FedEx Corporation (NYSE:FDX) Shares Sold by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. lowered its stake in shares of FedEx Corporation (NYSE:FDX - Free Report) by 6.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 81,826 shares of the shipping service provider's stock after selling 5,506 shares during the quarter. Pinnacle Associates Ltd.'s holdings in FedEx were worth $19,947,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of FDX. Transce3nd LLC acquired a new stake in shares of FedEx during the fourth quarter worth about $26,000. Pilgrim Partners Asia Pte Ltd purchased a new position in FedEx in the fourth quarter valued at about $28,000. Accredited Wealth Management LLC purchased a new position in FedEx in the fourth quarter valued at about $35,000. Abound Financial LLC purchased a new position in FedEx in the first quarter valued at about $38,000. Finally, Optiver Holding B.V. purchased a new position in FedEx in the fourth quarter valued at about $39,000. Hedge funds and other institutional investors own 84.47% of the company's stock.

Analysts Set New Price Targets

FDX has been the subject of a number of recent research reports. Wells Fargo & Company raised their price objective on shares of FedEx from $220.00 to $235.00 and gave the stock an "equal weight" rating in a research note on Wednesday, June 25th. JPMorgan Chase & Co. raised their price objective on shares of FedEx from $260.00 to $290.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 25th. Susquehanna lifted their target price on shares of FedEx from $290.00 to $295.00 and gave the stock a "positive" rating in a research note on Wednesday, June 25th. Raymond James Financial reaffirmed an "outperform" rating and issued a $260.00 target price (down from $275.00) on shares of FedEx in a research note on Wednesday, June 25th. Finally, TD Cowen lowered their target price on shares of FedEx from $310.00 to $269.00 and set a "buy" rating for the company in a research note on Wednesday, June 25th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, nineteen have assigned a buy rating and one has assigned 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 Activity

In other 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 transaction of $513,235.25. Following the sale, the director owned 8,935 shares of the company's stock, valued at approximately $2,160,036.25. The trade was a 19.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Paul S. Walsh sold 3,610 shares of the company's stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $238.29, for a total transaction of $860,226.90. Following the completion of the sale, the director directly owned 15,513 shares of the company's stock, valued at approximately $3,696,592.77. This represents a 18.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,343 shares of company stock valued at $2,228,816. Insiders own 8.87% of the company's stock.

FedEx Stock Performance

Shares of NYSE:FDX traded up $6.77 during trading on Friday, reaching $243.28. 1,811,699 shares of the company's stock traded hands, compared to its average volume of 1,994,019. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.19 and a quick ratio of 1.15. FedEx Corporation has a 12 month low of $194.29 and a 12 month high of $308.53. The company has a 50 day moving average of $227.02 and a 200-day moving average of $237.07. The stock has a market capitalization of $57.39 billion, a P/E ratio of 14.41, a price-to-earnings-growth ratio of 1.23 and a beta of 1.35.

FedEx (NYSE:FDX - Get Free Report) last posted its 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. The firm had revenue of $22.20 billion during the quarter, compared to analysts' expectations of $21.86 billion. FedEx had a net margin of 4.65% and a return on equity of 16.34%. During the same quarter in the prior year, the firm earned $5.41 EPS. On average, equities analysts expect that FedEx Corporation will post 19.14 EPS for the current year.

FedEx Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 8th. Stockholders of record on Monday, June 23rd were issued a dividend of $1.45 per share. This represents a $5.80 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date of this dividend was Monday, June 23rd. This is a boost from FedEx's previous quarterly dividend of $1.38. FedEx's payout ratio is 34.36%.

FedEx 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.