PNC Financial Services Group Inc. Has $19.66 Million Stock Position in FedEx Co. (NYSE:FDX)

PNC Financial Services Group Inc. cut its holdings in FedEx Co. (NYSE:FDX) by 2.7% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 77,713 shares of the shipping service provider’s stock after selling 2,125 shares during the quarter. PNC Financial Services Group Inc.’s holdings in FedEx were worth $19,659,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Venturi Wealth Management LLC lifted its stake in FedEx by 42.5% in the 3rd quarter. Venturi Wealth Management LLC now owns 151 shares of the shipping service provider’s stock valued at $40,000 after purchasing an additional 45 shares during the last quarter. Dai ichi Life Insurance Company Ltd lifted its stake in shares of FedEx by 136.0% in the 3rd quarter. Dai ichi Life Insurance Company Ltd now owns 14,533 shares of the shipping service provider’s stock valued at $3,850,000 after acquiring an additional 8,376 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd boosted its holdings in shares of FedEx by 18.4% during the 3rd quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 3,909 shares of the shipping service provider’s stock valued at $1,036,000 after acquiring an additional 607 shares in the last quarter. Larson Financial Group LLC grew its position in FedEx by 387.0% during the 3rd quarter. Larson Financial Group LLC now owns 1,539 shares of the shipping service provider’s stock worth $408,000 after acquiring an additional 1,223 shares during the last quarter. Finally, US Bancorp DE increased its holdings in FedEx by 8.8% in the 3rd quarter. US Bancorp DE now owns 109,823 shares of the shipping service provider’s stock worth $29,095,000 after purchasing an additional 8,922 shares in the last quarter. Institutional investors own 84.47% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. TD Cowen lifted their price target on FedEx from $293.00 to $320.00 and gave the company an “outperform” rating in a research note on Friday, March 22nd. Stifel Nicolaus cut their target price on shares of FedEx from $306.00 to $303.00 and set a “buy” rating on the stock in a research report on Wednesday, April 3rd. Barclays upped their price target on shares of FedEx from $310.00 to $350.00 and gave the company an “overweight” rating in a research report on Friday, March 22nd. Evercore ISI lifted their price target on shares of FedEx from $327.00 to $351.00 and gave the stock an “outperform” rating in a report on Friday, March 22nd. Finally, Bank of America decreased their price objective on FedEx from $346.00 to $340.00 and set a “buy” rating for the company in a report on Tuesday, April 2nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $301.07.

Insiders Place Their Bets

In other news, CEO Sriram Krishnasamy sold 354 shares of the firm’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $289.19, for a total value of $102,373.26. Following the transaction, the chief executive officer now owns 11,147 shares in the company, valued at $3,223,600.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Sriram Krishnasamy sold 354 shares of the stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $289.19, for a total value of $102,373.26. Following the completion of the sale, the chief executive officer now owns 11,147 shares in the company, valued at $3,223,600.93. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Guy M. Erwin II sold 2,749 shares of the business’s stock in a transaction dated Tuesday, March 26th. The stock was sold at an average price of $289.11, for a total transaction of $794,763.39. Following the transaction, the vice president now owns 486 shares in the company, valued at $140,507.46. The disclosure for this sale can be found here. In the last ninety days, insiders sold 136,668 shares of company stock valued at $37,758,773. Corporate insiders own 8.73% of the company’s stock.

FedEx Trading Down 1.0 %

NYSE FDX opened at $252.28 on Wednesday. FedEx Co. has a 52 week low of $213.80 and a 52 week high of $291.27. The business has a 50 day moving average price of $267.12 and a 200-day moving average price of $256.74. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 0.76. The company has a market cap of $62.08 billion, a price-to-earnings ratio of 14.55, a P/E/G ratio of 1.20 and a beta of 1.23.

FedEx (NYSE:FDX) last released its quarterly earnings data on Thursday, March 21st. The shipping service provider reported $3.86 earnings per share for the quarter, topping the consensus estimate of $3.49 by $0.37. The firm had revenue of $21.70 billion for the quarter, compared to the consensus estimate of $21.95 billion. FedEx had a net margin of 5.02% and a return on equity of 16.60%. The business’s revenue was down 2.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.41 earnings per share. As a group, equities analysts expect that FedEx Co. will post 17.69 earnings per share for the current fiscal year.

FedEx announced that its Board of Directors has initiated a stock repurchase plan on Thursday, March 21st that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the shipping service provider to purchase up to 7.6% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.

FedEx 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.