PNC Financial Services Group Inc. Has $10.25 Million Stock Holdings in FedEx Co. (NYSE:FDX)

PNC Financial Services Group Inc. cut its position in shares of FedEx Co. (NYSE:FDX) by 13.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 84,519 shares of the shipping service provider’s stock after selling 12,664 shares during the quarter. PNC Financial Services Group Inc.’s holdings in FedEx were worth $10,250,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in FDX. Norges Bank acquired a new stake in FedEx during the fourth quarter worth about $301,733,000. Parnassus Investments CA lifted its stake in FedEx by 47.0% during the first quarter. Parnassus Investments CA now owns 6,136,330 shares of the shipping service provider’s stock worth $744,091,000 after purchasing an additional 1,960,883 shares during the period. Artisan Partners Limited Partnership lifted its stake in FedEx by 28.6% during the fourth quarter. Artisan Partners Limited Partnership now owns 5,036,716 shares of the shipping service provider’s stock worth $761,602,000 after purchasing an additional 1,120,770 shares during the period. BlackRock Inc. lifted its stake in FedEx by 3.9% during the first quarter. BlackRock Inc. now owns 17,395,107 shares of the shipping service provider’s stock worth $2,109,329,000 after purchasing an additional 645,024 shares during the period. Finally, ValueAct Holdings L.P. bought a new position in FedEx during the fourth quarter worth about $89,214,000. 72.37% of the stock is currently owned by institutional investors and hedge funds.

In related news, CEO Frederick W. Smith sold 155,750 shares of the company’s stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $117.71, for a total value of $18,333,332.50. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Alan B. Graf, Jr. sold 18,829 shares of the company’s stock in a transaction dated Thursday, March 19th. The shares were sold at an average price of $110.49, for a total transaction of $2,080,416.21. Following the completion of the transaction, the executive vice president now owns 201,050 shares in the company, valued at approximately $22,214,014.50. The disclosure for this sale can be found here. 8.44% of the stock is currently owned by corporate insiders.

A number of research firms have commented on FDX. UBS Group lowered their target price on shares of FedEx from $187.00 to $141.00 and set a “buy” rating for the company in a report on Monday, March 16th. BMO Capital Markets cut their price objective on shares of FedEx from $150.00 to $115.00 and set a “market perform” rating on the stock in a research report on Wednesday, March 18th. They noted that the move was a valuation call. Oppenheimer reaffirmed a “hold” rating on shares of FedEx in a research report on Wednesday, May 6th. Zacks Investment Research cut shares of FedEx from a “hold” rating to a “sell” rating and set a $135.00 price objective on the stock. in a research report on Tuesday, April 28th. Finally, Berenberg Bank reaffirmed a “neutral” rating and issued a $150.00 price objective on shares of FedEx in a research report on Tuesday, February 4th. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and thirteen have issued a buy rating to the company. FedEx currently has a consensus rating of “Hold” and an average price target of $148.00.

Shares of FDX stock opened at $117.00 on Friday. The company has a debt-to-equity ratio of 1.66, a quick ratio of 1.16 and a current ratio of 1.21. The firm’s 50-day moving average is $118.69 and its 200-day moving average is $140.72. The stock has a market cap of $30.24 billion, a price-to-earnings ratio of -84.17, a PEG ratio of 1.06 and a beta of 1.32. FedEx Co. has a 52-week low of $88.69 and a 52-week high of $178.50.

FedEx (NYSE:FDX) last issued its earnings results on Tuesday, March 17th. The shipping service provider reported $1.41 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $1.41. The company had revenue of $17.49 billion for the quarter, compared to analysts’ expectations of $16.89 billion. FedEx had a negative net margin of 0.50% and a positive return on equity of 17.05%. FedEx’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.03 EPS. Sell-side analysts predict that FedEx Co. will post 9.07 EPS for the current fiscal year.

FedEx Profile

FedEx Corporation provides transportation, e-commerce, and business services worldwide. The company's FedEx Express segment offers shipping services for delivery of packages and freight. Its FedEx Ground segment provides business and residential money-back guaranteed ground package delivery services; and consolidates and delivers low-weight and less time-sensitive business-to-consumer packages.

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Institutional Ownership by Quarter for FedEx (NYSE:FDX)

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