Processus Wealth & Capital Management LLC Cuts Stock Position in FedEx Corporation $FDX

Processus Wealth & Capital Management LLC cut its holdings in shares of FedEx Corporation (NYSE:FDX) by 12.1% during the second quarter, Holdings Channel.com reports. The fund owned 13,181 shares of the shipping service provider’s stock after selling 1,810 shares during the period. FedEx accounts for approximately 2.4% of Processus Wealth & Capital Management LLC’s portfolio, making the stock its 15th largest position. Processus Wealth & Capital Management LLC’s holdings in FedEx were worth $4,127,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in FDX. Norges Bank purchased a new stake in shares of FedEx during the fourth quarter worth about $859,085,000. Boston Partners purchased a new position in FedEx in the 3rd quarter worth approximately $468,195,000. AQR Capital Management LLC lifted its holdings in FedEx by 169.2% in the 3rd quarter. AQR Capital Management LLC now owns 2,733,905 shares of the shipping service provider’s stock worth $638,203,000 after purchasing an additional 1,718,278 shares in the last quarter. Waddell & Associates LLC boosted its stake in FedEx by 164.0% in the 4th quarter. Waddell & Associates LLC now owns 1,188,140 shares of the shipping service provider’s stock worth $343,206,000 after purchasing an additional 738,122 shares during the period. Finally, Amundi grew its holdings in FedEx by 181.9% during the 1st quarter. Amundi now owns 1,015,844 shares of the shipping service provider’s stock valued at $361,823,000 after buying an additional 655,504 shares in the last quarter. 84.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Paul S. Walsh sold 5,042 shares of the stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $324.56, for a total value of $1,636,431.52. Following the completion of the transaction, the director owned 16,359 shares of the company’s stock, valued at approximately $5,309,477.04. This trade represents a 23.56% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.53% of the company’s stock.

FedEx Trading Down 1.0%

FDX stock opened at $321.93 on Wednesday. The firm has a fifty day moving average price of $319.07 and a 200 day moving average price of $350.81. FedEx Corporation has a fifty-two week low of $176.00 and a fifty-two week high of $345.36. The firm has a market cap of $76.17 billion, a PE ratio of 17.39, a price-to-earnings-growth ratio of 1.67 and a beta of 1.30. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.44 and a current ratio of 1.48.

FedEx (NYSE:FDX) last released its quarterly earnings results on Tuesday, July 21st. The shipping service provider reported $5.88 earnings per share (EPS) for the quarter. FedEx had a net margin of 4.68% and a return on equity of 16.49%. The company had revenue of $23.26 billion for the quarter. Sell-side analysts anticipate that FedEx Corporation will post 17.6 earnings per share for the current fiscal year.

FedEx Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 7th. Stockholders of record on Monday, June 22nd were given a dividend of $1.22 per share. This represents a $4.88 annualized dividend and a dividend yield of 1.5%. The ex-dividend date was Monday, June 22nd. FedEx’s dividend payout ratio is currently 26.36%.

Wall Street Analyst Weigh In

FDX has been the topic of several recent analyst reports. Rothschild & Co Redburn reduced their price objective on shares of FedEx from $375.00 to $344.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 2nd. The Goldman Sachs Group reduced their price target on shares of FedEx from $405.00 to $375.00 and set a “buy” rating on the stock in a report on Monday, June 1st. BMO Capital Markets reissued a “market perform” rating on shares of FedEx in a report on Wednesday, June 24th. BNP Paribas Exane cut their price objective on FedEx from $335.00 to $269.76 and set a “neutral” rating for the company in a research report on Tuesday, June 2nd. Finally, JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of FedEx in a report on Friday, June 26th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, ten have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, FedEx presently has a consensus rating of “Moderate Buy” and a consensus target price of $350.54.

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.