Bank of Nova Scotia Sells 52,809 Shares of FedEx Co. (NYSE:FDX)

Bank of Nova Scotia trimmed its position in shares of FedEx Co. (NYSE:FDX - Free Report) by 63.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,732 shares of the shipping service provider's stock after selling 52,809 shares during the period. Bank of Nova Scotia's holdings in FedEx were worth $8,646,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the company. Fortitude Family Office LLC boosted its stake in shares of FedEx by 144.4% during the 4th quarter. Fortitude Family Office LLC now owns 88 shares of the shipping service provider's stock worth $25,000 after acquiring an additional 52 shares in the last quarter. Peoples Financial Services CORP. bought a new stake in FedEx during the fourth quarter worth approximately $28,000. City Holding Co. acquired a new position in FedEx during the fourth quarter valued at approximately $28,000. Kentucky Trust Co bought a new position in shares of FedEx in the fourth quarter valued at approximately $28,000. Finally, Pilgrim Partners Asia Pte Ltd acquired a new stake in shares of FedEx in the fourth quarter worth $28,000. Institutional investors and hedge funds own 84.47% of the company's stock.

FedEx Trading Down 1.8 %

Shares of FedEx stock traded down $3.68 on Wednesday, hitting $203.67. The stock had a trading volume of 1,260,570 shares, compared to its average volume of 1,775,604. The firm has a market capitalization of $48.80 billion, a P/E ratio of 12.98, a PEG ratio of 1.11 and a beta of 1.24. The stock has a 50 day moving average of $242.19 and a 200 day moving average of $264.94. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.19 and a current ratio of 1.23. FedEx Co. has a twelve month low of $194.30 and a twelve month high of $313.84.

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FedEx (NYSE:FDX - Get Free Report) last issued its quarterly earnings data on Thursday, March 20th. The shipping service provider reported $4.51 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.56 by ($0.05). The company had revenue of $22.16 billion for the quarter, compared to the consensus estimate of $21.96 billion. FedEx had a return on equity of 15.59% and a net margin of 4.45%. FedEx's revenue was up 1.9% compared to the same quarter last year. During the same quarter last year, the business earned $3.86 earnings per share. Sell-side analysts expect that FedEx Co. will post 19.14 earnings per share for the current fiscal year.

FedEx Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Monday, March 10th were paid a dividend of $1.38 per share. This represents a $5.52 annualized dividend and a yield of 2.71%. The ex-dividend date of this dividend was Monday, March 10th. FedEx's dividend payout ratio is presently 34.63%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FDX. Oppenheimer reaffirmed a "market perform" rating on shares of FedEx in a research report on Friday, March 21st. Citigroup lowered their target price on FedEx from $305.00 to $267.00 and set a "buy" rating on the stock in a report on Tuesday, April 8th. Deutsche Bank Aktiengesellschaft started coverage on FedEx in a research report on Friday, March 7th. They issued a "buy" rating and a $337.00 price objective for the company. TD Cowen reduced their price target on shares of FedEx from $337.00 to $310.00 and set a "buy" rating for the company in a report on Friday, March 21st. Finally, Jefferies Financial Group raised shares of FedEx from a "hold" rating to a "buy" rating and cut their price objective for the company from $300.00 to $275.00 in a research report on Monday, March 24th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $300.63.

Insider Activity at FedEx

In related news, COO John Alan Smith sold 6,155 shares of the stock in a transaction on Thursday, March 27th. The stock was sold at an average price of $243.55, for a total value of $1,499,050.25. Following the completion of the sale, the chief operating officer now directly owns 23,347 shares of the company's stock, valued at approximately $5,686,161.85. This represents a 20.86 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 8.87% of the stock is currently owned by insiders.

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.