Is it Still a Good Move Buy FedEx (FDX) Shares?

Claret Asset Management, an asset management firm, published its third quarter 2022 investor letter – a copy of which can be downloaded here. According to the fund, higher interest rates will eventually act as a brake to this economy on steroids that is mainly funded through extreme fiscal largesse and printed money by central banks. The fund invests in companies with real business models that are well-run, have great prospects, and generate positive cash flows for the foreseeable future. Try to spare some time to check the fund’s top 5 holdings for you to have an idea about their best stock picks this 2022.

In its Q3 2022 investor letter, Claret Asset Management mentioned FedEx Corporation (NYSE:FDX) and explained its insights for the company. Founded in 1971, FedEx Corporation (NYSE:FDX) is a Memphis, Tennessee-based multinational conglomerate holding company with a $40.6 billion market capitalization. FedEx Corporation (NYSE:FDX) delivered a -39.59% return since the beginning of the year, while its 12-month returns are down by -31.80%. The stock closed at $156.25 per share on October 13, 2022.

Here is what Claret Asset Management has to say about FedEx Corporation (NYSE:FDX) in its Q3 2022 investor letter:

“First signs of a slowdown have been announced by FedEx in September 2022, calling for significantly lower profit and revenue for the year and signalling that 2023 will be worse. For whatever reason, the stock market seems to always precede the economic reality: FedEx stock price is already down from a high of $319.90 reached on May 27th, 2021, to around $200 the day it announced the bad news. Since then, it went down another 25% to $150.”

Our calculations show that FedEx Corporation (NYSE:FDX) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. FedEx Corporation (NYSE:FDX) was in 63 hedge fund portfolios at the end of the second quarter of 2022, compared to 52 funds in the previous quarter. FedEx Corporation (NYSE:FDX) delivered a -28.27% return in the past 3 months.

In September 2022, we also shared another hedge fund’s views on FedEx Corporation (NYSE:FDX) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q3 page.

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