Royal Bank of Canada Grows Stake in FedEx Co. (NYSE:FDX)

Royal Bank of Canada boosted its position in FedEx Co. (NYSE:FDX) by 13.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,484,122 shares of the shipping service provider’s stock after purchasing an additional 176,656 shares during the period. Royal Bank of Canada owned about 0.62% of FedEx worth $417,528,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of FDX. Transce3nd LLC purchased a new position in FedEx in the 4th quarter valued at approximately $26,000. City Holding Co. purchased a new position in FedEx in the 4th quarter valued at approximately $28,000. Kentucky Trust Co purchased a new position in FedEx during the fourth quarter worth $28,000. Pilgrim Partners Asia Pte Ltd purchased a new position in FedEx during the fourth quarter worth $28,000. Finally, Activest Wealth Management purchased a new position in FedEx during the fourth quarter worth $29,000. 84.47% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on FDX. Stifel Nicolaus dropped their price target on FedEx from $364.00 to $354.00 and set a “buy” rating for the company in a research report on Friday, March 21st. TD Cowen dropped their price target on FedEx from $337.00 to $310.00 and set a “buy” rating for the company in a research report on Friday, March 21st. JPMorgan Chase & Co. dropped their price target on FedEx from $323.00 to $280.00 and set an “overweight” rating for the company in a research report on Friday, March 21st. Truist Financial dropped their price target on FedEx from $305.00 to $275.00 and set a “buy” rating for the company in a research report on Thursday, April 24th. Finally, Jefferies Financial Group raised FedEx from a “hold” rating to a “buy” rating and dropped their price target for the stock from $300.00 to $275.00 in a research report on Monday, March 24th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $297.63.

Insiders Place Their Bets

In other FedEx news, COO John Alan Smith sold 6,155 shares of the business’s stock in a transaction dated Thursday, March 27th. The stock was sold at an average price of $243.55, for a total transaction of $1,499,050.25. Following the transaction, the chief operating officer now owns 23,347 shares in the company, valued at $5,686,161.85. The trade was a 20.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 8.87% of the stock is currently owned by insiders.

FedEx Trading Down 0.8%

Shares of FDX opened at $229.34 on Friday. The stock’s 50-day moving average is $222.96 and its two-hundred day moving average is $256.66. The stock has a market cap of $54.95 billion, a PE ratio of 14.62, a P/E/G ratio of 1.11 and a beta of 1.36. FedEx Co. has a 12 month low of $194.30 and a 12 month high of $313.84. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.23 and a quick ratio of 1.19.

FedEx (NYSE:FDX) last issued its quarterly earnings data on Thursday, March 20th. The shipping service provider reported $4.51 EPS for the quarter, missing analysts’ consensus estimates of $4.56 by ($0.05). The company had revenue of $22.16 billion for the quarter, compared to analyst estimates of $21.96 billion. FedEx had a return on equity of 15.59% and a net margin of 4.45%. The company’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.86 EPS. Equities analysts forecast that FedEx Co. will post 19.14 earnings per share for the current fiscal year.

FedEx Profile

FedEx Corporation provides transportation, e-commerce, and business services in the United States and internationally. It operates through FedEx Express, FedEx Ground, FedEx Freight, and FedEx Services segments. The FedEx Express segment offers express transportation, small-package ground delivery, and freight transportation services; and time-critical transportation services.