Bank of Nova Scotia Purchases 77,131 Shares of FedEx Corporation $FDX

Key Points

• Bank of Nova Scotia increased its FedEx stake by 220.7% in the first quarter, buying 77,131 additional shares and bringing its total holdings to 112,077 shares worth about $39.9 million.
• FedEx saw mixed analyst activity, with several firms trimming price targets but maintaining generally positive views; the stock currently carries a Moderate Buy consensus and an average price target of $350.54.
• The company reported quarterly EPS of $5.88 on revenue of $23.26 billion, and it also paid a quarterly dividend of $1.22 per share, equal to a 1.6% annualized yield.

Bank of Nova Scotia boosted its position in FedEx Corporation (NYSE:FDX - Free Report) by 220.7% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 112,077 shares of the shipping service provider's stock after purchasing an additional 77,131 shares during the period. Bank of Nova Scotia's holdings in FedEx were worth $39,920,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of FDX. Hollencrest Capital Management bought a new position in shares of FedEx during the 1st quarter valued at approximately $25,000. Bayban purchased a new position in FedEx in the 1st quarter worth approximately $26,000. EFG International AG purchased a new position in FedEx in the 4th quarter worth approximately $27,000. Wealth Watch Advisors INC bought a new position in FedEx in the 3rd quarter worth approximately $28,000. Finally, Tucker Asset Management LLC purchased a new stake in FedEx during the 4th quarter valued at approximately $29,000. Institutional investors own 84.47% of the company's stock.

Insider Activity

In related news, Director Paul S. Walsh sold 5,042 shares of FedEx stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $324.56, for a total transaction of $1,636,431.52. Following the completion of the sale, the director owned 16,359 shares of the company's stock, valued at $5,309,477.04. The trade was a 23.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.53% of the stock is currently owned by insiders.

Analyst Ratings Changes

FDX has been the topic of several research analyst reports. Rothschild & Co Redburn lowered their target price on shares of FedEx from $375.00 to $344.00 and set a "neutral" rating on the stock in a report on Tuesday, June 2nd. Wolfe Research cut their target price on FedEx from $427.00 to $423.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 7th. Sanford C. Bernstein set a $397.00 price objective on shares of FedEx in a research report on Wednesday, June 24th. Citigroup began coverage on FedEx in a research report on Wednesday, July 15th. They set an "outperform" rating for the company. Finally, Wall Street Zen raised FedEx from a "buy" rating to a "strong-buy" rating in a research note on Saturday, June 6th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, FedEx has an average rating of "Moderate Buy" and an average price target of $350.54.

FedEx Price Performance

NYSE FDX opened at $314.77 on Friday. The firm's fifty day simple moving average is $335.98 and its two-hundred day simple moving average is $350.05. FedEx Corporation has a 12-month low of $172.88 and a 12-month high of $345.36. The firm has a market capitalization of $74.47 billion, a P/E ratio of 17.01, a P/E/G ratio of 1.62 and a beta of 1.29. The company has a current ratio of 1.48, a quick ratio of 1.44 and a debt-to-equity ratio of 0.74.

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

FedEx Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 7th. Stockholders of record on Monday, June 22nd were paid a $1.22 dividend. This represents a $4.88 annualized dividend and a dividend yield of 1.6%. The ex-dividend date was Monday, June 22nd. FedEx's dividend payout ratio (DPR) is presently 26.36%.

About FedEx

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.

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