DAVENPORT & Co LLC Sells 9,175 Shares of FedEx Corporation (NYSE:FDX)

DAVENPORT & Co LLC trimmed its position in shares of FedEx Corporation (NYSE:FDX - Free Report) by 3.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 276,069 shares of the shipping service provider's stock after selling 9,175 shares during the period. DAVENPORT & Co LLC owned 0.12% of FedEx worth $67,156,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of FDX. Transce3nd LLC purchased a new position in shares of FedEx in the fourth quarter valued at about $26,000. Pilgrim Partners Asia Pte Ltd bought a new stake in FedEx during the 4th quarter valued at approximately $28,000. Runnymede Capital Advisors Inc. purchased a new position in FedEx in the 4th quarter worth approximately $32,000. Accredited Wealth Management LLC purchased a new position in FedEx in the 4th quarter worth approximately $35,000. Finally, Optiver Holding B.V. bought a new position in FedEx in the 4th quarter worth approximately $39,000. 84.47% of the stock is currently owned by institutional investors.

FedEx Trading Up 2.0%

Shares of FDX traded up $4.67 during trading hours on Wednesday, reaching $239.00. 2,494,993 shares of the company traded hands, compared to its average volume of 1,845,267. The company has a current ratio of 1.19, a quick ratio of 1.15 and a debt-to-equity ratio of 0.68. The firm has a market cap of $57.26 billion, a price-to-earnings ratio of 14.16, a PEG ratio of 1.19 and a beta of 1.35. The stock's fifty day moving average price is $221.18 and its 200 day moving average price is $241.96. FedEx Corporation has a 12-month low of $194.30 and a 12-month high of $313.84.

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

FedEx Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Monday, June 23rd will be paid a dividend of $1.45 per share. The ex-dividend date of this dividend is Monday, June 23rd. This represents a $5.80 annualized dividend and a dividend yield of 2.43%. This is a positive change from FedEx's previous quarterly dividend of $1.38. FedEx's dividend payout ratio (DPR) is currently 36.39%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Jefferies Financial Group upgraded shares of FedEx from a "hold" rating to a "buy" rating and dropped their target price for the stock from $300.00 to $275.00 in a research report on Monday, March 24th. Bank of America dropped their price objective on shares of FedEx from $270.00 to $245.00 and set a "buy" rating for the company in a report on Wednesday, June 25th. JPMorgan Chase & Co. raised their price objective on FedEx from $260.00 to $290.00 and gave the company an "overweight" rating in a research report on Wednesday, June 25th. Raymond James Financial reiterated an "outperform" rating and issued a $260.00 target price (down from $275.00) on shares of FedEx in a research report on Wednesday, June 25th. Finally, Stifel Nicolaus set a $315.00 price target on FedEx in a research note on Wednesday, June 25th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, FedEx presently has an average rating of "Moderate Buy" and a consensus target price of $283.00.

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.