FedEx Co. (NYSE:FDX) Shares Sold by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc lowered its stake in shares of FedEx Co. (NYSE:FDX) by 5.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,971 shares of the shipping service provider’s stock after selling 439 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in FedEx were worth $2,182,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Czech National Bank grew its position in FedEx by 6.4% in the 3rd quarter. Czech National Bank now owns 45,909 shares of the shipping service provider’s stock worth $12,564,000 after purchasing an additional 2,767 shares during the last quarter. Magnolia Capital Advisors LLC bought a new position in FedEx in the 2nd quarter worth approximately $9,226,000. Raymond James & Associates increased its position in FedEx by 6.9% in the 3rd quarter. Raymond James & Associates now owns 485,698 shares of the shipping service provider’s stock valued at $132,926,000 after acquiring an additional 31,241 shares during the period. Manning & Napier Advisors LLC bought a new stake in FedEx during the 2nd quarter valued at $22,052,000. Finally, Versor Investments LP bought a new position in shares of FedEx in the third quarter worth $2,096,000. 84.47% of the stock is currently owned by institutional investors.

FedEx Stock Up 1.7 %

FDX stock opened at $292.08 on Thursday. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.28 and a quick ratio of 1.24. The company has a 50-day moving average of $275.05 and a two-hundred day moving average of $275.84. The stock has a market capitalization of $71.36 billion, a price-to-earnings ratio of 18.02, a price-to-earnings-growth ratio of 1.15 and a beta of 1.17. FedEx Co. has a 52-week low of $234.45 and a 52-week high of $313.84.

FedEx (NYSE:FDX) last issued its quarterly earnings results on Thursday, September 19th. The shipping service provider reported $3.60 EPS for the quarter, missing analysts’ consensus estimates of $4.82 by ($1.22). FedEx had a return on equity of 15.61% and a net margin of 4.62%. The business had revenue of $21.58 billion for the quarter, compared to analyst estimates of $21.87 billion. During the same quarter last year, the firm earned $4.55 earnings per share. The firm’s quarterly revenue was down .5% compared to the same quarter last year. As a group, equities research analysts anticipate that FedEx Co. will post 19.59 EPS for the current year.

FedEx Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 9th were paid a dividend of $1.38 per share. The ex-dividend date of this dividend was Monday, September 9th. This represents a $5.52 dividend on an annualized basis and a yield of 1.89%. FedEx’s dividend payout ratio is currently 34.05%.

Analyst Ratings Changes

A number of brokerages recently issued reports on FDX. The Goldman Sachs Group decreased their target price on shares of FedEx from $333.00 to $332.00 in a research report on Friday, September 20th. BMO Capital Markets cut their target price on FedEx from $325.00 to $300.00 and set a “market perform” rating for the company in a research report on Friday, September 20th. Bernstein Bank boosted their price objective on FedEx from $305.00 to $337.00 and gave the stock an “overweight” rating in a research note on Friday, September 20th. StockNews.com raised FedEx from a “hold” rating to a “buy” rating in a research note on Wednesday. Finally, Evercore ISI dropped their price target on shares of FedEx from $335.00 to $318.00 and set an “outperform” rating on the stock in a research report on Friday, September 20th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $316.04.

FedEx 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.