PRIMECAP Reports 12.9M Share Stake in FedEx (FDX)

TL;DR

**PRIMECAP still holds over 12.9M FDX shares, showing strong institutional conviction.**

AI Summary

PRIMECAP Management Company, an investment firm based in Pasadena, CA, filed an amended SC 13G/A on February 12, 2024, disclosing its ownership in FedEx Corp (FDX) as of December 31, 2023. The filing shows PRIMECAP beneficially owns 12,902,957 shares of FedEx, representing a significant stake. This matters to investors because it indicates a major institutional investor maintains a substantial position in FedEx, potentially signaling confidence in the company's long-term prospects.

Why It Matters

This filing reveals a major institutional investor's continued significant ownership in FedEx, which can influence market perception and investor confidence in the stock.

Risk Assessment

Risk Level: low — This filing is a routine disclosure of institutional ownership and does not indicate any immediate financial risk or change in company operations.

Analyst Insight

Investors should note that a major institutional investor, PRIMECAP Management Company, continues to hold a substantial position in FedEx, which could be interpreted as a vote of confidence. However, this filing alone doesn't provide new catalysts for price movement, so further research into FedEx's fundamentals and PRIMECAP's investment thesis would be prudent.

Key Numbers

• 12,902,957 — Shares Beneficially Owned (Represents PRIMECAP Management Company's total ownership in FedEx Corp as of December 31, 2023.)
• 12,649,984 — Sole Voting Power Shares (Indicates the number of shares PRIMECAP Management Company can vote independently.)

Key Players & Entities

• PRIMECAP Management Company (company) — the reporting person and institutional investor
• FedEx Corp (company) — the issuer of the securities
• 12,902,957 (dollar_amount) — aggregate amount of shares beneficially owned by PRIMECAP
• December 31, 2023 (date) — the date of the event requiring the filing
• February 12, 2024 (date) — the filing date of the SC 13G/A amendment

Forward-Looking Statements

• PRIMECAP Management Company will maintain a significant stake in FedEx Corp for the foreseeable future. (PRIMECAP Management Company) — high confidence, target: December 31, 2024

FAQ

Filing Documents

• fdxa28_21224.htm (SC 13G/A) — 25KB
• 0001085146-24-001084.txt ( ) — 27KB

(a)

ITEM 1(a). NAME OF ISSUER: FedEx Corp

(b)

ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES: 942 S. Shady Grove Rd., Memphis, TN 38120

(a)

ITEM 2(a). NAME OF PERSON FILING: PRIMECAP Management Company

(b)

ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE: 177 E. Colorado Blvd., 11th Floor, Pasadena, CA 91105

(c)

ITEM 2(c). CITIZENSHIP: U.S.A.

(d)

ITEM 2(d). TITLE OF CLASS OF SECURITIES: COM

(e)

ITEM 2(e). CUSIP NUMBER: 31428X106 ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO SECTION 240.13d-1(b), or 13d-2(b) or (c) CHECK WHETHER THE PERSON FILING IS A: (a) [ ] Broker or dealer registered under Section 15 of the Act (15 U.S.C. 78c); (b) [ ] Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c); (c) [ ] Insurance company as defined in Section 3(a)(19) of the Act (15 U.S.C. 78c); (d) [ ] Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8); (e) [X] An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E); (f) [ ] An employee benefit plan or endowment fund in accordance with 240.13d-1(b)(1)(ii)(F); (g) [ ] A parent holding company or control person in accordance with 240.13d-1(b)(1)(ii)(G); (h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); (i) [ ] A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); (j) [ ] A non-U.S. institution in accordance with 240.13d-1(b)(1)(ii)(J); (k) [ ] Group, in accordance with 240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with 240.13d1(b)(1)(ii)(J), please specify the type of institution: ITEM 4. OWNERSHIP (a) Amount beneficially owned: 12,902,957 (b) Percent of class: 5.16% (c) Number of shares as to which the person has: (i) sole power to vote or to direct the vote: 12,649,984 (ii) shared power to vote or to direct the vote: 0 (iii) sole power to dispose or direct the disposition of: 12,902,957 (iv) shared power to dispose or to direct the disposition of: 0 ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS: If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securi