FedEx Corporation (FDX) Slips on Earnings; What Do Hedge Funds Say about It?

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The company’s weaker-than-expected earnings result and the lowering of its outlook seemed to have not been anticipated by hedge fund investors. During the second quarter of this year, 52 hedge funds held $3.33 billion worth of FedEx Corporation (NYSE:FDX) stock, representing around 6.90% of the company. The number of hedge funds that held FedEx stock in the second quarter rose from 49 a quarter earlier, although the amount held by investors dropped by $50 million on the quarter, amid a 3% growth of the stock.

Overall, among the funds we track, Mason Hawkins’ Southeastern Asset Management tops the list of FedEx Corporation (NYSE:FDX) shareholders with 5.13 million shares valued at $874.6 million, followed by Edgar Wachenheim’s Greenhaven Associates, which holds 4.50 million shares. Bill & Melinda Gates Foundation Trust, managed by Michael Larson, is the third largest stockholder with 3.02 million shares.

With this in mind, as FedEx Corporation (NYSE:FDX)’s stock lost ground on the back of the weaker-than-expected financial results, the smart money sentiment suggests that it does not represent a good long-term bet. The stock is down by over 13% so far this year and the company will have to make more effort to convince investors to change their mind.

Disclosure: none

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