Pine Valley Investments Ltd Liability Co cut its holdings in FedEx Corporation (NYSE:FDX – Free Report) by 14.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,389 shares of the shipping service provider’s stock after selling 2,540 shares during the period. Pine Valley Investments Ltd Liability Co’s holdings in FedEx were worth $5,487,000 as of its most recent SEC filing.
A number of other institutional investors also recently bought and sold shares of the business. Sivia Capital Partners LLC acquired a new stake in shares of FedEx during the second quarter worth about $586,000. CWM LLC boosted its position in shares of FedEx by 32.2% in the 4th quarter. CWM LLC now owns 108,031 shares of the shipping service provider’s stock valued at $31,206,000 after purchasing an additional 26,322 shares during the period. Canada Post Corp Registered Pension Plan boosted its position in shares of FedEx by 85.9% in the 4th quarter. Canada Post Corp Registered Pension Plan now owns 6,792 shares of the shipping service provider’s stock valued at $1,962,000 after purchasing an additional 3,138 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its stake in FedEx by 19.6% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 41,822 shares of the shipping service provider’s stock worth $12,081,000 after buying an additional 6,864 shares during the last quarter. Finally, North Dakota State Investment Board acquired a new position in FedEx during the fourth quarter worth approximately $2,122,000. 84.47% of the stock is owned by hedge funds and other institutional investors.
FedEx Trading Up 0.0%
NYSE FDX opened at $307.41 on Monday. The company has a quick ratio of 1.44, a current ratio of 1.48 and a debt-to-equity ratio of 0.74. The stock has a market capitalization of $72.73 billion, a P/E ratio of 16.61, a P/E/G ratio of 1.58 and a beta of 1.29. FedEx Corporation has a 52-week low of $172.88 and a 52-week high of $345.36. The firm has a 50-day moving average price of $328.67 and a 200 day moving average price of $350.42.
FedEx Cuts Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 7th. Investors of record on Monday, June 22nd were paid a $1.22 dividend. The ex-dividend date was Monday, June 22nd. This represents a $4.88 dividend on an annualized basis and a dividend yield of 1.6%. FedEx’s payout ratio is 26.36%.
Insider Buying and Selling at FedEx
In related news, Director Paul S. Walsh sold 5,042 shares of the company’s stock in a transaction on Tuesday, June 30th. The stock was 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 of the company’s stock, valued at $5,309,477.04. This represents a 23.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.53% of the stock is currently owned by company insiders.
Wall Street Analysts Forecast Growth
Several research firms have recently weighed in on FDX. The Goldman Sachs Group decreased their price objective on FedEx from $405.00 to $375.00 and set a “buy” rating for the company in a report on Monday, June 1st. Bank of America upped their price target on shares of FedEx from $376.00 to $378.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. Rothschild & Co Redburn decreased their price target on shares of FedEx from $375.00 to $344.00 and set a “neutral” rating for the company in a research note on Tuesday, June 2nd. Sanford C. Bernstein set a $397.00 price objective on shares of FedEx in a research report on Wednesday, June 24th. Finally, Argus lifted their price objective on shares of FedEx from $350.00 to $400.00 and gave the company a “buy” rating in a research note on Monday, April 6th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $350.54.
Get Our Latest Analysis on FedEx
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.
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