FedEx Corporation $FDX Shares Sold by Pine Valley Investments Ltd Liability Co

Pine Valley Investments Ltd Liability Co trimmed its position in FedEx Corporation (NYSE:FDX) by 14.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,389 shares of the shipping service provider’s stock after selling 2,540 shares during the quarter. Pine Valley Investments Ltd Liability Co’s holdings in FedEx were worth $5,487,000 as of its most recent SEC filing.

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

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 that occurred 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 sale, the director directly owned 16,359 shares in the company, valued at approximately $5,309,477.04. This represents a 23.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.53% of the company’s stock.

FedEx Stock Up 0.0%

Shares of NYSE FDX opened at $307.41 on Monday. The stock has a market cap of $72.73 billion, a P/E ratio of 16.61, a PEG ratio of 1.58 and a beta of 1.29. The business’s fifty day simple moving average is $328.67 and its 200-day simple moving average is $350.42. FedEx Corporation has a 12-month low of $172.88 and a 12-month high of $345.36. The company has a current ratio of 1.48, a quick ratio of 1.44 and a debt-to-equity ratio of 0.74.

FedEx (NYSE:FDX) last released 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%. As a group, equities analysts predict that FedEx Corporation will post 17.6 EPS for the current fiscal year.

FedEx Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 7th. Stockholders of record on Monday, June 22nd were given a dividend of $1.22 per share. The ex-dividend date of this dividend 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 currently 26.36%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on FDX shares. BNP Paribas Exane decreased their price target on FedEx from $335.00 to $269.76 and set a “neutral” rating on the stock in a research note on Tuesday, June 2nd. TD Cowen reduced their price objective on shares of FedEx from $426.00 to $354.00 in a report on Wednesday, June 24th. Weiss Ratings cut shares of FedEx from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday. Truist Financial lowered their target price on shares of FedEx from $425.00 to $365.00 and set a “buy” rating for the company in a research note on Thursday, June 25th. Finally, Seaport Research Partners began coverage on shares of FedEx in a research report on Wednesday, May 27th. They set a “buy” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average 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.