CoreCap Advisors LLC Boosts Stake in FedEx Corporation $FDX

CoreCap Advisors LLC increased its holdings in shares of FedEx Corporation (NYSE:FDX) by 2,492.1% during the second quarter, HoldingsChannel reports. The firm owned 14,490 shares of the shipping service provider’s stock after buying an additional 13,931 shares during the period. CoreCap Advisors LLC’s holdings in FedEx were worth $4,537,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. Hollencrest Capital Management bought a new position in FedEx during the 1st quarter valued at about $25,000. Bayban bought a new stake in shares of FedEx in the first quarter worth approximately $26,000. Cedar Mountain Advisors LLC raised its holdings in shares of FedEx by 77.4% during the first quarter. Cedar Mountain Advisors LLC now owns 94 shares of the shipping service provider’s stock valued at $33,000 after purchasing an additional 41 shares during the last quarter. EFG International AG bought a new position in FedEx during the fourth quarter valued at approximately $27,000. Finally, Tucker Asset Management LLC bought a new position in FedEx during the fourth quarter valued at approximately $29,000. 84.47% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other FedEx news, Director Paul S. Walsh sold 5,042 shares of FedEx stock in a transaction that occurred on Tuesday, June 30th. The shares were 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 of the company’s stock, 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 Securities & Exchange Commission, which is available through the SEC website. 0.53% of the stock is owned by corporate insiders.

FedEx Stock Performance

NYSE:FDX opened at $310.69 on Thursday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.44 and a current ratio of 1.48. The stock has a 50-day simple moving average of $323.24 and a two-hundred day simple moving average of $350.41. The firm has a market capitalization of $73.51 billion, a PE ratio of 16.79, a P/E/G ratio of 1.61 and a beta of 1.30. FedEx Corporation has a 52-week low of $176.00 and a 52-week high of $345.36.

FedEx (NYSE:FDX) last posted its quarterly earnings data on Tuesday, July 21st. The shipping service provider reported $5.88 EPS for the quarter. FedEx had a return on equity of 16.49% and a net margin of 4.68%.The firm had revenue of $23.26 billion for the quarter. Analysts forecast that FedEx Corporation will post 17.6 EPS for the current year.

FedEx Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 7th. Shareholders of record on Monday, June 22nd were paid a dividend of $1.22 per share. The ex-dividend date was Monday, June 22nd. This represents a $4.88 dividend on an annualized basis and a yield of 1.6%. FedEx’s dividend payout ratio (DPR) is presently 26.36%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. The Goldman Sachs Group cut their target price on shares of FedEx from $405.00 to $375.00 and set a “buy” rating for the company in a research report on Monday, June 1st. Seaport Research Partners assumed coverage on FedEx in a research note on Wednesday, May 27th. They issued a “buy” rating on the stock. 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 report on Tuesday, June 2nd. TD Cowen reduced their price objective on FedEx from $426.00 to $354.00 in a research report on Wednesday, June 24th. Finally, Citigroup began coverage on FedEx in a research report on Wednesday, July 15th. They issued an “outperform” rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $350.54.

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.