85,000 Shares in FedEx Corporation $FDX Bought by Pacific Heights Asset Management LLC

Pacific Heights Asset Management LLC acquired a new stake in FedEx Corporation (NYSE:FDX) during the second quarter, according to its most recent filing with the SEC. The firm acquired 85,000 shares of the shipping service provider’s stock, valued at approximately $26,616,000.

Other institutional investors also recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of FedEx in the second quarter valued at about $6,508,103,000. Primecap Management Co. CA acquired a new stake in shares of FedEx during the 2nd quarter valued at approximately $2,554,138,000. Norges Bank purchased a new stake in FedEx during the fourth quarter worth $859,085,000. Boston Partners purchased a new stake in shares of FedEx in the 3rd quarter worth about $468,195,000. Finally, Bank of America Corp DE acquired a new stake in shares of FedEx in the second quarter valued at approximately $579,171,000. 84.47% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft lowered FedEx from a “buy” rating to a “hold” rating in a research note on Wednesday, May 27th. Wall Street Zen raised shares of FedEx to a “hold” rating in a research note on Saturday, August 8th. Stifel Nicolaus lowered their price target on shares of FedEx from $442.00 to $326.00 and set a “buy” rating for the company in a report on Wednesday, June 24th. Seaport Research Partners began coverage on shares of FedEx in a research report on Wednesday, May 27th. They set a “buy” rating on the stock. Finally, Evercore set a $165.00 target price on shares of FedEx in a research note on Friday, June 26th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $350.54.

Insider Transactions at FedEx

In other FedEx news, Director Paul S. Walsh sold 5,042 shares of the business’s stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $324.56, for a total transaction of $1,636,431.52. Following the completion of the sale, the director owned 16,359 shares of the company’s stock, valued at approximately $5,309,477.04. The trade was a 23.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.65% of the company’s stock.

FedEx Price Performance

FedEx stock opened at $331.45 on Friday. FedEx Corporation has a 1 year low of $177.05 and a 1 year high of $345.36. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.44 and a current ratio of 1.48. The firm has a 50 day moving average price of $319.23 and a 200 day moving average price of $350.85. The company has a market cap of $78.44 billion, a price-to-earnings ratio of 17.91, a PEG ratio of 1.73 and a beta of 1.30.

FedEx (NYSE:FDX) last announced its quarterly earnings results on Tuesday, July 21st. The shipping service provider reported $5.88 earnings per share for the quarter. FedEx had a net margin of 4.68% and a return on equity of 16.49%. The company had revenue of $23.26 billion for the quarter. Sell-side analysts predict that FedEx Corporation will post 17.6 earnings per share for the current year.

FedEx Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Monday, September 14th will be issued a $1.22 dividend. The ex-dividend date is Monday, September 14th. This represents a $4.88 dividend on an annualized basis and a yield of 1.5%. FedEx’s dividend payout ratio (DPR) is presently 26.36%.

FedEx Company Profile

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.