National Bank of Canada FI Cuts Stock Holdings in FedEx Corporation (NYSE:FDX)

Key Points

• National Bank of Canada FI has decreased its stake in FedEx by 45.7% by selling 197,307 shares, now holding approximately 0.10% of the company valued at $57.17 million.
• FedEx reported earnings of $6.07 per share for the last quarter, surpassing estimates, with revenues reaching $22.20 billion.
• The company declared a quarterly dividend of $1.45 per share, with a yield of 2.5%, reflecting a payout ratio of 34.36%.

National Bank of Canada FI decreased its position in shares of FedEx Corporation (NYSE:FDX - Free Report) by 45.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 234,524 shares of the shipping service provider's stock after selling 197,307 shares during the period. National Bank of Canada FI owned approximately 0.10% of FedEx worth $57,173,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in FDX. Transce3nd LLC bought a new position in FedEx during the 4th quarter worth $26,000. Accredited Wealth Management LLC acquired a new stake in shares of FedEx during the 4th quarter worth $35,000. Abound Financial LLC acquired a new stake in shares of FedEx during the 1st quarter worth $38,000. Optiver Holding B.V. acquired a new stake in shares of FedEx during the 4th quarter worth $39,000. Finally, Ameriflex Group Inc. acquired a new stake in shares of FedEx during the 4th quarter worth $43,000. Institutional investors own 84.47% of the company's stock.

FedEx Trading Down 1.5%

Shares of FDX traded down $3.43 during mid-day trading on Monday, reaching $224.62. 1,520,496 shares of the company were exchanged, compared to its average volume of 1,891,064. FedEx Corporation has a 52 week low of $194.29 and a 52 week high of $308.53. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.15 and a current ratio of 1.19. The stock has a market capitalization of $52.99 billion, a PE ratio of 13.31, a PEG ratio of 1.19 and a beta of 1.30. The business has a 50 day simple moving average of $228.40 and a two-hundred day simple moving average of $233.17.

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

FedEx Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 8th will be issued a $1.45 dividend. This represents a $5.80 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Monday, September 8th. FedEx's payout ratio is presently 34.36%.

Insiders Place Their Bets

In other FedEx news, Director R Brad Martin sold 2,123 shares of FedEx stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $241.75, for a total value of $513,235.25. Following the completion of the sale, the director directly owned 8,935 shares in the company, valued at approximately $2,160,036.25. The trade was a 19.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Paul S. Walsh sold 3,610 shares of the firm's stock in a transaction that occurred 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 directly owned 15,513 shares of the company's stock, valued at $3,696,592.77. This trade represents a 18.88% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 9,343 shares of company stock worth $2,228,816. 8.87% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

FDX has been the subject of several analyst reports. Truist Financial restated a "buy" rating and issued a $275.00 target price on shares of FedEx in a research report on Wednesday, June 25th. Barclays restated an "overweight" rating and set a $320.00 target price (down from $330.00) on shares of FedEx in a research note on Wednesday, June 25th. Susquehanna raised their target price on FedEx from $290.00 to $295.00 and gave the company a "positive" rating in a report on Wednesday, June 25th. Stifel Nicolaus set a $315.00 price target on FedEx in a report on Wednesday, June 25th. Finally, Wall Street Zen raised 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 assigned a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average 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.