FedEx Corporation (NYSE:FDX) Shares Sold by Scotia Capital Inc.

Key Points

• Scotia Capital Inc. reduced its stake in FedEx by 18.5%, selling 3,793 shares during the first quarter, leaving them with a total of 16,682 shares valued at $4.07 million.
• FedEx recently increased its quarterly dividend to $1.45 per share, marking a rise from the previous dividend of $1.38, with a yield of 2.7%.
• Several analysts have adjusted their price targets for FedEx, with consensus ratings ranging from hold to strong buy, and an average price target of $283.25.

Scotia Capital Inc. trimmed its stake in shares of FedEx Corporation (NYSE:FDX - Free Report) by 18.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 16,682 shares of the shipping service provider's stock after selling 3,793 shares during the quarter. Scotia Capital Inc.'s holdings in FedEx were worth $4,067,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in FDX. Transce3nd LLC acquired a new position in shares of FedEx during the fourth quarter valued at $26,000. Accredited Wealth Management LLC bought a new stake in FedEx in the 4th quarter valued at about $35,000. Abound Financial LLC acquired a new position in FedEx during the 1st quarter valued at about $38,000. Optiver Holding B.V. bought a new position in FedEx in the 4th quarter worth about $39,000. Finally, Ameriflex Group Inc. acquired a new stake in shares of FedEx in the fourth quarter valued at approximately $43,000. Institutional investors own 84.47% of the company's stock.

Insider Activity at FedEx

In other news, Director Marvin R. Ellison sold 3,610 shares of the company's stock in a transaction on Wednesday, July 9th. The shares were sold at an average price of $236.94, for a total value of $855,353.40. Following the transaction, the director directly owned 7,720 shares of the company's stock, valued at approximately $1,829,176.80. This represents a 31.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director R Brad Martin sold 2,123 shares of FedEx stock in a transaction on Monday, July 7th. The shares were sold at an average price of $241.75, for a total value of $513,235.25. Following the sale, the director directly owned 8,935 shares of the company's stock, valued at approximately $2,160,036.25. The trade was a 19.20% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,343 shares of company stock valued at $2,228,816. Corporate insiders own 8.87% of the company's stock.

FedEx Price Performance

FDX opened at $217.50 on Tuesday. The firm has a market capitalization of $51.31 billion, a P/E ratio of 12.89, a PEG ratio of 1.13 and a beta of 1.30. The stock has a fifty day moving average of $227.86 and a 200-day moving average of $234.49. The company has a quick ratio of 1.15, a current ratio of 1.19 and a debt-to-equity ratio of 0.68. FedEx Corporation has a 12-month low of $194.29 and a 12-month high of $308.53.

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

FedEx Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 8th. Investors of record on Monday, June 23rd were given a dividend of $1.45 per share. The ex-dividend date of this dividend was Monday, June 23rd. This is a boost from FedEx's previous quarterly dividend of $1.38. This represents a $5.80 dividend on an annualized basis and a yield of 2.7%. FedEx's payout ratio is presently 34.36%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Sanford C. Bernstein reduced their price objective on FedEx from $282.00 to $249.00 and set a "market perform" rating for the company in a research report on Friday, June 13th. BMO Capital Markets decreased their price target on FedEx from $275.00 to $260.00 and set a "market perform" rating for the company in a research note on Monday, May 19th. Bank of America lowered their price target on FedEx from $270.00 to $245.00 and set a "buy" rating on the stock in a report on Wednesday, June 25th. Citigroup upped their price objective on shares of FedEx from $259.00 to $278.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Finally, Wall Street Zen raised shares of FedEx from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $283.25.

FedEx Company 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.

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