Bank of New York Mellon Corp Sells 329,241 Shares of FedEx Corporation (NYSE:FDX)

Bank of New York Mellon Corp decreased its stake in shares of FedEx Corporation (NYSE:FDX - Free Report) by 13.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 2,076,955 shares of the shipping service provider's stock after selling 329,241 shares during the quarter. Bank of New York Mellon Corp owned 0.87% of FedEx worth $506,320,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. World Investment Advisors increased its holdings in shares of FedEx by 5.3% during the 1st quarter. World Investment Advisors now owns 12,251 shares of the shipping service provider's stock worth $2,987,000 after purchasing an additional 619 shares during the period. Generali Investments CEE investicni spolecnost a.s. increased its holdings in shares of FedEx by 3.1% during the 1st quarter. Generali Investments CEE investicni spolecnost a.s. now owns 18,300 shares of the shipping service provider's stock worth $4,461,000 after purchasing an additional 550 shares during the period. VELA Investment Management LLC increased its holdings in shares of FedEx by 39.4% during the 1st quarter. VELA Investment Management LLC now owns 4,117 shares of the shipping service provider's stock worth $1,004,000 after purchasing an additional 1,164 shares during the period. Wayfinding Financial LLC bought a new position in shares of FedEx during the 1st quarter worth about $116,000. Finally, Eukles Asset Management increased its holdings in shares of FedEx by 1.7% during the 1st quarter. Eukles Asset Management now owns 9,328 shares of the shipping service provider's stock worth $2,274,000 after purchasing an additional 157 shares during the period. Institutional investors own 84.47% of the company's stock.

FedEx Price Performance

Shares of FDX stock traded up $1.74 during trading hours on Friday, reaching $240.88. 2,410,389 shares of the company were exchanged, compared to its average volume of 1,851,340. FedEx Corporation has a fifty-two week low of $194.30 and a fifty-two week high of $313.84. The stock's fifty day moving average is $222.83 and its two-hundred day moving average is $241.18. The company has a market cap of $57.71 billion, a price-to-earnings ratio of 14.27, a P/E/G ratio of 1.26 and a beta of 1.35. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.19 and a quick ratio of 1.15.

FedEx (NYSE:FDX - Get Free Report) last announced its earnings results on Tuesday, June 24th. The shipping service provider reported $6.07 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.98 by $0.09. FedEx had a net margin of 4.65% and a return on equity of 16.34%. The company had revenue of $22.20 billion for the quarter, compared to analyst estimates of $21.86 billion. During the same period in the prior year, the business earned $5.41 earnings per share. Sell-side analysts forecast that FedEx Corporation will post 19.14 earnings per share for the current fiscal year.

FedEx Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Monday, June 23rd will be paid a dividend of $1.45 per share. This represents a $5.80 dividend on an annualized basis and a dividend yield of 2.41%. This is an increase from FedEx's previous quarterly dividend of $1.38. The ex-dividend date is Monday, June 23rd. FedEx's payout ratio is 34.36%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on FDX shares. Cfra Research upgraded shares of FedEx to a "hold" rating in a research report on Thursday, March 20th. Cowen reiterated a "buy" rating on shares of FedEx in a research report on Wednesday, June 25th. Susquehanna lifted their target price on shares of FedEx from $290.00 to $295.00 and gave the company a "positive" rating in a research report on Wednesday, June 25th. TD Cowen decreased their target price on shares of FedEx from $310.00 to $269.00 and set a "buy" rating on the stock in a research report on Wednesday, June 25th. Finally, BMO Capital Markets decreased their target price on shares of FedEx from $275.00 to $260.00 and set a "market perform" rating on the stock in a research report on Monday, May 19th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, FedEx currently has a consensus rating of "Moderate Buy" and a consensus target price of $282.46.

FedEx Profile

FedEx Corporation provides transportation, e-commerce, and business services in the United States and internationally. It operates through FedEx Express, FedEx Ground, FedEx Freight, and FedEx Services segments. The FedEx Express segment offers express transportation, small-package ground delivery, and freight transportation services; and time-critical transportation services.