FedEx Corporation $FDX Shares Acquired by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp nearly doubled its FedEx stake in the first quarter, buying 33,612 more shares and ending with 67,597 shares worth about $24.1 million.
• FedEx reported better-than-expected quarterly results, with EPS of $6.31 versus $5.91 expected and revenue of $25.01 billion versus $24.04 billion estimated, while revenue rose 12.5% year over year.
• Despite the earnings beat, the stock traded at $313.31 and several analysts remained mixed, with an average rating of “Moderate Buy” and an average price target of $349.60.

Fifth Third Bancorp increased its position in FedEx Corporation (NYSE:FDX - Free Report) by 98.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 67,597 shares of the shipping service provider's stock after buying an additional 33,612 shares during the quarter. Fifth Third Bancorp's holdings in FedEx were worth $24,077,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FDX. OneAscent Financial Services LLC increased its stake in FedEx by 1.7% during the fourth quarter. OneAscent Financial Services LLC now owns 1,699 shares of the shipping service provider's stock worth $491,000 after acquiring an additional 29 shares during the last quarter. Whipplewood Advisors LLC grew its holdings in shares of FedEx by 9.9% during the 1st quarter. Whipplewood Advisors LLC now owns 333 shares of the shipping service provider's stock worth $119,000 after purchasing an additional 30 shares during the period. Arete Wealth Advisors LLC grew its holdings in shares of FedEx by 1.7% during the 4th quarter. Arete Wealth Advisors LLC now owns 1,778 shares of the shipping service provider's stock worth $514,000 after purchasing an additional 30 shares during the period. LRI Investments LLC increased its position in FedEx by 5.2% during the 4th quarter. LRI Investments LLC now owns 632 shares of the shipping service provider's stock worth $183,000 after purchasing an additional 31 shares in the last quarter. Finally, Cary Street Partners Investment Advisory LLC raised its holdings in FedEx by 11.9% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 292 shares of the shipping service provider's stock valued at $84,000 after buying an additional 31 shares during the period. Institutional investors and hedge funds own 84.47% of the company's stock.

Insider Buying and Selling at FedEx

In other FedEx news, Director Paul S. Walsh sold 5,042 shares of the firm's stock in a transaction that occurred on 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 in the company, valued at $5,309,477.04. This trade represents a 23.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Tracy B. Brightman sold 16,959 shares of the company's stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $363.47, for a total value of $6,164,087.73. Following the completion of the transaction, the executive vice president directly owned 11,052 shares in the company, valued at approximately $4,017,070.44. The trade was a 60.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 27,796 shares of company stock worth $9,938,874 in the last 90 days. 0.53% of the stock is owned by corporate insiders.

FedEx Stock Performance

FedEx stock opened at $313.31 on Tuesday. FedEx Corporation has a 12-month low of $172.88 and a 12-month 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. The company has a market capitalization of $74.76 billion, a price-to-earnings ratio of 16.93 and a beta of 1.29. The firm's fifty day moving average price is $346.82 and its 200 day moving average price is $349.07.

FedEx (NYSE:FDX - Get Free Report) last posted its quarterly earnings data on Tuesday, June 23rd. The shipping service provider reported $6.31 earnings per share for the quarter, beating analysts' consensus estimates of $5.91 by $0.40. The company had revenue of $25.01 billion during the quarter, compared to analysts' expectations of $24.04 billion. FedEx had a net margin of 4.68% and a return on equity of 16.49%. The firm's revenue for the quarter was up 12.5% on a year-over-year basis. During the same period in the prior year, the company posted $6.07 EPS. FedEx has set its FY 2027 guidance at 16.900-18.100 EPS.

FedEx Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 7th. Investors of record on Monday, June 22nd were issued a $1.22 dividend. The ex-dividend date of this dividend was Monday, June 22nd. This represents a $4.88 dividend on an annualized basis and a yield of 1.6%. FedEx's dividend payout ratio is currently 26.36%.

Wall Street Analysts Forecast Growth

FDX has been the subject of several research reports. HSBC decreased their price objective on shares of FedEx from $360.00 to $289.89 and set a "hold" rating for the company in a research note on Monday, June 1st. Wells Fargo & Company reduced their target price on shares of FedEx from $450.00 to $425.00 and set an "overweight" rating on the stock in a report on Wednesday, June 17th. Evercore set a $165.00 price target on shares of FedEx in a research report on Friday, June 26th. Bank of America increased their price target on FedEx from $376.00 to $378.00 and gave the company a "buy" rating in a report on Wednesday, June 24th. Finally, Jefferies Financial Group began coverage on FedEx in a research report on Tuesday, June 23rd. They issued a "buy" rating and a $200.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $349.60.

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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