M&T Bank Corp Purchases 3,383 Shares of FedEx Co. (NYSE:FDX)

M&T Bank Corp grew its position in shares of FedEx Co. (NYSE:FDX) by 2.3% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 150,365 shares of the shipping service provider’s stock after buying an additional 3,383 shares during the quarter. M&T Bank Corp’s holdings in FedEx were worth $38,039,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of FDX. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of FedEx by 11.0% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 133,075 shares of the shipping service provider’s stock worth $35,254,000 after acquiring an additional 13,197 shares during the last quarter. Western Wealth Management LLC boosted its position in FedEx by 10.0% in the 4th quarter. Western Wealth Management LLC now owns 3,655 shares of the shipping service provider’s stock valued at $925,000 after buying an additional 333 shares during the last quarter. Trust Point Inc. bought a new stake in shares of FedEx during the fourth quarter worth $282,000. Planned Solutions Inc. acquired a new position in shares of FedEx during the fourth quarter valued at $32,000. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in FedEx by 2.3% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 595,122 shares of the shipping service provider’s stock valued at $157,660,000 after acquiring an additional 13,642 shares during the last quarter. Institutional investors and hedge funds own 84.47% of the company’s stock.

FedEx Stock Down 0.5 %

NYSE FDX traded down $1.38 during trading hours on Friday, hitting $260.65. 1,085,243 shares of the company traded hands, compared to its average volume of 1,311,143. The stock has a market capitalization of $64.14 billion, a price-to-earnings ratio of 15.03, a P/E/G ratio of 1.23 and a beta of 1.23. FedEx Co. has a twelve month low of $213.80 and a twelve month high of $291.27. The business’s 50-day moving average is $263.93 and its 200-day moving average is $254.81. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.26 and a current ratio of 1.31.

FedEx (NYSE:FDX) last issued its earnings results on Thursday, March 21st. The shipping service provider reported $3.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.49 by $0.37. FedEx had a net margin of 5.02% and a return on equity of 16.60%. The company had revenue of $21.70 billion for the quarter, compared to analysts’ expectations of $21.95 billion. During the same period in the prior year, the firm earned $3.41 EPS. FedEx’s quarterly revenue was down 2.1% compared to the same quarter last year. Sell-side analysts anticipate that FedEx Co. will post 17.69 earnings per share for the current year.

FedEx announced that its Board of Directors has initiated a share repurchase program on Thursday, March 21st that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the shipping service provider to purchase up to 7.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.

FedEx Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Monday, March 11th were given a $1.26 dividend. This represents a $5.04 annualized dividend and a dividend yield of 1.93%. The ex-dividend date of this dividend was Friday, March 8th. FedEx’s payout ratio is 29.07%.

Insider Transactions at FedEx

In other news, Chairman Frederick W. Smith sold 113,400 shares of FedEx stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $274.30, for a total transaction of $31,105,620.00. Following the completion of the sale, the chairman now owns 14,505,844 shares of the company’s stock, valued at $3,978,953,009.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Chairman Frederick W. Smith sold 113,400 shares of the firm’s stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $274.30, for a total transaction of $31,105,620.00. Following the transaction, the chairman now directly owns 14,505,844 shares of the company’s stock, valued at $3,978,953,009.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mark R. Allen sold 10,145 shares of the business’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $287.28, for a total value of $2,914,455.60. Following the completion of the sale, the executive vice president now owns 36,853 shares of the company’s stock, valued at $10,587,129.84. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 136,668 shares of company stock worth $37,758,773. Company insiders own 8.73% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on FDX. BNP Paribas reissued an “underperform” rating and set a $250.00 price objective on shares of FedEx in a report on Wednesday, March 27th. Robert W. Baird increased their price objective on shares of FedEx from $315.00 to $325.00 and gave the company an “outperform” rating in a report on Friday, March 22nd. BMO Capital Markets upped their target price on shares of FedEx from $290.00 to $310.00 and gave the company a “market perform” rating in a research report on Friday, March 22nd. Morgan Stanley lifted their price objective on FedEx from $195.00 to $210.00 and gave the stock an “equal weight” rating in a research note on Friday, March 22nd. Finally, The Goldman Sachs Group increased their target price on FedEx from $291.00 to $324.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, FedEx currently has an average rating of “Moderate Buy” and a consensus target price of $301.33.

FedEx Profile

FedEx Corporation provides transportation, e-commerce, and business services in the United States and internationally. It operates through FedEx Express, FedEx Ground, FedEx Freight, and FedEx Services segments. The FedEx Express segment offers express transportation, small-package ground delivery, and freight transportation services; and time-critical transportation services.