PNC Financial Services Group Inc. Trims Position in FedEx Corporation (NYSE:FDX)

PNC Financial Services Group Inc. lessened its stake in shares of FedEx Corporation (NYSE:FDX - Free Report) by 5.1% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 74,153 shares of the shipping service provider's stock after selling 3,983 shares during the period. PNC Financial Services Group Inc.'s holdings in FedEx were worth $18,077,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of FDX. Transce3nd LLC purchased a new position in shares of FedEx during the 4th quarter worth $26,000. Accredited Wealth Management LLC acquired a new position in shares of FedEx in the 4th quarter valued at $35,000. Abound Financial LLC acquired a new position in shares of FedEx in the 1st quarter valued at $38,000. Optiver Holding B.V. acquired a new position in shares of FedEx in the 4th quarter valued at $39,000. Finally, Ameriflex Group Inc. acquired a new position in shares of FedEx in the 4th quarter valued at $43,000. Hedge funds and other institutional investors own 84.47% of the company's stock.

Insider Buying and Selling

In related news, Director R Brad Martin sold 2,123 shares of FedEx stock in a transaction 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 completion of the transaction, the director directly 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 sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Marvin R. Ellison sold 3,610 shares of the firm's stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of $236.94, for a total value of $855,353.40. Following the transaction, the director directly owned 7,720 shares of the company's stock, valued at $1,829,176.80. The trade was a 31.86% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,343 shares of company stock valued at $2,228,816. 8.87% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Stifel Nicolaus set a $315.00 price target on FedEx in a research note on Wednesday, June 25th. Stephens reaffirmed an "overweight" rating and issued a $300.00 price target on shares of FedEx in a research note on Tuesday, May 20th. JPMorgan Chase & Co. upped their price target on FedEx from $260.00 to $290.00 and gave the company an "overweight" rating in a research note on Wednesday, June 25th. Wells Fargo & Company boosted their price objective on FedEx from $220.00 to $235.00 and gave the company an "equal weight" rating in a report on Wednesday, June 25th. Finally, Truist Financial reiterated a "buy" rating and issued a $275.00 price objective on shares of FedEx in a report on Wednesday, June 25th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $283.25.

FedEx Stock Performance

NYSE FDX opened at $217.50 on Tuesday. The business has a 50 day moving average price of $227.86 and a 200 day moving average price of $234.49. The company has a market capitalization of $51.31 billion, a P/E ratio of 12.89, a PEG ratio of 1.13 and a beta of 1.30. FedEx Corporation has a 1-year low of $194.29 and a 1-year high of $308.53. 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 (NYSE:FDX - Get Free Report) last issued its quarterly earnings data on Tuesday, June 24th. The shipping service provider reported $6.07 earnings per share (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 return on equity of 16.34% and a net margin of 4.65%. During the same period in the previous year, the firm posted $5.41 earnings per share. Sell-side analysts expect that FedEx Corporation will post 19.14 EPS for the current fiscal year.

FedEx Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 8th. Investors of record on Monday, June 23rd were issued a dividend of $1.45 per share. This is a boost from FedEx's previous quarterly dividend of $1.38. This represents a $5.80 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend was Monday, June 23rd. FedEx's payout ratio is presently 34.36%.

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.

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