FedEx Corporation (NYSE:FDX) Shares Sold by Perigon Wealth Management LLC

Perigon Wealth Management LLC reduced its stake in shares of FedEx Corporation (NYSE:FDX) by 8.8% in the 1st quarter, HoldingsChannel reports. The firm owned 3,486 shares of the shipping service provider’s stock after selling 335 shares during the quarter. Perigon Wealth Management LLC’s holdings in FedEx were worth $850,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the stock. Regal Investment Advisors LLC raised its position in shares of FedEx by 2.4% during the 4th quarter. Regal Investment Advisors LLC now owns 1,604 shares of the shipping service provider’s stock worth $451,000 after purchasing an additional 38 shares during the last quarter. Aviso Financial Inc. raised its holdings in FedEx by 1.2% in the 4th quarter. Aviso Financial Inc. now owns 3,400 shares of the shipping service provider’s stock valued at $957,000 after acquiring an additional 40 shares during the last quarter. Garner Asset Management Corp raised its holdings in FedEx by 0.7% in the 4th quarter. Garner Asset Management Corp now owns 5,897 shares of the shipping service provider’s stock valued at $1,659,000 after acquiring an additional 41 shares during the last quarter. Curi RMB Capital LLC raised its holdings in FedEx by 1.3% in the 4th quarter. Curi RMB Capital LLC now owns 3,615 shares of the shipping service provider’s stock valued at $1,017,000 after acquiring an additional 47 shares during the last quarter. Finally, Quadrant Capital Group LLC raised its holdings in FedEx by 1.9% in the 4th quarter. Quadrant Capital Group LLC now owns 2,664 shares of the shipping service provider’s stock valued at $749,000 after acquiring an additional 50 shares during the last quarter. 84.47% of the stock is currently owned by institutional investors and hedge funds.

FedEx Stock Up 3.8%

Shares of NYSE FDX opened at $229.37 on Friday. FedEx Corporation has a 12-month low of $194.30 and a 12-month high of $313.84. The company has a market cap of $54.96 billion, a P/E ratio of 13.59, a P/E/G ratio of 1.22 and a beta of 1.35. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.68. The stock has a fifty day moving average price of $220.19 and a 200 day moving average price of $242.69.

FedEx (NYSE:FDX) last announced its quarterly earnings results on Tuesday, June 24th. The shipping service provider reported $6.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.98 by $0.09. The firm had revenue of $22.20 billion during the quarter, compared to the consensus estimate of $21.86 billion. FedEx had a return on equity of 16.34% and a net margin of 4.65%. During the same period in the prior year, the firm earned $5.41 EPS. Research analysts anticipate that FedEx Corporation will post 19.14 EPS for the current fiscal year.

FedEx Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Monday, June 23rd will be given a $1.45 dividend. This is a boost from FedEx’s previous quarterly dividend of $1.38. This represents a $5.80 dividend on an annualized basis and a yield of 2.53%. The ex-dividend date is Monday, June 23rd. FedEx’s dividend payout ratio is presently 36.39%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on FDX. Susquehanna boosted their price target on FedEx from $290.00 to $295.00 and gave the company a “positive” rating in a report on Wednesday. Raymond James Financial reiterated an “outperform” rating and issued a $260.00 price target (down from $275.00) on shares of FedEx in a report on Wednesday. Stephens reiterated an “overweight” rating and issued a $300.00 price target on shares of FedEx in a report on Tuesday, May 20th. BMO Capital Markets cut their price target on FedEx from $275.00 to $260.00 and set a “market perform” rating for the company in a report on Monday, May 19th. Finally, Sanford C. Bernstein cut their price target on FedEx from $282.00 to $249.00 and set a “market perform” rating for the company in a report on Friday, June 13th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $283.00.

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.