M&T Bank Corp Reduces Stake in FedEx Corporation (NYSE:FDX)

M&T Bank Corp lessened its stake in FedEx Corporation (NYSE:FDX - Free Report) by 10.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 123,849 shares of the shipping service provider's stock after selling 14,413 shares during the period. M&T Bank Corp owned 0.05% of FedEx worth $30,193,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FDX. Vanguard Group Inc. boosted its holdings in FedEx by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 20,199,506 shares of the shipping service provider's stock worth $5,682,727,000 after acquiring an additional 56,236 shares in the last quarter. Dodge & Cox boosted its holdings in FedEx by 5.6% in the fourth quarter. Dodge & Cox now owns 13,889,624 shares of the shipping service provider's stock worth $3,907,568,000 after acquiring an additional 734,268 shares in the last quarter. Geode Capital Management LLC boosted its holdings in FedEx by 2.3% in the fourth quarter. Geode Capital Management LLC now owns 4,798,797 shares of the shipping service provider's stock worth $1,350,686,000 after acquiring an additional 109,006 shares in the last quarter. Franklin Resources Inc. boosted its holdings in FedEx by 8.1% in the fourth quarter. Franklin Resources Inc. now owns 4,298,646 shares of the shipping service provider's stock worth $1,209,338,000 after acquiring an additional 323,115 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in FedEx by 4.1% in the fourth quarter. Invesco Ltd. now owns 3,221,004 shares of the shipping service provider's stock worth $906,165,000 after acquiring an additional 127,044 shares in the last quarter. Hedge funds and other institutional investors own 84.47% of the company's stock.

FedEx Price Performance

Shares of FedEx stock traded down $2.68 on Friday, reaching $236.05. The company's stock had a trading volume of 1,667,283 shares, compared to its average volume of 1,861,613. 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 52-week low of $194.30 and a 52-week high of $313.84. The company has a market capitalization of $56.56 billion, a P/E ratio of 13.98, a PEG ratio of 1.23 and a beta of 1.35. The stock has a 50-day moving average price of $225.31 and a 200-day moving average price of $239.93.

FedEx (NYSE:FDX - Get Free Report) last issued its quarterly earnings results on Tuesday, June 24th. The shipping service provider reported $6.07 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 analysts' expectations of $21.86 billion. During the same period in the previous year, the business earned $5.41 earnings per share. Analysts expect that FedEx Corporation will post 19.14 EPS for the current year.

FedEx Increases Dividend

The company also recently declared 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. This represents a $5.80 annualized dividend and a dividend yield of 2.46%. This is a boost from FedEx's previous quarterly dividend of $1.38. The ex-dividend date was Monday, June 23rd. FedEx's payout ratio is presently 34.36%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. UBS Group lowered their price target on FedEx from $311.00 to $297.00 and set a "buy" rating for the company in a report on Wednesday, June 25th. Stifel Nicolaus set a $315.00 target price on FedEx in a report on Wednesday, June 25th. Wells Fargo & Company lifted their target price on FedEx from $220.00 to $235.00 and gave the stock an "equal weight" rating in a report on Wednesday, June 25th. Oppenheimer reaffirmed a "market perform" rating on shares of FedEx in a report on Friday, March 21st. Finally, Cfra Research raised FedEx to a "hold" rating in a report on Thursday, March 20th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, FedEx has an average rating of "Moderate Buy" and an average target price of $283.25.

Insider Buying and Selling

In other FedEx news, Director Marvin R. Ellison sold 3,610 shares of the company's stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of $236.94, for a total value of $855,353.40. Following the completion of the sale, the director directly owned 7,720 shares in the company, valued at $1,829,176.80. This represents a 31.86% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Paul S. Walsh sold 3,610 shares of the company's stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $238.29, for a total value of $860,226.90. Following the completion of the sale, the director owned 15,513 shares of the company's stock, valued at approximately $3,696,592.77. The trade was a 18.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,343 shares of company stock worth $2,228,816. 8.87% of the stock is owned by corporate insiders.

About FedEx

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.