Robeco Institutional Asset Management B.V. has significantly reduced its stake in FedEx Corporation (NYSE: FDX) by 29.2% during the third quarter of 2023. According to a recent filing with the U.S. Securities and Exchange Commission (SEC), the firm now holds 47,819 shares of the global shipping giant after selling 19,742 shares in the period. At the close of the quarter, these holdings were valued at approximately $11.3 million.
A variety of other institutional investors have also adjusted their positions in FedEx. Brighton Jones LLC increased its stake by 12.8% in the fourth quarter, now owning 1,825 shares valued at $514,000 after acquiring an additional 207 shares. Similarly, Empowered Funds LLC boosted its holdings by an impressive 78.9% during the first quarter, bringing its total to 10,311 shares, valued at $2.5 million after purchasing 4,548 shares.
Integrity Alliance LLC made a notable increase of 435.8% to its FedEx position, now holding 5,374 shares worth $1.3 million after acquiring 4,371 shares. Geneos Wealth Management Inc. also expanded its stake by 9.2%, resulting in ownership of 1,501 shares valued at $366,000. Finally, Acadian Asset Management LLC raised its holdings by 34.8%, now owning 3,880 shares worth $943,000. Collectively, institutional investors currently own 84.47% of FedEx’s stock.
FedEx’s Market Performance
As of the latest trading session, FedEx shares opened at $312.18. The company boasts a market capitalization of $73.4 billion, with a price-to-earnings (P/E) ratio of 17.21. The stock has fluctuated between a twelve-month low of $194.29 and a high of $318.83. Financial metrics reveal a quick ratio of 1.23, a current ratio of 1.27, and a debt-to-equity ratio of 0.72. Additionally, FedEx’s moving averages indicate stability, with a 50-day average at $279.08 and a 200-day average of $248.99.
Dividend Announcement and Analyst Ratings
FedEx has recently declared a quarterly dividend of $1.45 per share, paid on January 6, 2024, to shareholders on record as of December 15, 2023. This dividend translates to an annualized payout of $5.80 with a yield of 1.9%, reflecting a payout ratio of 31.97%.
The stock has garnered attention from various analysts, with several recent ratings adjustments. TD Cowen raised its price target from $271.00 to $313.00, maintaining a “buy” rating. Jefferies Financial Group similarly increased its target from $315.00 to $326.00, also issuing a “buy” rating. Weiss Ratings reaffirmed a “buy (B-)” rating, while Citigroup lifted its price objective from $310.00 to $327.00. Furthermore, JPMorgan Chase & Co. adjusted its target from $285.00 to $294.00, assigning a “neutral” rating.
Currently, one analyst has rated FedEx stock as a Strong Buy, while seventeen maintain a Buy rating, eleven hold, and two recommend a Sell. According to data from MarketBeat.com, FedEx now holds a consensus rating of “Moderate Buy” with an average target price of $303.16.
FedEx Corporation, headquartered in Memphis, Tennessee, is a leading global logistics and courier service provider. Founded in 1971 by Frederick W. Smith, the company revolutionized overnight express shipping and has since diversified its services to include a wide array of transportation and supply chain solutions.
