FedEx Co. (NYSE:FDX) Stock Position Trimmed by Cornerstone Advisors LLC

Cornerstone Advisors LLC cut its position in FedEx Co. (NYSE:FDX) by 13.3% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 7,200 shares of the shipping service provider’s stock after selling 1,100 shares during the quarter. Cornerstone Advisors LLC’s holdings in FedEx were worth $2,159,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Crossmark Global Holdings Inc. raised its position in shares of FedEx by 20.9% during the 4th quarter. Crossmark Global Holdings Inc. now owns 29,246 shares of the shipping service provider’s stock worth $7,398,000 after buying an additional 5,055 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new position in shares of FedEx in the 1st quarter worth approximately $1,667,000. Allegheny Financial Group LTD acquired a new position in shares of FedEx in the 1st quarter worth approximately $203,000. Hilltop National Bank acquired a new position in shares of FedEx in the 1st quarter worth approximately $476,000. Finally, Csenge Advisory Group grew its stake in shares of FedEx by 14.9% in the 1st quarter. Csenge Advisory Group now owns 2,297 shares of the shipping service provider’s stock worth $666,000 after purchasing an additional 298 shares during the last quarter. 84.47% of the stock is currently owned by institutional investors.

FedEx Stock Up 2.2 %

FDX opened at $292.63 on Tuesday. The firm’s 50-day simple moving average is $293.11 and its 200-day simple moving average is $274.10. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.32 and a current ratio of 1.36. FedEx Co. has a twelve month low of $224.69 and a twelve month high of $313.84. The firm has a market cap of $72.01 billion, a price-to-earnings ratio of 16.98, a PEG ratio of 1.03 and a beta of 1.17.

FedEx (NYSE:FDX) last issued its quarterly earnings data on Tuesday, June 25th. The shipping service provider reported $5.41 EPS for the quarter, topping analysts’ consensus estimates of $5.34 by $0.07. FedEx had a net margin of 4.94% and a return on equity of 16.70%. The firm had revenue of $22.11 billion for the quarter, compared to analyst estimates of $22.04 billion. During the same quarter in the prior year, the firm earned $4.94 EPS. The company’s revenue was up .8% on a year-over-year basis. Equities research analysts anticipate that FedEx Co. will post 20.82 EPS for the current fiscal year.

FedEx Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 9th will be paid a $1.38 dividend. This represents a $5.52 annualized dividend and a dividend yield of 1.89%. The ex-dividend date is Monday, September 9th. FedEx’s dividend payout ratio (DPR) is presently 32.04%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Morgan Stanley lifted their target price on shares of FedEx from $210.00 to $215.00 and gave the stock an “equal weight” rating in a research report on Wednesday, June 26th. Raymond James dropped their target price on shares of FedEx from $325.00 to $300.00 and set an “outperform” rating on the stock in a research report on Monday, June 24th. The Goldman Sachs Group raised their price target on shares of FedEx from $316.00 to $333.00 and gave the stock a “buy” rating in a report on Wednesday, June 26th. TD Cowen started coverage on shares of FedEx in a report on Thursday, August 22nd. They set a “buy” rating and a $334.00 price target for the company. Finally, Stifel Nicolaus restated a “buy” rating and set a $327.00 price target (up from $303.00) on shares of FedEx in a report on Wednesday, June 26th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and nineteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $314.67.

Insider Activity

In other news, EVP Robert B. Carter sold 16,010 shares of the firm’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $294.48, for a total value of $4,714,624.80. Following the transaction, the executive vice president now owns 59,884 shares of the company’s stock, valued at approximately $17,634,640.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Brie Carere sold 1,958 shares of FedEx stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $310.43, for a total transaction of $607,821.94. Following the transaction, the executive vice president now owns 19,937 shares of the company’s stock, valued at approximately $6,189,042.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Robert B. Carter sold 16,010 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $294.48, for a total transaction of $4,714,624.80. Following the sale, the executive vice president now owns 59,884 shares in the company, valued at $17,634,640.32. The disclosure for this sale can be found here. In the last quarter, insiders have sold 32,944 shares of company stock valued at $9,882,355. 8.73% of the stock is currently owned by insiders.

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.