The Vanguard Group, Inc. recently announced the acquisition of new stake in FedEx Corporation (NYSE:FDX). The institutional investor has increased its shareholding in the Industrials company by 1.25% to 17.85 million shares with purchase of 0.22 million shares. This fresh investment now brings its stake to 7.07% valued currently at $3.09 billion. In addition, PRIMECAP Management Co. raised its holdings by 0.45 million to 13.88 million shares. And BlackRock Fund Advisors has lifted its position by 0.70% or 71978.0 shares – to 10.39 million shares.
With over 2.25 million FedEx Corporation (FDX) shares trading Friday and a closing price of $214.67 on the day, the dollar volume was approximately $483.37 million. The shares have shown a negative half year performance of -9.08% and its price on 02/03/23 gained nearly 0.08%. Currently, there are 255.00M common shares owned by the public and among those 240.31M shares have been available to trade.
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Insiders at the company have transacted a total of 48 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 40 of these insider trades were purchases, accounting for 115,131 shares. Insider sales of the common stock occurred on 8 occasions, with total insider shares sold totaling 59,972 shares.
The top 3 mutual fund holders in FedEx Corporation are Dodge & Cox Stock Fund, Vanguard PRIMECAP Fund, and Vanguard Total Stock Market Index. Dodge & Cox Stock Fund owns 10.8 million shares of the company’s stock, all valued at over $1.87 billion. Vanguard PRIMECAP Fund bought 71000.0 shares to see its total holdings expand to 8.93 million shares valued at over $1.55 billion and representing 3.54% of the shares outstanding. Vanguard Total Stock Market Index bought 72437.0 shares to bring its total holdings to over 7.12 million shares at a value of $1.23 billion. Vanguard Total Stock Market Index now owns shares totaling to 2.82% of the shares outstanding.
Shares of FedEx Corporation (NYSE: FDX) opened at $212.24, down -$2.26 from a prior closing price of $214.50. However, the script later moved the day high at 215.94, up 0.08%. The company’s stock has a 5-day price change of 12.65% and 38.89% over the past three months. FDX shares are trading 23.94% year to date (YTD), with the 12-month market performance down to -14.75% lower. It has a 12-month low price of $141.92 and touched a high of $251.38 over the same period. FDX has an average intraday trading volume of 2.44 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 12.73%, 18.45%, and 9.83% respectively.
Institutional ownership of FedEx Corporation (NYSE: FDX) shares accounts for 74.80% of the company’s 255.00M shares outstanding. Mutual fund holders own 39.85%, while other institutional holders and individual stakeholders account for 9.37% and 35.67% respectively.
It has a market capitalization of $54.14B and a beta (3y monthly) value of 1.34. The stock’s trailing 12-month PE ratio is 16.85, while the earnings-per-share (ttm) stands at $12.74. The company has a PEG of 4.10 and a Quick Ratio of 1.30 with the debt-to-equity ratio at 0.84. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.97% over the week and 2.48% over the month.
Analysts forecast that FedEx Corporation (FDX) will achieve an EPS of $2.82 for the current quarter, $3.17 for the next quarter and $18.08 for 2024. The lowest estimate earnings-per-share for the quarter is $2.65 while analysts give the company a high EPS estimate of $3.11. Comparatively, EPS for the current quarter was $4.83 a year ago. Earnings per share for the fiscal year are expected to decrease by -22.10%, and 22.95% over the next financial year. EPS should shrink at an annualized rate of 4.11% over the next five years, compared to 5.30% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 32 brokerage firm advisors rate FedEx Corporation (FDX) as a “Moderate Buy” at a consensus score of 2.20. Specifically, 13 Wall Street analysts polled rate the stock as a buy, while 15 of the 32 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the FDX, a number of firms have released research notes about the stock. Citigroup stated their Buy rating for the stock in a research note on February 02, 2023, with the firm’s price target at $190-$240. BofA Securities coverage for the FedEx Corporation (FDX) stock in a research note released on February 02, 2023 offered a Buy rating with a price target of $233. Jefferies was of a view on October 25, 2022 that the stock is Hold, while Wells Fargo gave the stock Equal Weight rating on October 24, 2022, issuing a price target of $199- $160. Morgan Stanley on their part issued Equal-Weight rating on September 27, 2022.
