FedEx Corporation $FDX Position Cut by Fifth Third Bancorp

Fifth Third Bancorp cut its position in FedEx Corporation (NYSE:FDX) by 8.6% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 61,678 shares of the shipping service provider’s stock after selling 5,825 shares during the quarter. Fifth Third Bancorp’s holdings in FedEx were worth $17,584,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FDX. BlackRock Inc. acquired a new position in shares of FedEx during the second quarter worth approximately $6,508,103,000. Primecap Management Co. CA acquired a new position in FedEx during the 2nd quarter worth $2,554,138,000. Dimensional Fund Advisors LP grew its stake in shares of FedEx by 2.1% in the first quarter. Dimensional Fund Advisors LP now owns 2,630,669 shares of the shipping service provider’s stock worth $936,688,000 after purchasing an additional 52,963 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of FedEx by 6.3% in the first quarter. Bank of New York Mellon Corp now owns 2,134,672 shares of the shipping service provider’s stock worth $760,328,000 after purchasing an additional 125,950 shares in the last quarter. Finally, Bank of America Corp DE bought a new position in shares of FedEx in the second quarter worth $579,171,000. 84.47% of the stock is owned by institutional investors and hedge funds.

FedEx Price Performance

Shares of FDX opened at $323.91 on Friday. The business’s 50-day moving average is $302.53 and its 200-day moving average is $337.70. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.33 and a quick ratio of 1.29. The company has a market capitalization of $75.86 billion, a price-to-earnings ratio of 19.92, a P/E/G ratio of 1.29 and a beta of 1.27. FedEx Corporation has a fifty-two week low of $207.83 and a fifty-two week high of $345.36.

FedEx (NYSE:FDX) last posted its quarterly earnings results on Wednesday, October 28th. The shipping service provider reported $3.74 EPS for the quarter, beating the consensus estimate of $3.34 by $0.40. FedEx had a net margin of 4.09% and a return on equity of 15.53%. The business had revenue of $22.93 billion for the quarter, compared to analysts’ expectations of $22.73 billion. During the same period in the previous year, the company posted $3.83 EPS. FedEx’s revenue was up 12.3% on a year-over-year basis. Equities research analysts expect that FedEx Corporation will post 18.29 EPS for the current fiscal year.

FedEx Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Monday, September 14th were given a dividend of $1.22 per share. The ex-dividend date of this dividend was Monday, September 14th. This represents a $4.88 dividend on an annualized basis and a yield of 1.5%. FedEx’s dividend payout ratio is presently 30.01%.

Analyst Ratings Changes

A number of analysts have recently weighed in on FDX shares. Evercore upped their price target on shares of FedEx from $350.00 to $351.00 in a research note on Monday, September 28th. Sanford C. Bernstein set a $377.00 target price on FedEx in a research report on Monday, October 26th. Bank of America cut their target price on FedEx from $378.00 to $359.00 and set a “buy” rating for the company in a research report on Tuesday, October 27th. JPMorgan Chase & Co. increased their price target on FedEx from $399.00 to $400.00 and gave the company an “overweight” rating in a research note on Thursday, October 29th. Finally, Truist Financial lowered their price target on FedEx from $365.00 to $350.00 and set a “buy” rating on the stock in a research report on Wednesday, October 7th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, FedEx has an average rating of “Moderate Buy” and an average price target of $359.16.

Insiders Place Their Bets

In related news, EVP Gina Adams sold 3,014 shares of the firm’s stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $317.06, for a total value of $955,618.84. Following the transaction, the executive vice president directly owned 9,656 shares in the company, valued at approximately $3,061,531.36. This trade represents a 23.79% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Tracy Brightman sold 26,611 shares of the business’s stock in a transaction dated Friday, October 30th. The stock was sold at an average price of $316.68, for a total value of $8,427,171.48. Following the transaction, the executive vice president directly owned 12,245 shares of the company’s stock, valued at $3,877,746.60. This represents a 68.49% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 46,387 shares of company stock valued at $14,681,426 over the last 90 days. 0.65% of the stock is currently owned by company insiders.

FedEx Profile

FedEx Corporation is a global transportation and logistics company that provides delivery, freight, and supply chain services to businesses and consumers. Its offerings include express and ground package delivery, freight transportation, customs clearance, and logistics solutions that help customers manage shipping and distribution. Founded by Frederick W. Smith in 1971, FedEx began operations in 1973. The company serves customers throughout the United States and in international markets, connecting businesses and consumers through its transportation and delivery networks.