5 Best TaaS Stocks to Buy Now

3. FedEx Corporation (NYSE:FDX)

Number of Hedge Funds: 64

FedEx Corporation (NYSE:FDX) is an American multinational conglomerate holding company specializing in transportation and e-commerce. Between April and May, FedEx Corporation (NYSE:FDX) had gained 4.3%, despite the loss of 2.43% to the transportation sector. Nearing its next quarter report to be released in June, the company is expected to announce an EPS of $6.87.

The hedge fund sentiment towards FedEx Corporation (NYSE:FDX) was positive in the fourth quarter of 2021, compared to the previous quarter. In the fourth quarter, 64 out of the 924 hedge funds tracked by Insider Monkey held stakes in FedEx Corporation (NYSE:FDX), up from 49 in the previous quarter.

The investment management firm Artisan Partners mentioned FedEx Corporation (NYSE:FDX) in their Q3 2021 investor letter. Here is what the firm said:

“Our weakest Q3 performers included FedEx. Shares of FedEx, a global shipping and logistics firm, were held back by disappointing business results as labor cost headwinds and air network disruptions overshadowed solid top-line trends. We think the company should be able to overcome these near-term issues. Importantly, FedEx has strong pricing power as it operates in a consolidated global shipping industry. In September, the company announced it would increase its shipping rates by an average of 5.9% across most of its services, which is the first time in several years that its annual increase would exceed 5.0%. The industry’s renewed pricing discipline is a welcome change, reflecting a broader commitment to earn better returns on invested capital. FedEx is also closer to fully integrating TNT, a European-focused parcel company it acquired in 2016. The market is beginning to incorporate a higher probability FedEx will fully integrate TNT, which will provide a significant boost to profits. The stock now trades at a near-trough multiple of less than 12X 2022 earnings, so we added to our position on weakness.”