Pointe Capital Management LLC Purchases Shares of 1,575 FedEx Corporation $FDX

Pointe Capital Management LLC purchased a new position in shares of FedEx Corporation (NYSE:FDX) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 1,575 shares of the shipping service provider’s stock, valued at approximately $493,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in FedEx during the second quarter worth $6,508,103,000. Primecap Management Co. CA acquired a new stake in FedEx in the second quarter valued at $2,554,138,000. Norges Bank bought a new position in shares of FedEx in the 4th quarter valued at about $859,085,000. Boston Partners bought a new position in shares of FedEx in the 3rd quarter valued at about $468,195,000. Finally, AQR Capital Management LLC raised its holdings in shares of 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 valued at $638,203,000 after purchasing an additional 1,718,278 shares during the period. Institutional investors own 84.47% of the company’s stock.

FedEx Stock Performance

Shares of FDX stock opened at $333.54 on Wednesday. FedEx Corporation has a 52 week low of $177.05 and a 52 week high of $345.36. The company has a market capitalization of $78.94 billion, a price-to-earnings ratio of 18.02, a PEG ratio of 1.72 and a beta of 1.30. The company has a 50-day simple moving average of $318.91 and a 200 day simple moving average of $351.31. 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 for the quarter. The firm had revenue of $23.26 billion for the quarter. FedEx had a net margin of 4.68% and a return on equity of 16.49%. On average, sell-side analysts predict that FedEx Corporation will post 17.6 earnings per share for the current year.

FedEx Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Monday, September 14th will be given a $1.22 dividend. The ex-dividend date of this dividend is Monday, September 14th. This represents a $4.88 annualized dividend and a dividend yield of 1.5%. FedEx’s dividend payout ratio is presently 26.36%.

Wall Street Analyst Weigh In

A number of research firms recently commented on FDX. JPMorgan Chase & Co. reiterated a “buy” rating on shares of FedEx in a report on Friday, June 26th. Weiss Ratings upgraded FedEx from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, August 18th. Deutsche Bank Aktiengesellschaft cut FedEx from a “buy” rating to a “hold” rating in a research report on Wednesday, May 27th. Wells Fargo & Company reduced their target price on FedEx from $450.00 to $425.00 and set an “overweight” rating for the company in a research note on Wednesday, June 17th. Finally, Evercore set a $165.00 target price on FedEx in a report on Friday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $350.54.

Insider Buying and Selling at FedEx

In other news, Director Paul S. Walsh sold 5,042 shares of the stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $324.56, for a total transaction of $1,636,431.52. Following the transaction, the director owned 16,359 shares in the company, valued at approximately $5,309,477.04. This trade represents a 23.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.65% of the company’s stock.

About FedEx

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.