The Manufacturers Life Insurance Company Makes New Investment in FedEx Corporation $FDX

The Manufacturers Life Insurance Company purchased a new position in shares of FedEx Corporation (NYSE:FDX) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 250,885 shares of the shipping service provider’s stock, valued at approximately $78,560,000.

Other hedge funds also recently modified their holdings of the company. Ferguson Wellman Capital Management Inc. increased its position in FedEx by 3.2% during the first quarter. Ferguson Wellman Capital Management Inc. now owns 830 shares of the shipping service provider’s stock worth $296,000 after acquiring an additional 26 shares during the period. OneAscent Financial Services LLC boosted its holdings in FedEx by 1.7% in the 4th 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. Whipplewood Advisors LLC grew its position in FedEx by 9.9% in the 1st quarter. Whipplewood Advisors LLC now owns 333 shares of the shipping service provider’s stock worth $119,000 after purchasing an additional 30 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC increased its holdings in shares of FedEx by 11.9% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 283 shares of the shipping service provider’s stock worth $101,000 after purchasing an additional 30 shares during the period. Finally, Arete Wealth Advisors LLC increased its holdings in shares of FedEx by 1.7% during the 4th quarter. Arete Wealth Advisors LLC now owns 1,778 shares of the shipping service provider’s stock worth $514,000 after purchasing an additional 30 shares during the period. 84.47% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on FDX shares. Deutsche Bank Aktiengesellschaft lowered shares of FedEx from a “buy” rating to a “hold” rating in a research report on Wednesday, May 27th. Raymond James Financial restated an “outperform” rating on shares of FedEx in a research note on Wednesday, August 19th. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of FedEx in a report on Friday, June 26th. Wall Street Zen upgraded FedEx to a “hold” rating in a research report on Saturday, August 8th. Finally, Bank of America lifted their price objective on FedEx from $376.00 to $378.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, FedEx presently has an average rating of “Moderate Buy” and an average price target of $350.54.

Insider Activity

In related news, Director Paul S. Walsh sold 5,042 shares of the firm’s 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 completion of the transaction, the director owned 16,359 shares in the company, valued at $5,309,477.04. This trade represents a 23.56% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.65% of the company’s stock.

FedEx Price Performance

Shares of FedEx stock opened at $333.54 on Wednesday. The firm has a market cap of $78.94 billion, a P/E ratio of 18.02, a price-to-earnings-growth ratio of 1.72 and a beta of 1.30. The firm’s 50-day simple moving average is $318.91 and its 200-day simple moving average is $351.31. FedEx Corporation has a twelve month low of $177.05 and a twelve month high of $345.36. 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 posted its quarterly earnings results on Tuesday, July 21st. The shipping service provider reported $5.88 earnings per share (EPS) for the quarter. The firm had revenue of $23.26 billion during the quarter. FedEx had a net margin of 4.68% and a return on equity of 16.49%. As a group, research analysts expect that FedEx Corporation will post 17.6 EPS for the current fiscal year.

FedEx Dividend Announcement

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

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.