Parnassus Investments LLC Sells 12,501 Shares of FedEx Corporation $FDX

Parnassus Investments LLC reduced its stake in shares of FedEx Corporation (NYSE:FDX) by 4.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 295,041 shares of the shipping service provider’s stock after selling 12,501 shares during the quarter. Parnassus Investments LLC owned about 0.13% of FedEx worth $85,226,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. OneAscent Financial Services LLC increased its stake in FedEx by 1.7% in the fourth quarter. OneAscent Financial Services LLC now owns 1,699 shares of the shipping service provider’s stock valued at $491,000 after purchasing an additional 29 shares during the period. LRI Investments LLC increased its stake in FedEx by 5.2% in the fourth quarter. LRI Investments LLC now owns 632 shares of the shipping service provider’s stock valued at $183,000 after purchasing an additional 31 shares during the period. Cary Street Partners Investment Advisory LLC increased its stake in shares of FedEx by 11.9% during the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 292 shares of the shipping service provider’s stock worth $84,000 after acquiring an additional 31 shares during the period. Legacy Bridge LLC increased its stake in shares of FedEx by 33.0% during the fourth quarter. Legacy Bridge LLC now owns 133 shares of the shipping service provider’s stock worth $38,000 after acquiring an additional 33 shares during the period. Finally, True Wealth Design LLC increased its stake in shares of FedEx by 8.2% during the fourth quarter. True Wealth Design LLC now owns 462 shares of the shipping service provider’s stock worth $133,000 after acquiring an additional 35 shares during the period. Institutional investors own 84.47% of the company’s stock.

More FedEx News

Here are the key news stories impacting FedEx this week:

• Positive Sentiment: Analysts say FedEx’s core express segment remains strong, helped by higher revenue per package and rising U.S. volumes, which supports the case for continued operating momentum. FedEX: Expecting Continued Delivery Strength Ahead Of Q4
• Positive Sentiment: The completed June 1 spin-off of FedEx Freight could benefit the parent company by simplifying the business and allowing investors to focus on the higher-margin remaining operations. FedEx Reshapes Freight And Asia Pacific Strategy As Valuation Gap Persists
• Neutral Sentiment: Commentary around FedEx being a “strong value stock” and investor interest in the name may be helping sentiment, but these notes are more valuation-focused than catalyst-driven. Here's Why FedEx (FDX) is a Strong Value Stock
• Negative Sentiment: Broader transport stocks sold off after Amazon expanded its shipping and less-than-truckload offerings, raising competitive pressure concerns for FedEx Freight and the logistics sector. Amazon’s Trucking Push Sparks New Slide in Transport Stocks
• Negative Sentiment: Some valuation models still suggest FDX may be trading above intrinsic value, which could limit upside if results don’t justify the recent rally. FDX DCF Analysis: Intrinsic Value $249 vs Price $332

Analysts Set New Price Targets

A number of brokerages have recently issued reports on FDX. Sanford C. Bernstein boosted their price target on shares of FedEx from $457.00 to $470.00 and gave the stock an “outperform” rating in a research note on Thursday, April 9th. BMO Capital Markets dropped their price target on shares of FedEx from $410.00 to $340.00 and set a “market perform” rating on the stock in a research note on Monday, June 1st. Argus boosted their price target on shares of FedEx from $350.00 to $400.00 and gave the stock a “buy” rating in a research note on Monday, April 6th. Jefferies Financial Group boosted their price target on shares of FedEx from $425.00 to $450.00 and gave the stock a “buy” rating in a research note on Tuesday, March 3rd. Finally, Rothschild & Co Redburn dropped their price target on shares of FedEx from $375.00 to $344.00 and set a “neutral” rating on the stock in a research note on Tuesday, June 2nd. Eighteen equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $372.41.

Insider Activity at FedEx

In other FedEx news, EVP Tracy B. Brightman sold 16,959 shares of the company’s stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $363.47, for a total transaction of $6,164,087.73. Following the transaction, the executive vice president directly owned 11,052 shares in the company, valued at approximately $4,017,070.44. This represents a 60.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Kawal Preet sold 4,900 shares of the company’s stock in a transaction dated Tuesday, April 14th. The stock was sold at an average price of $367.89, for a total transaction of $1,802,661.00. Following the transaction, the executive vice president owned 10,953 shares in the company, valued at $4,029,499.17. The trade was a 30.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 48,104 shares of company stock valued at $17,599,006. 0.53% of the stock is owned by corporate insiders.

FedEx Trading Up 6.0%

Shares of FDX opened at $338.51 on Friday. The company has a current ratio of 1.47, a quick ratio of 1.44 and a debt-to-equity ratio of 0.77. The firm’s 50-day moving average is $372.27 and its two-hundred day moving average is $342.68. FedEx Corporation has a twelve month low of $172.88 and a twelve month high of $341.14. The firm has a market capitalization of $80.77 billion, a P/E ratio of 18.02, a PEG ratio of 1.45 and a beta of 1.28.

FedEx (NYSE:FDX) last issued its earnings results on Thursday, March 19th. The shipping service provider reported $5.25 earnings per share for the quarter, topping the consensus estimate of $4.12 by $1.13. FedEx had a net margin of 4.88% and a return on equity of 16.76%. The company had revenue of $24 billion for the quarter, compared to analyst estimates of $23.44 billion. During the same period in the prior year, the business posted $4.51 earnings per share. The firm’s revenue for the quarter was up 8.3% compared to the same quarter last year. On average, research analysts predict that FedEx Corporation will post 19.72 earnings per share for the current fiscal year.

FedEx Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 7th. Shareholders of record on Monday, June 22nd will be given a dividend of $1.22 per share. This represents a $4.88 annualized dividend and a yield of 1.4%. The ex-dividend date is Monday, June 22nd. FedEx’s dividend payout ratio is presently 30.87%.

FedEx Company Profile

FedEx Corporation (NYSE: FDX) is a global logistics and courier company headquartered in Memphis, Tennessee. Founded by Frederick W. Smith in 1971 and beginning operations in the early 1970s, the company pioneered overnight express shipping and has since expanded into a diversified portfolio of transportation, e-commerce and supply-chain services. FedEx operates an integrated air-and-ground network that moves parcels, freight and documents for businesses and consumers worldwide.

FedEx’s core operating segments include express parcel delivery via its FedEx Express division, domestic and residential parcel delivery through FedEx Ground, less-than-truckload (LTL) freight services, and logistics and supply-chain management solutions.