River Wealth Advisors LLC has significantly reduced its stake in FedEx Corporation (NYSE: FDX) by 55.5% during the third quarter of 2023. According to the firm’s latest 13F filing with the U.S. Securities and Exchange Commission, River Wealth Advisors now holds 2,104 shares of the shipping giant after selling 2,624 shares during this period. The value of these holdings was approximately $496,000 at the end of the reporting period.
Several other institutional investors have also adjusted their positions in FedEx. Vanguard Group Inc. increased its holding by 13.2%, acquiring an additional 2,741,723 shares and now owning 23,442,049 shares valued at nearly $5.53 billion. Meanwhile, Norges Bank entered a new position valued at approximately $605 million during the second quarter. AQR Capital Management LLC made a substantial move, boosting its stake by an impressive 750.9%, bringing its total to 1,015,627 shares valued at around $230.9 million. Additionally, Diamond Hill Capital Management Inc. invested approximately $171.96 million in a new stake during the third quarter, while Dodge & Cox increased its holdings by 4.7% in the same period.
Institutional investors and hedge funds collectively own 84.47% of FedEx’s stock, reflecting strong interest from large financial entities.
FedEx Stock Overview and Dividend Announcements
FedEx shares opened at $387.07 on Monday. The company maintains a current ratio of 1.27, a quick ratio of 1.23, and a debt-to-equity ratio of 0.72. Over the past year, FedEx’s stock has experienced a range, with a 12-month low of $194.29 and a high of $392.86. The stock’s 50-day moving average stands at $331.65, while the 200-day moving average is $277.70. As of now, FedEx has a market capitalization of $91.01 billion, a price-to-earnings ratio of 21.34, and a price-to-earnings growth ratio of 1.85.
The company recently announced a quarterly dividend of $1.45 per share, which is set to be paid on April 1, 2024. Shareholders of record on March 9, 2024, will receive this dividend, reflecting an annualized payout of $5.80 and a yield of 1.5%. FedEx’s current dividend payout ratio is 31.97%.
Analyst Ratings and Market Sentiment
Recent analyst reports have shown varied sentiment regarding FedEx. Truist Financial raised its target price from $285.00 to $330.00 with a “buy” rating, while BNP Paribas Exane set a target of $280.00 and maintained a “neutral” stance. On the other hand, Stifel Nicolaus established a more optimistic target of $412.00. Conversely, HSBC downgraded FedEx from a “hold” to a “reduce” rating with a target price of $335.00. Morgan Stanley also adjusted its price target from $200.00 to $210.00, rating the stock as “underweight.”
Overall, FedEx has received two “Strong Buy” ratings, seventeen “Buy” ratings, nine “Hold” ratings, and three “Sell” ratings from analysts. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” with a consensus target price of $364.15.
About FedEx Corporation
FedEx Corporation, headquartered in Memphis, Tennessee, is a global leader in logistics and courier services. Established by Frederick W. Smith in 1971, FedEx pioneered overnight express shipping and has since diversified its offerings to include a wide range of transportation, e-commerce, and supply chain solutions. The company operates an integrated air-and-ground network, providing parcel delivery, freight services, and logistics management solutions worldwide.
For further details on institutional holdings and investment activities related to FedEx, interested parties can refer to HoldingsChannel.com for the latest 13F filings and insider trades.
