FedEx Corporation (NYSE:FDX) Shares Sold by New Covenant Trust Company N.A.

New Covenant Trust Company N.A. trimmed its holdings in FedEx Corporation (NYSE:FDX) by 6.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,019 shares of the shipping service provider’s stock after selling 66 shares during the quarter. New Covenant Trust Company N.A.’s holdings in FedEx were worth $246,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of FDX. Regal Investment Advisors LLC increased 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. increased its position in shares of FedEx by 1.2% during the fourth 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 stake in shares of 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 period. Curi RMB Capital LLC boosted its position in shares of FedEx by 1.3% during the 4th quarter. Curi RMB Capital LLC now owns 3,615 shares of the shipping service provider’s stock worth $1,017,000 after purchasing an additional 47 shares during the period. Finally, Quadrant Capital Group LLC boosted its position in shares of FedEx by 1.9% during the 4th quarter. Quadrant Capital Group LLC now owns 2,664 shares of the shipping service provider’s stock worth $749,000 after purchasing an additional 50 shares during the period. Hedge funds and other institutional investors own 84.47% of the company’s stock.

Insider Activity at FedEx

In other news, COO John Alan Smith sold 6,155 shares of the stock in a transaction that occurred on Thursday, March 27th. The stock was sold at an average price of $243.55, for a total transaction of $1,499,050.25. Following the completion of the transaction, the chief operating officer now directly owns 23,347 shares of the company’s stock, valued at approximately $5,686,161.85. This represents a 20.86% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 8.87% of the stock is owned by insiders.

Analysts Set New Price Targets

FDX has been the subject of a number of research reports. TD Cowen dropped their price objective on FedEx from $337.00 to $310.00 and set a “buy” rating for the company in a research note on Friday, March 21st. Barclays lowered their target price on FedEx from $350.00 to $330.00 and set an “overweight” rating for the company in a report on Tuesday, June 3rd. BMO Capital Markets cut their price target on shares of FedEx from $275.00 to $260.00 and set a “market perform” rating on the stock in a research note on Monday, May 19th. Deutsche Bank Aktiengesellschaft started coverage on shares of FedEx in a research note on Friday, March 7th. They issued a “buy” rating and a $337.00 price objective for the company. Finally, Loop Capital downgraded shares of FedEx from a “hold” rating to a “sell” rating and cut their target price for the stock from $283.00 to $221.00 in a research note on Friday, March 21st. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $292.54.

FedEx Stock Performance

Shares of FDX opened at $229.22 on Tuesday. FedEx Corporation has a 1 year low of $194.30 and a 1 year high of $313.84. The stock has a market capitalization of $54.92 billion, a P/E ratio of 14.38, a P/E/G ratio of 1.08 and a beta of 1.35. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.19 and a current ratio of 1.24. The company’s fifty day moving average is $218.67 and its two-hundred day moving average is $243.96.

FedEx Increases Dividend

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

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.