Today: Today: Bank of New York Mellon Corp Reduces Stake in FedEx Corp. (FDX)

Today: Bank of New York Mellon Corp Reduces Stake in FedEx Corp. (FDX)

Bank of New York Mellon Corp decreased its position in FedEx Corp. (NYSE:FDX) by 1.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,017,543 shares of the shipping service provider’s stock after selling 28,522 shares during the period. Bank of New York Mellon Corp owned about 0.76% of FedEx Corp. worth $352,425,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board boosted its stake in shares of FedEx Corp. by 0.3% in the second quarter. Canada Pension Plan Investment Board now owns 3,146,806 shares of the shipping service provider’s stock valued at $477,622,000 after buying an additional 9,900 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in shares of FedEx Corp. by 0.3% in the second quarter. Ameriprise Financial Inc. now owns 2,989,163 shares of the shipping service provider’s stock valued at $453,713,000 after buying an additional 9,606 shares in the last quarter. LSV Asset Management boosted its stake in shares of FedEx Corp. by 1.1% in the second quarter. LSV Asset Management now owns 1,734,372 shares of the shipping service provider’s stock valued at $263,242,000 after buying an additional 19,650 shares in the last quarter. Jennison Associates LLC acquired a new stake in shares of FedEx Corp. during the third quarter valued at about $215,531,000. Finally, Prudential Financial Inc. boosted its stake in shares of FedEx Corp. by 3.0% in the second quarter. Prudential Financial Inc. now owns 1,230,807 shares of the shipping service provider’s stock valued at $186,811,000 after buying an additional 36,035 shares in the last quarter. 73.96% of the stock is owned by institutional investors and hedge funds.

FedEx Corp. (NYSE:FDX) traded down 0.79% on Monday, hitting $190.01. 992,022 shares of the company were exchanged. The firm has a 50 day moving average of $177.63 and a 200-day moving average of $166.56. The stock has a market cap of $50.50 billion, a PE ratio of 28.42 and a beta of 1.14. FedEx Corp. has a 52-week low of $119.71 and a 52-week high of $191.84.

FedEx Corp. (NYSE:FDX) last announced its quarterly earnings results on Tuesday, September 20th. The shipping service provider reported $2.90 earnings per share for the quarter, beating analysts’ consensus estimates of $2.81 by $0.09. The firm had revenue of $14.70 billion for the quarter. FedEx Corp. had a net margin of 3.49% and a return on equity of 21.65%. The company’s quarterly revenue was up 19.5% on a year-over-year basis. During the same period last year, the firm earned $2.42 earnings per share. On average, equities analysts expect that FedEx Corp. will post $12.15 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 3rd. Shareholders of record on Monday, December 12th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Thursday, December 8th. This represents a $1.60 dividend on an annualized basis and a yield of 0.84%. FedEx Corp.’s dividend payout ratio (DPR) is 23.99%.

Several brokerages recently issued reports on FDX. Vetr cut shares of FedEx Corp. from a “buy” rating to a “hold” rating and set a $199.16 price objective for the company. in a research note on Monday. Stifel Nicolaus increased their price target on shares of FedEx Corp. from $179.00 to $186.00 and gave the company a “buy” rating in a research note on Wednesday, September 21st. Oppenheimer Holdings Inc. increased their price target on shares of FedEx Corp. from $180.00 to $184.00 and gave the company an “outperform” rating in a research note on Wednesday, September 21st. Robert W. Baird reissued an “outperform” rating and issued a $185.00 price target on shares of FedEx Corp. in a research note on Friday, September 23rd. Finally, Sanford C. Bernstein set a $159.00 price target on shares of FedEx Corp. and gave the company a “neutral” rating in a research note on Wednesday, September 21st. Twelve equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. FedEx Corp. has an average rating of “Buy” and an average target price of $179.22.

In other news, insider Henry J. Maier sold 5,213 shares of the business’s stock in a transaction on Wednesday, September 28th. The shares were sold at an average price of $176.65, for a total transaction of $920,876.45. Following the transaction, the insider now directly owns 27,720 shares of the company’s stock, valued at $4,896,738. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP John L. Merino sold 10,280 shares of the business’s stock in a transaction on Tuesday, November 8th. The stock was sold at an average price of $181.72, for a total transaction of $1,868,081.60. Following the transaction, the vice president now directly owns 29,722 shares in the company, valued at $5,401,081.84. The disclosure for this sale can be found here. Company insiders own 8.67% of the company’s stock.

About FedEx Corp.

FedEx Corporation (FedEx) provides a portfolio of transportation, e-commerce and business services through companies competing collectively, operating independently and managed collaboratively, under the FedEx brand. The Company’s segments include FedEx Express, TNT Express, FedEx Ground, FedEx Freight and FedEx Services.

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