Bank of New York Mellon Corp Acquires 125,950 Shares of FedEx Corporation $FDX

Bank of New York Mellon Corp boosted its holdings in FedEx Corporation (NYSE:FDX) by 6.3% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,134,672 shares of the shipping service provider’s stock after purchasing an additional 125,950 shares during the quarter. Bank of New York Mellon Corp’s holdings in FedEx were worth $760,328,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of FDX. Bayban acquired a new position in shares of FedEx during the 1st quarter valued at $26,000. Cedar Mountain Advisors LLC raised its holdings in shares of FedEx by 77.4% during the first quarter. Cedar Mountain Advisors LLC now owns 94 shares of the shipping service provider’s stock valued at $33,000 after purchasing an additional 41 shares during the period. EFG International AG bought a new position in shares of FedEx during the 4th quarter worth about $27,000. Ulland Investment Advisors LLC acquired a new stake in shares of FedEx in the 4th quarter valued at about $29,000. Finally, Tucker Asset Management LLC bought a new stake in FedEx in the 4th quarter valued at about $29,000. 84.47% of the stock is currently owned by institutional investors.

Insider Activity at FedEx

In other news, Director Paul S. Walsh sold 5,042 shares of the stock in a transaction dated Tuesday, June 30th. The shares were 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 owned 16,359 shares in the company, valued at $5,309,477.04. This represents a 23.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.53% of the stock is currently owned by corporate insiders.

FedEx Stock Up 1.7%

FDX stock opened at $318.61 on Friday. FedEx Corporation has a twelve month low of $172.88 and a twelve month high of $345.36. The company has a quick ratio of 1.44, a current ratio of 1.48 and a debt-to-equity ratio of 0.74. The stock’s 50 day moving average is $343.42 and its 200-day moving average is $349.47. The firm has a market capitalization of $76.02 billion, a PE ratio of 17.21, a P/E/G ratio of 1.61 and a beta of 1.29.

FedEx (NYSE:FDX) last announced its earnings results on Tuesday, June 23rd. The shipping service provider reported $6.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.91 by $0.40. FedEx had a return on equity of 16.49% and a net margin of 4.68%.The company had revenue of $25.01 billion for the quarter, compared to analysts’ expectations of $24.04 billion. During the same quarter in the previous year, the firm earned $6.07 earnings per share. FedEx’s quarterly revenue was up 12.5% on a year-over-year basis. FedEx has set its FY 2027 guidance at 16.900-18.100 EPS. Sell-side analysts expect that FedEx Corporation will post 17.6 EPS for the current fiscal year.

FedEx Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 7th. Stockholders of record on Monday, June 22nd were paid a $1.22 dividend. The ex-dividend date was Monday, June 22nd. This represents a $4.88 annualized dividend and a dividend yield of 1.5%. FedEx’s dividend payout ratio is presently 26.36%.

Analysts Set New Price Targets

Several brokerages have issued reports on FDX. Evercore set a $165.00 price target on FedEx in a report on Friday, June 26th. Bank of America boosted their price objective on FedEx from $376.00 to $378.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Stephens raised FedEx to a “strong-buy” rating in a research report on Wednesday, July 8th. Seaport Research Partners assumed coverage on FedEx in a report on Wednesday, May 27th. They issued a “buy” rating on the stock. Finally, Wolfe Research reduced their price target on shares of FedEx from $427.00 to $423.00 and set an “outperform” rating for the company in a research report on Tuesday, April 7th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, FedEx presently has a consensus rating of “Moderate Buy” and an average price target of $350.54.

FedEx 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.