Oslo Pensjonsforsikring AS Acquires Shares of 1,660 FedEx Corporation $FDX

Oslo Pensjonsforsikring AS bought a new position in shares of FedEx Corporation (NYSE:FDX) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 1,660 shares of the shipping service provider’s stock, valued at approximately $591,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. State Street Corp grew its stake in shares of FedEx by 4.2% during the fourth quarter. State Street Corp now owns 9,521,691 shares of the shipping service provider’s stock worth $2,763,824,000 after purchasing an additional 382,848 shares during the period. Franklin Resources Inc. lifted its stake in FedEx by 6.6% in the fourth quarter. Franklin Resources Inc. now owns 5,133,231 shares of the shipping service provider’s stock valued at $1,482,785,000 after buying an additional 318,293 shares during the period. Geode Capital Management LLC lifted its stake in FedEx by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 4,985,778 shares of the shipping service provider’s stock valued at $1,443,666,000 after buying an additional 45,818 shares during the period. Invesco Ltd. boosted its holdings in FedEx by 3.1% during the third quarter. Invesco Ltd. now owns 3,618,898 shares of the shipping service provider’s stock worth $853,372,000 after buying an additional 108,426 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of FedEx during the 4th quarter worth about $859,085,000. Institutional investors own 84.47% of the company’s stock.

Insider Activity at FedEx

In other news, Director Paul S. Walsh sold 5,042 shares of the business’s stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $324.56, for a total value of $1,636,431.52. Following the sale, the director directly owned 16,359 shares in the company, valued at $5,309,477.04. The trade was a 23.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.53% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on FDX. Raymond James Financial lowered their price target on FedEx from $415.00 to $330.00 and set an “outperform” rating for the company in a research note on Wednesday, June 24th. Argus lifted their price objective 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. Wall Street Zen upgraded shares of FedEx from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 6th. Stephens raised shares of FedEx to a “strong-buy” rating in a research note on Wednesday, July 8th. Finally, BMO Capital Markets reiterated a “market perform” rating on shares of FedEx in a report on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $350.54.

FedEx Stock Up 3.0%

Shares of FDX stock opened at $315.27 on Wednesday. The firm has a fifty day moving average of $339.44 and a 200-day moving average of $349.91. The company has a quick ratio of 1.44, a current ratio of 1.48 and a debt-to-equity ratio of 0.74. FedEx Corporation has a 12-month low of $172.88 and a 12-month high of $345.36. The company has a market capitalization of $75.23 billion, a price-to-earnings ratio of 17.03, a P/E/G ratio of 1.58 and a beta of 1.29.

FedEx (NYSE:FDX) last posted its quarterly earnings data on Tuesday, July 21st. The shipping service provider reported $5.88 EPS for the quarter. The business had revenue of $22.19 billion for the quarter. FedEx had a net margin of 4.68% and a return on equity of 16.49%. As a group, equities research analysts predict that FedEx Corporation will post 17.6 earnings per share for the current fiscal year.

FedEx Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 7th. Shareholders of record on Monday, June 22nd were paid a $1.22 dividend. The ex-dividend date of this dividend was Monday, June 22nd. This represents a $4.88 annualized dividend and a dividend yield of 1.5%. FedEx’s dividend payout ratio (DPR) is currently 26.36%.

FedEx 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.