Robeco Institutional Asset Management B.V. has reduced its stake in FedEx Corporation (NYSE: FDX) by 29.2% during the third quarter of 2023. According to a recent filing with the Securities and Exchange Commission (SEC), the firm now holds 47,819 shares after selling 19,742 shares in the period. The value of Robeco’s remaining shares in FedEx is approximately $11.3 million.
Other institutional investors have also made adjustments to their FedEx holdings recently. Brighton Jones LLC increased its position by 12.8% during the fourth quarter, acquiring an additional 207 shares for a total of 1,825 shares now valued at $514,000. Empowered Funds LLC significantly boosted its stake by 78.9% in the first quarter, bringing its total to 10,311 shares worth $2.5 million after purchasing an additional 4,548 shares.
Integrity Alliance LLC showed a dramatic increase of 435.8% in its FedEx holdings during the same quarter, now owning 5,374 shares valued at $1.3 million. Geneos Wealth Management Inc. and Acadian Asset Management LLC also increased their stakes by 9.2% and 34.8%, respectively, further indicating a diverse range of investment strategies among institutional investors. Currently, institutional investors own approximately 84.47% of FedEx stock.
FedEx Performance and Market Insights
As of the latest trading session, shares of FedEx 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 and a beta of 1.35, indicating its volatility compared to the broader market. Over the past twelve months, FedEx has experienced a low of $194.29 and a high of $318.83.
The company’s financial health is reflected in its liquidity ratios, with a quick ratio of 1.23 and a current ratio of 1.27. Its debt-to-equity ratio stands at 0.72, which is a sign of a manageable level of debt. The 50-day moving average price is $279.08, while the 200-day moving average price is $248.99.
In addition to stock performance, FedEx recently announced its quarterly dividend of $1.45 per share, paid on January 6, 2024, to shareholders who were on record as of December 15, 2023. This dividend reflects an annualized payout of $5.80 and a yield of 1.9%, with a dividend payout ratio of 31.97%.
Analyst Outlook and Ratings
Several analysts have weighed in on FedEx recently. TD Cowen upgraded its price target from $271.00 to $313.00, maintaining a “buy” rating. Similarly, Jefferies Financial Group raised its target price from $315.00 to $326.00 and also assigned a “buy” rating.
Citigroup increased its price objective from $310.00 to $327.00, while JPMorgan Chase & Co. adjusted its price objective from $285.00 to $294.00, rating it as “neutral.” Overall, one investment analyst has assigned a “Strong Buy,” seventeen analysts have a “Buy” rating, eleven hold a “Hold” rating, and two have given a “Sell” rating. According to data from MarketBeat.com, the consensus rating for FedEx stock stands at “Moderate Buy” with an average target price of $303.16.
FedEx Corporation, founded in 1971 and headquartered in Memphis, Tennessee, is a major player in global logistics and courier services. The company pioneered overnight express shipping and has since diversified its operations to include a broad array of transportation, e-commerce, and supply-chain solutions. FedEx operates an integrated air-and-ground network, serving businesses and consumers worldwide.
For further insights into FedEx and its institutional investors, visit HoldingsChannel.com for the latest 13F filings and insider activities related to FedEx Corporation.
