PNC Financial Services Group Inc. Cuts Stake in FedEx Corporation $FDX

PNC Financial Services Group Inc. lowered its stake in shares of FedEx Corporation (NYSE:FDX) by 2.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 72,775 shares of the shipping service provider’s stock after selling 1,813 shares during the period. PNC Financial Services Group Inc.’s holdings in FedEx were worth $25,921,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of FDX. State Street Corp grew its stake in FedEx by 4.2% during the fourth quarter. State Street Corp now owns 9,521,691 shares of the shipping service provider’s stock valued at $2,763,824,000 after acquiring an additional 382,848 shares in the last quarter. Franklin Resources Inc. lifted its stake in FedEx by 6.6% in the 4th quarter. Franklin Resources Inc. now owns 5,133,231 shares of the shipping service provider’s stock worth $1,482,785,000 after purchasing an additional 318,293 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of FedEx by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 4,985,778 shares of the shipping service provider’s stock valued at $1,443,666,000 after purchasing an additional 45,818 shares during the last quarter. Invesco Ltd. grew its position in shares of FedEx by 3.1% during the third quarter. Invesco Ltd. now owns 3,618,898 shares of the shipping service provider’s stock valued at $853,372,000 after purchasing an additional 108,426 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of FedEx in the fourth quarter worth about $859,085,000. Hedge funds and other institutional investors own 84.47% of the company’s stock.

Insider Buying and Selling

In other FedEx news, Director Paul S. Walsh sold 5,042 shares of the business’s stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $324.56, for a total transaction of $1,636,431.52. Following the transaction, the director owned 16,359 shares in the company, valued at $5,309,477.04. The trade was a 23.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.53% of the stock is owned by insiders.

FedEx Price Performance

NYSE:FDX opened at $314.77 on Friday. The firm has a market capitalization of $74.47 billion, a price-to-earnings ratio of 17.01, a PEG ratio of 1.62 and a beta of 1.29. FedEx Corporation has a 1 year low of $172.88 and a 1 year high of $345.36. The business has a 50 day simple moving average of $335.98 and a 200-day simple moving average of $350.05. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.48 and a quick ratio of 1.44.

FedEx (NYSE:FDX) last announced its earnings results on Tuesday, July 21st. The shipping service provider reported $5.88 EPS for the quarter. The firm had revenue of $23.26 billion during the quarter. FedEx had a return on equity of 16.49% and a net margin of 4.68%. Equities analysts forecast that FedEx Corporation will post 17.6 EPS for the current year.

FedEx Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 7th. Shareholders of record on Monday, June 22nd were paid a dividend of $1.22 per share. This represents a $4.88 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend was Monday, June 22nd. FedEx’s payout ratio is presently 26.36%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on FDX shares. Jefferies Financial Group assumed coverage on FedEx in a research report on Tuesday, June 23rd. They issued a “buy” rating and a $200.00 target price on the stock. Evercore set a $165.00 price objective on FedEx in a research note on Friday, June 26th. Rothschild & Co Redburn decreased their price objective on FedEx from $375.00 to $344.00 and set a “neutral” rating on the stock in a report on Tuesday, June 2nd. TD Cowen cut their target price on shares of FedEx from $426.00 to $354.00 in a report on Wednesday, June 24th. Finally, Citizens Jmp started coverage on shares of FedEx in a research note on Wednesday, July 15th. They set a “market outperform” rating and a $375.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $350.54.

About FedEx

FedEx Corporation (NYSE: FDX) is a global logistics and courier company headquartered in Memphis, Tennessee. Founded by Frederick W. Smith in 1971 and beginning operations in the early 1970s, the company pioneered overnight express shipping and has since expanded into a diversified portfolio of transportation, e-commerce and supply-chain services. FedEx operates an integrated air-and-ground network that moves parcels, freight and documents for businesses and consumers worldwide.

FedEx’s core operating segments include express parcel delivery via its FedEx Express division, domestic and residential parcel delivery through FedEx Ground, less-than-truckload (LTL) freight services, and logistics and supply-chain management solutions.