FedEx Corporation $FDX Shares Sold by Bank of America Corp DE

Key Points

• Bank of America reduced its FedEx position by 8.5% in the first quarter, selling 162,252 shares and retaining 1.74 million shares valued at approximately $621.1 million. Institutional investors and hedge funds collectively own 84.47% of FedEx.
• FedEx reported quarterly earnings of $5.88 per share on $23.26 billion in revenue, while its stock opened at $307.41—below its 50-day and 200-day moving averages.
• Analysts maintain a generally positive outlook, with FedEx receiving a “Moderate Buy” consensus rating and an average price target of $350.54, despite several recent target-price reductions.

Bank of America Corp DE trimmed its position in shares of FedEx Corporation (NYSE:FDX - Free Report) by 8.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,743,685 shares of the shipping service provider's stock after selling 162,252 shares during the quarter. Bank of America Corp DE owned 0.73% of FedEx worth $621,066,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. State Street Corp lifted its position in shares of FedEx by 4.2% during the fourth quarter. State Street Corp now owns 9,521,691 shares of the shipping service provider's stock worth $2,763,824,000 after purchasing an additional 382,848 shares in the last quarter. Franklin Resources Inc. increased its stake in FedEx by 6.6% during the 4th quarter. Franklin Resources Inc. now owns 5,133,231 shares of the shipping service provider's stock worth $1,482,785,000 after buying an additional 318,293 shares during the period. Geode Capital Management LLC lifted its holdings in FedEx by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 4,985,778 shares of the shipping service provider's stock worth $1,443,666,000 after buying an additional 45,818 shares in the last quarter. Invesco Ltd. boosted its position in FedEx by 3.1% in the 3rd quarter. Invesco Ltd. now owns 3,618,898 shares of the shipping service provider's stock valued at $853,372,000 after buying an additional 108,426 shares during the period. Finally, Norges Bank acquired a new position in shares of FedEx in the fourth quarter worth $859,085,000. 84.47% of the stock is owned by institutional investors and hedge funds.

FedEx Stock Down 0.4%

FedEx stock opened at $307.41 on Friday. The stock has a market cap of $72.73 billion, a PE ratio of 16.61, a P/E/G ratio of 1.58 and a beta of 1.29. 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 stock's fifty day moving average is $328.67 and its two-hundred day moving average is $350.16. FedEx Corporation has a 1-year low of $172.88 and a 1-year high of $345.36.

FedEx (NYSE:FDX - Get Free Report) last released its quarterly earnings data on Tuesday, July 21st. The shipping service provider reported $5.88 EPS for the quarter. FedEx had a return on equity of 16.49% and a net margin of 4.68%.The business had revenue of $23.26 billion for the quarter. On average, sell-side analysts expect that FedEx Corporation will post 17.6 EPS for the current fiscal year.

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. This represents a $4.88 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend was Monday, June 22nd. FedEx's dividend payout ratio is 26.36%.

Analyst Ratings Changes

A number of research firms have recently weighed in on FDX. Barclays cut their price objective on FedEx from $450.00 to $425.00 and set an "overweight" rating on the stock in a research report on Wednesday, June 17th. UBS Group lowered their target price on FedEx from $445.00 to $350.00 and set a "buy" rating for the company in a research note on Wednesday, June 24th. The Goldman Sachs Group cut their price target on FedEx from $405.00 to $375.00 and set a "buy" rating on the stock in a report on Monday, June 1st. Citizens Jmp initiated coverage on FedEx in a research report on Wednesday, July 15th. They issued a "market outperform" rating and a $375.00 price target on the stock. Finally, Bank of America lifted their price objective on FedEx from $376.00 to $378.00 and gave the company a "buy" rating in a research note on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, FedEx has an average rating of "Moderate Buy" and a consensus target price of $350.54.

Insider Buying and Selling

In other FedEx news, Director Paul S. Walsh sold 5,042 shares of the stock in a transaction that occurred on 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 transaction, the director directly 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 owned by corporate insiders.

FedEx Company 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.

Want to see what other hedge funds are holding FDX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for FedEx Corporation (NYSE:FDX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.