Norges Bank Buys New Stake in FedEx Co. (NYSE:FDX)

Norges Bank bought a new position in FedEx Co. (NYSE:FDX - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 2,869,768 shares of the shipping service provider's stock, valued at approximately $807,352,000. Norges Bank owned approximately 1.19% of FedEx as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Blair William & Co. IL lifted its position in FedEx by 2.2% during the fourth quarter. Blair William & Co. IL now owns 27,870 shares of the shipping service provider's stock valued at $7,841,000 after buying an additional 593 shares during the period. NEOS Investment Management LLC increased its stake in shares of FedEx by 28.5% in the 4th quarter. NEOS Investment Management LLC now owns 11,183 shares of the shipping service provider's stock worth $3,146,000 after acquiring an additional 2,483 shares in the last quarter. UniSuper Management Pty Ltd lifted its position in FedEx by 1.6% during the 4th quarter. UniSuper Management Pty Ltd now owns 215,522 shares of the shipping service provider's stock valued at $60,633,000 after acquiring an additional 3,469 shares during the period. WINTON GROUP Ltd boosted its stake in FedEx by 12.7% during the fourth quarter. WINTON GROUP Ltd now owns 15,313 shares of the shipping service provider's stock worth $4,308,000 after acquiring an additional 1,728 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in FedEx by 6.7% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 358,690 shares of the shipping service provider's stock worth $98,428,000 after purchasing an additional 22,518 shares during the period. 84.47% of the stock is currently owned by institutional investors.

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Analysts Set New Price Targets

A number of brokerages have recently commented on FDX. Bank of America dropped their price target on FedEx from $295.00 to $272.00 and set a "buy" rating on the stock in a research report on Friday, March 21st. Jefferies Financial Group raised FedEx from a "hold" rating to a "buy" rating and cut their target price for the stock from $300.00 to $275.00 in a research note on Monday, March 24th. Piper Sandler downgraded FedEx to a "neutral" rating in a report on Monday, February 3rd. JPMorgan Chase & Co. dropped their price target on shares of FedEx from $323.00 to $280.00 and set an "overweight" rating on the stock in a research note on Friday, March 21st. Finally, Oppenheimer restated a "market perform" rating on shares of FedEx in a research note on Friday, March 21st. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $302.71.

FedEx Stock Performance

Shares of FDX traded down $1.29 on Tuesday, reaching $242.49. The company's stock had a trading volume of 400,295 shares, compared to its average volume of 1,853,630. FedEx Co. has a 12-month low of $217.22 and a 12-month high of $313.84. The stock has a market capitalization of $58.10 billion, a P/E ratio of 15.45, a PEG ratio of 1.11 and a beta of 1.23. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.23 and a quick ratio of 1.19. The stock's 50 day simple moving average is $255.97 and its two-hundred day simple moving average is $270.59.

FedEx (NYSE:FDX - Get Free Report) last issued its quarterly earnings data on Thursday, March 20th. The shipping service provider reported $4.51 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.56 by ($0.05). The business had revenue of $22.16 billion for the quarter, compared to the consensus estimate of $21.96 billion. FedEx had a net margin of 4.45% and a return on equity of 15.59%. The company's revenue was up 1.9% on a year-over-year basis. During the same period in the previous year, the firm earned $3.86 EPS. Research analysts forecast that FedEx Co. will post 19.14 earnings per share for the current fiscal year.

FedEx Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 10th will be given a dividend of $1.38 per share. The ex-dividend date is Monday, March 10th. This represents a $5.52 dividend on an annualized basis and a dividend yield of 2.28%. FedEx's payout ratio is currently 34.63%.

Insider Activity at FedEx

In other FedEx news, CEO Richard W. Smith sold 2,576 shares of FedEx stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $276.93, for a total transaction of $713,371.68. Following the transaction, the chief executive officer now owns 111,886 shares of the company's stock, valued at $30,984,589.98. The trade was a 2.25 % 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. Also, Director Susan C. Schwab sold 3,980 shares of the stock in a transaction on Tuesday, January 14th. The stock was sold at an average price of $276.45, for a total transaction of $1,100,271.00. Following the completion of the sale, the director now directly owns 8,904 shares of the company's stock, valued at approximately $2,461,510.80. This trade represents a 30.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 12,711 shares of company stock worth $3,312,693. 8.87% of the stock is owned by company insiders.

FedEx Profile

FedEx Corporation provides transportation, e-commerce, and business services in the United States and internationally. It operates through FedEx Express, FedEx Ground, FedEx Freight, and FedEx Services segments. The FedEx Express segment offers express transportation, small-package ground delivery, and freight transportation services; and time-critical transportation services.