Quadrant Capital Group Increases Stake in FedEx by 36.4%

Quadrant Capital Group LLC has increased its stake in FedEx Corporation (NYSE: FDX) by a significant 36.4% during the second quarter of 2024, as reported in its recent filing with the Securities and Exchange Commission (SEC). The firm now holds 7,841 shares of the global shipping giant, having acquired an additional 2,093 shares during this period. This investment is valued at approximately $1,782,000 based on the latest SEC disclosure.

Several other hedge funds have also adjusted their positions in FedEx recently. NewSquare Capital LLC raised its stake by an impressive 121.8%, now owning 122 shares worth about $28,000 following the purchase of 67 shares in the last quarter. Meanwhile, WPG Advisers LLC initiated a new position in FedEx, valued at roughly $43,000, while Cary Street Partners Investment Advisory LLC grew its holdings by 60.7% in the first quarter, now owning 188 shares valued at $46,000.

Other notable movements include Rise Advisors LLC, which increased its position by 21.0%, now holding 340 shares valued at $83,000, and AlphaCore Capital LLC, which acquired a new position around $91,000. In total, institutional investors and hedge funds own approximately 84.47% of FedEx’s stock.

FedEx Stock Performance and Dividend Announcement

As of the latest trading session, FedEx shares opened at $275.70. The company’s fifty-day simple moving average stands at $249.80, and the two-hundred-day simple moving average is $235.29. The stock has experienced a 52-week low of $194.29 and a 52-week high of $304.76. FedEx currently holds a market capitalization of $65.05 billion, a price-to-earnings ratio of 16.09, and a dividend payout ratio (DPR) of 33.86%.

In addition to its stock performance, FedEx announced a quarterly dividend of $1.45, set to be paid on January 6, 2025. Stockholders on record as of December 15, 2024 will receive this dividend, representing an annualized dividend of $5.80 and a yield of 2.1%.

Analyst Ratings and Market Outlook

Various brokerages have weighed in on FedEx’s stock, reflecting a generally positive outlook. Raymond James Financial reaffirmed an “outperform” rating, setting a price objective of $255.00. Similarly, HSBC raised its price target from $230.00 to $235.00. Stephens maintained an “overweight” rating with a target of $260.00, while UBS Group increased its price objective from $293.00 to $314.00, also assigning a “buy” rating.

Investment sentiment appears robust, with one analyst giving FedEx a Strong Buy rating, fifteen assigning a Buy rating, eleven maintaining a Hold rating, and one recommending a Sell. According to data from MarketBeat.com, the stock currently enjoys an average rating of “Moderate Buy” with a consensus target price of $276.13.

FedEx Corporation is a prominent player in the transportation and logistics sector, providing a range of services including express transportation, e-commerce, and business services both domestically and internationally. The company operates through segments like FedEx Express, FedEx Ground, FedEx Freight, and FedEx Services, delivering a comprehensive suite of shipping solutions to its customers.