FedEx Corporation $FDX Shares Bought by Bank of Nova Scotia

Bank of Nova Scotia raised its position in FedEx Corporation (NYSE:FDX) by 220.7% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 112,077 shares of the shipping service provider’s stock after buying an additional 77,131 shares during the period. Bank of Nova Scotia’s holdings in FedEx were worth $39,920,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Norges Bank acquired a new position in FedEx in the 4th quarter worth about $859,085,000. Boston Partners purchased a new position in shares of FedEx during the 3rd quarter valued at approximately $468,195,000. AQR Capital Management LLC grew its stake in FedEx by 169.2% in the 3rd quarter. AQR Capital Management LLC now owns 2,733,905 shares of the shipping service provider’s stock valued at $638,203,000 after acquiring an additional 1,718,278 shares during the period. Waddell & Associates LLC increased its holdings in FedEx by 164.0% in the 4th quarter. Waddell & Associates LLC now owns 1,188,140 shares of the shipping service provider’s stock worth $343,206,000 after acquiring an additional 738,122 shares in the last quarter. Finally, Two Sigma Investments LP raised its position in FedEx by 3,211.5% during the third quarter. Two Sigma Investments LP now owns 549,306 shares of the shipping service provider’s stock worth $129,532,000 after acquiring an additional 532,718 shares during the period. 84.47% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at FedEx

In other FedEx news, Director Paul S. Walsh sold 5,042 shares of the firm’s stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $324.56, for a total value of $1,636,431.52. Following the completion of the sale, the director directly owned 16,359 shares of the company’s stock, valued at $5,309,477.04. This trade represents a 23.56% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.53% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms have issued reports on FDX. Wolfe Research decreased their price objective on shares of FedEx from $427.00 to $423.00 and set an “outperform” rating on the stock in a report on Tuesday, April 7th. Evercore set a $165.00 price target on shares of FedEx in a research report on Friday, June 26th. BNP Paribas Exane decreased their price target on shares of FedEx from $335.00 to $269.76 and set a “neutral” rating on the stock in a research note on Tuesday, June 2nd. Rothschild & Co Redburn lowered their price objective on FedEx from $375.00 to $344.00 and set a “neutral” rating on the stock in a report on Tuesday, June 2nd. Finally, Wells Fargo & Company decreased their target price on FedEx from $450.00 to $425.00 and set an “overweight” rating on the stock in a research report on Wednesday, June 17th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $350.54.

FedEx Trading Down 0.3%

FDX opened at $314.77 on Friday. The firm has a market capitalization of $74.47 billion, a price-to-earnings ratio of 17.01, a price-to-earnings-growth ratio of 1.62 and a beta of 1.29. The company’s 50 day simple moving average is $335.98 and its two-hundred day simple moving average is $350.05. FedEx Corporation has a 1-year low of $172.88 and a 1-year high of $345.36. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.48 and a quick ratio of 1.44.

FedEx (NYSE:FDX) last posted its quarterly earnings results on Tuesday, July 21st. The shipping service provider reported $5.88 earnings per share (EPS) for the quarter. FedEx had a return on equity of 16.49% and a net margin of 4.68%.The business had revenue of $23.26 billion during the quarter. Analysts expect that FedEx Corporation will post 17.6 EPS for the current fiscal year.

FedEx Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 7th. Shareholders of record on Monday, June 22nd were issued a $1.22 dividend. This represents a $4.88 annualized dividend and a yield of 1.6%. The ex-dividend date was Monday, June 22nd. FedEx’s dividend payout ratio is presently 26.36%.

FedEx Company Profile

FedEx Corporation (NYSE: FDX) is a global logistics and courier company headquartered in Memphis, Tennessee. Founded by Frederick W. Smith in 1971 and beginning operations in the early 1970s, the company pioneered overnight express shipping and has since expanded into a diversified portfolio of transportation, e-commerce and supply-chain services. FedEx operates an integrated air-and-ground network that moves parcels, freight and documents for businesses and consumers worldwide.

FedEx’s core operating segments include express parcel delivery via its FedEx Express division, domestic and residential parcel delivery through FedEx Ground, less-than-truckload (LTL) freight services, and logistics and supply-chain management solutions.