FedEx Corporation (FDX) Fell Due to Inventory Destocking

Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Growth & Income Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The S&P 500 Index rose 11.7% in Q4 and 26.3% for the year. Investors became more comfortable that the U.S. Federal Reserve was done with raising interest rates, leading to a decrease of over 70 basis points in 10-year U.S. Treasury yields. The Federal Reserve’s core Personal Consumption Expenditures (PCE) Price Index has been moderating on a year-over-year basis, easing concerns about interest rates. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Carillon Eagle Growth & Income Fund featured stocks like FedEx Corporation (NYSE:FDX) in the fourth quarter 2023 investor letter. Headquartered in Memphis, Tennessee, FedEx Corporation (NYSE:FDX) offers transportation, e-commerce, and business services. On March 7, 2024, FedEx Corporation (NYSE:FDX) stock closed at $250.24 per share. One-month return of FedEx Corporation (NYSE:FDX) was 2.62%, and its shares gained 23.75% of their value over the last 52 weeks. FedEx Corporation (NYSE:FDX) has a market capitalization of $62.533 billion.

Carillon Eagle Growth & Income Fund stated the following regarding FedEx Corporation (NYSE:FDX) in its fourth quarter 2023 investor letter:

“FedEx Corporation (NYSE:FDX) traded lower as most industry transportation providers continued to see lower volumes tied to inventory destocking. Investors had hoped for a second-half volume improvement that has now been pushed back until 2024 due to a tough macroeconomic environment. Further, margin improvement also seems to be delayed despite recent cost savings initiatives.”

Fedex FDX

FedEx Corporation (NYSE:FDX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, FedEx Corporation (NYSE:FDX) was held by 70 hedge fund portfolios, up from 67 in the previous quarter, according to our database.

We discussed FedEx Corporation (NYSE:FDX) in another article and shared the list of Bill Gates’ dividend stocks to buy. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.