Adams Diversified Equity Fund Inc. Invests $18.92 Million in FedEx Corporation $FDX

Adams Diversified Equity Fund Inc. purchased a new position in shares of FedEx Corporation (NYSE:FDX) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 65,500 shares of the shipping service provider’s stock, valued at approximately $18,920,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank acquired a new position in FedEx in the 4th quarter worth $859,085,000. Vanguard Group Inc. lifted its holdings in shares of FedEx by 13.2% in the third quarter. Vanguard Group Inc. now owns 23,442,049 shares of the shipping service provider’s stock valued at $5,527,870,000 after purchasing an additional 2,741,723 shares in the last quarter. Boston Partners bought a new stake in shares of FedEx in the third quarter valued at about $468,195,000. Dodge & Cox lifted its holdings in shares of FedEx by 12.0% in the third quarter. Dodge & Cox now owns 16,225,160 shares of the shipping service provider’s stock valued at $3,826,055,000 after purchasing an additional 1,742,666 shares in the last quarter. Finally, AQR Capital Management LLC lifted its holdings in shares of FedEx by 169.2% in the third 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 in the last quarter. 84.47% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently commented on FDX. Morgan Stanley increased their price objective on shares of FedEx from $220.00 to $230.00 and gave the stock an “underweight” rating in a research note on Friday, March 20th. The Goldman Sachs Group reduced their price objective on shares of FedEx from $405.00 to $375.00 and set a “buy” rating for the company in a research note on Monday, June 1st. BNP Paribas Exane reduced their price target on FedEx from $335.00 to $269.76 and set a “neutral” rating for the company in a report on Tuesday, June 2nd. Seaport Research Partners started coverage on FedEx in a report on Wednesday, May 27th. They set a “buy” rating for the company. Finally, Jefferies Financial Group lifted their price target on FedEx from $425.00 to $450.00 and gave the stock a “buy” rating in a report on Tuesday, March 3rd. Eighteen equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $371.45.

FedEx Stock Performance

Shares of FedEx stock opened at $337.65 on Friday. The company has a 50 day moving average of $371.84 and a 200-day moving average of $342.64. FedEx Corporation has a 1-year low of $172.88 and a 1-year high of $342.81. The company has a current ratio of 1.47, a quick ratio of 1.44 and a debt-to-equity ratio of 0.77. The company has a market cap of $80.57 billion, a PE ratio of 17.97, a price-to-earnings-growth ratio of 1.54 and a beta of 1.28.

FedEx (NYSE:FDX) last released its quarterly earnings results on Thursday, March 19th. The shipping service provider reported $5.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.12 by $1.13. The firm had revenue of $24 billion during the quarter, compared to the consensus estimate of $23.44 billion. FedEx had a net margin of 4.88% and a return on equity of 16.76%. The company’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same quarter last year, the firm earned $4.51 earnings per share. As a group, equities research analysts forecast that FedEx Corporation will post 19.78 earnings per share for the current fiscal year.

FedEx Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 7th. Shareholders of record on Monday, June 22nd will be issued a $1.22 dividend. The ex-dividend date is Monday, June 22nd. This represents a $4.88 annualized dividend and a yield of 1.4%. FedEx’s dividend payout ratio is presently 30.87%.

Insider Transactions at FedEx

In other news, EVP Tracy B. Brightman sold 16,959 shares of FedEx stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $363.47, for a total transaction of $6,164,087.73. Following the completion of the transaction, the executive vice president directly owned 11,052 shares in the company, valued at $4,017,070.44. This trade represents a 60.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Susan C. Schwab sold 5,795 shares of FedEx stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $369.00, for a total transaction of $2,138,355.00. Following the transaction, the director owned 10,038 shares of the company’s stock, valued at $3,704,022. This represents a 36.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 48,104 shares of company stock worth $17,599,006. 0.53% of the stock is currently owned by insiders.

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.