Pinnacle Associates Ltd. Grows Position in FedEx Co. (NYSE:FDX)

Pinnacle Associates Ltd. lifted its position in FedEx Co. (NYSE:FDX) by 1.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 97,091 shares of the shipping service provider’s stock after buying an additional 1,764 shares during the period. Pinnacle Associates Ltd.’s holdings in FedEx were worth $24,561,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new stake in shares of FedEx during the first quarter worth about $1,667,000. Allegheny Financial Group LTD acquired a new stake in FedEx in the 1st quarter valued at $203,000. Hilltop National Bank purchased a new stake in FedEx in the 1st quarter worth $476,000. Csenge Advisory Group raised its position in FedEx by 14.9% during the first quarter. Csenge Advisory Group now owns 2,297 shares of the shipping service provider’s stock worth $666,000 after acquiring an additional 298 shares during the period. Finally, Czech National Bank grew its position in shares of FedEx by 6.4% in the third quarter. Czech National Bank now owns 45,909 shares of the shipping service provider’s stock valued at $12,564,000 after purchasing an additional 2,767 shares during the period. 84.47% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on FDX shares. HSBC lowered shares of FedEx from a “buy” rating to a “hold” rating and set a $300.00 price target on the stock. in a research note on Friday, September 20th. The Goldman Sachs Group lowered their target price on FedEx from $333.00 to $332.00 in a report on Friday, September 20th. Susquehanna cut their target price on FedEx from $345.00 to $330.00 and set a “positive” rating for the company in a research note on Friday, September 20th. Daiwa America cut shares of FedEx from a “moderate buy” rating to a “hold” rating in a research report on Wednesday, September 11th. Finally, Stephens reissued an “overweight” rating and issued a $350.00 price target on shares of FedEx in a research note on Friday, September 20th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and eighteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $314.17.

FedEx Stock Up 0.7 %

Shares of FedEx stock traded up $1.95 on Wednesday, reaching $276.99. 329,467 shares of the company were exchanged, compared to its average volume of 1,821,109. The stock’s 50 day moving average price is $278.30 and its 200-day moving average price is $274.91. The company has a market cap of $67.68 billion, a P/E ratio of 17.09, a price-to-earnings-growth ratio of 1.08 and a beta of 1.17. FedEx Co. has a 1-year low of $234.45 and a 1-year high of $313.84. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.28 and a quick ratio of 1.24.

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

FedEx Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 9th were issued a $1.38 dividend. The ex-dividend date was Monday, September 9th. This represents a $5.52 dividend on an annualized basis and a dividend yield of 1.99%. FedEx’s payout ratio is currently 34.05%.

FedEx Company 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.