5 Dividend Stocks to Buy According to Steve Cohen’s Point72 Asset Management

2. FedEx Corporation (NYSE:FDX)

Dividend Yield as of August 5: 1.94%
Point72 Asset Management’s Stake Value: $240,357,000

FedEx Corporation (NYSE:FDX) is a Tennessee-based multinational transport company that offers e-commerce and related services to consumers. The company has been raising its dividends consistently for the past 21 years and has a 5-year CAGR of 13.4%. It pays a quarterly dividend of 1.15 per share, with a dividend yield of 1.94%, as of August 5.

Point72 Asset Management started investing in FedEx Corporation (NYSE:FDX) during the third quarter of 2014, purchasing shares worth over $39 million. The hedge fund increased its stake in the company by 139% in Q1 2022, taking its total value to over $240.3 million. The company accounted for 0.95% of Steve Cohen’s portfolio.

In June, BofA raised its price target on FedEx Corporation (NYSE:FDX) to $287 with a Buy rating on the shares, highlighting the company’s earnings improvement.

At the end of Q1 2022, 52 hedge funds in Insider Monkey’s database owned stakes in FedEx Corporation (NYSE:FDX), compared with 64 a quarter earlier. The collective value of these stakes is over $1.78 billion.