Mirae Asset Global Investments Co. Ltd. Has $5.49 Million Stake in FedEx Co. (NYSE:FDX)

Posted by Defense World Staff on May 23rd, 2023

Mirae Asset Global Investments Co. Ltd. lowered its stake in FedEx Co. (NYSE:FDX – Get Rating) by 24.0% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 31,687 shares of the shipping service provider’s stock after selling 10,011 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in FedEx were worth $5,488,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of FedEx by 1.2% in the 3rd quarter. Vanguard Group Inc. now owns 18,835,505 shares of the shipping service provider’s stock valued at $2,796,508,000 after acquiring an additional 220,183 shares in the last quarter. BlackRock Inc. increased its stake in FedEx by 2.9% during the 3rd quarter. BlackRock Inc. now owns 16,818,843 shares of the shipping service provider’s stock valued at $2,497,094,000 after purchasing an additional 469,345 shares in the last quarter. Primecap Management Co. CA grew its stake in shares of FedEx by 3.3% in the 3rd quarter. Primecap Management Co. CA now owns 13,878,717 shares of the shipping service provider’s stock worth $2,060,573,000 after acquiring an additional 445,125 shares in the last quarter. LSV Asset Management boosted its holdings in shares of FedEx by 9.1% in the 3rd quarter. LSV Asset Management now owns 1,645,580 shares of the shipping service provider’s stock worth $244,319,000 after buying an additional 136,862 shares during the last quarter. Finally, Mawer Investment Management Ltd. boosted its holdings in shares of FedEx by 27.8% in the 4th quarter. Mawer Investment Management Ltd. now owns 1,285,095 shares of the shipping service provider’s stock worth $222,578,000 after buying an additional 279,825 shares during the last quarter. Institutional investors own 72.02% of the company’s stock.

Insider Buying and Selling at FedEx

In other FedEx news, EVP Brie Carere sold 1,750 shares of the stock in a transaction on Monday, April 10th. The shares were sold at an average price of $232.08, for a total transaction of $406,140.00. Following the completion of the transaction, the executive vice president now owns 14,616 shares in the company, valued at $3,392,081.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other FedEx news, EVP Brie Carere sold 1,750 shares of the stock in a transaction on Monday, April 10th. The shares were sold at an average price of $232.08, for a total transaction of $406,140.00. Following the completion of the transaction, the executive vice president now owns 14,616 shares in the company, valued at $3,392,081.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Stephen E. Gorman acquired 1,080 shares of the stock in a transaction on Wednesday, April 12th. The shares were acquired at an average price of $230.75 per share, with a total value of $249,210.00. Following the transaction, the director now directly owns 1,258 shares of the company’s stock, valued at $290,283.50. The disclosure for this purchase can be found here. Insiders sold 146,486 shares of company stock worth $34,001,009 over the last 90 days. 8.62% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms recently weighed in on FDX. The Goldman Sachs Group upped their target price on shares of FedEx from $250.00 to $258.00 and gave the stock a “buy” rating in a report on Thursday, April 6th. Stephens reiterated an “overweight” rating and issued a $290.00 target price on shares of FedEx in a research report on Thursday, April 6th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of FedEx from $240.00 to $282.00 in a research report on Thursday, May 18th. Credit Suisse Group lifted their target price on shares of FedEx from $269.00 to $273.00 and gave the company an “outperform” rating in a research note on Monday, April 3rd. Finally, Barclays boosted their price objective on shares of FedEx from $240.00 to $280.00 and gave the stock an “overweight” rating in a research note on Friday, March 17th. Ten analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat, FedEx presently has a consensus rating of “Moderate Buy” and an average price target of $243.81.

FedEx Price Performance

Shares of NYSE:FDX opened at $228.68 on Tuesday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.27 and a current ratio of 1.32. The firm has a fifty day moving average price of $224.84 and a 200 day moving average price of $200.50. FedEx Co. has a fifty-two week low of $141.92 and a fifty-two week high of $248.76. The firm has a market cap of $57.48 billion, a price-to-earnings ratio of 19.75, a P/E/G ratio of 1.28 and a beta of 1.33.

FedEx (NYSE:FDX – Get Rating) last issued its earnings results on Thursday, March 16th. The shipping service provider reported $3.41 earnings per share for the quarter, topping analysts’ consensus estimates of $2.67 by $0.74. FedEx had a net margin of 3.23% and a return on equity of 17.71%. The firm had revenue of $22.17 billion during the quarter, compared to analyst estimates of $22.74 billion. During the same quarter in the prior year, the business earned $4.59 earnings per share. FedEx’s revenue for the quarter was down 6.2% on a year-over-year basis. As a group, sell-side analysts expect that FedEx Co. will post 14.93 earnings per share for the current fiscal year.

FedEx Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 3rd. Shareholders of record on Monday, June 12th will be given a dividend of $1.26 per share. The ex-dividend date is Friday, June 9th. This represents a $5.04 annualized dividend and a yield of 2.20%. This is a positive change from FedEx’s previous quarterly dividend of $1.15. FedEx’s dividend payout ratio (DPR) is 39.72%.

About FedEx

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FedEx Corp. provides a broad portfolio of transportation, e-commerce and business services under the FedEx brand. It operates through the following segments: FedEx Express, FedEx Ground, FedEx Freight, FedEx Services, and Corporate, Other & Eliminations. The FedEx Express segment consists of domestic and international shipping services for delivery of packages and freight.