yield of 1.5%. FedEx’s dividend payout ratio is currently 26.36%.

Insider Buying and Selling

In related news, Director Paul S. Walsh sold 5,042 shares of the stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $324.56, for a total value of $1,636,431.52. Following the completion of the transaction, the director directly owned 16,359 shares in the company, valued at approximately $5,309,477.04. This represents a 23.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.65% of the company’s stock.

About FedEx

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.