Quadrant Capital Increases FedEx Stake by 36.4% Amid Investor Activity

Quadrant Capital Group LLC has significantly increased its investment in FedEx Corporation (NYSE: FDX), raising its stock position by 36.4% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission (SEC), the firm now holds 7,841 shares of FedEx after purchasing an additional 2,093 shares during this period. The total value of Quadrant’s holdings in FedEx is approximately $1.78 million.

Other hedge funds have also been active in adjusting their stakes in FedEx. For instance, NewSquare Capital LLC increased its position by an impressive 121.8%, bringing its total to 122 shares valued at $28,000. Similarly, WPG Advisers LLC entered a new position valued at about $43,000 in the first quarter. Cary Street Partners Investment Advisory LLC expanded its holdings by 60.7%, and Rise Advisors LLC raised its stake by 21.0%, with both firms demonstrating confidence in FedEx’s potential. Notably, approximately 84.47% of FedEx stock is now owned by institutional investors.

Stock Performance and Dividend Announcement

FedEx shares opened at $275.70 on the trading day following the announcement. The company’s fifty-day simple moving average is $249.80, while the two-hundred-day moving average stands at $235.29. Over the past year, FedEx has seen a 52-week low of $194.29 and a 52-week high of $304.76. With a market capitalization of $65.05 billion, the company has a price-to-earnings ratio of 16.09 and a PEG ratio of 1.43.

In addition to investment activities, FedEx has also announced a quarterly dividend of $1.45, set to be paid on January 6, 2024. Stockholders of record on December 15, 2023 will receive this dividend, translating to an annualized dividend of $5.80 and a yield of 2.1%. The company’s dividend payout ratio is currently 33.86%.

Analyst Ratings and Market Outlook

Recent analyst assessments reflect a generally positive outlook for FedEx. Raymond James Financial has reiterated an “outperform” rating with a price target of $255.00, while HSBC has raised its target from $230.00 to $235.00. Stephens has also restated an “overweight” rating with a price target of $260.00. In a notable update, UBS Group increased its price objective from $293.00 to $314.00 and maintained a “buy” rating.

Currently, one investment analyst has rated FedEx as a Strong Buy, while fifteen others have given it a Buy rating. Eleven analysts have assigned a Hold rating, and one has issued a Sell rating. According to data from MarketBeat.com, the average rating for FedEx is “Moderate Buy,” with a consensus target price of $276.13.

FedEx Corporation provides a range of transportation, e-commerce, and business services both in the United States and globally. The company operates through various segments, including FedEx Express, FedEx Ground, FedEx Freight, and FedEx Services, offering diverse services such as express transportation and freight services.

As investor interest continues in FedEx, the company’s performance and strategic decisions will be closely monitored by market participants.