Cornercap Investment Counsel Inc. Sells 245 Shares of FedEx Co. (NYSE:FDX)

Cornercap Investment Counsel Inc. decreased its stake in shares of FedEx Co. (NYSE:FDX) by 2.1% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 11,451 shares of the shipping service provider’s stock after selling 245 shares during the period. FedEx accounts for 0.6% of Cornercap Investment Counsel Inc.’s investment portfolio, making the stock its 13th largest position. Cornercap Investment Counsel Inc.’s holdings in FedEx were worth $3,433,000 as of its most recent filing with the SEC.

Several other large investors have also added to or reduced their stakes in FDX. SeaCrest Wealth Management LLC grew its position in shares of FedEx by 0.6% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 5,615 shares of the shipping service provider’s stock valued at $1,683,000 after purchasing an additional 34 shares in the last quarter. LRI Investments LLC grew its position in FedEx by 8.6% during the second quarter. LRI Investments LLC now owns 455 shares of the shipping service provider’s stock worth $137,000 after buying an additional 36 shares in the last quarter. Ascent Wealth Partners LLC increased its stake in FedEx by 0.5% in the 2nd quarter. Ascent Wealth Partners LLC now owns 7,690 shares of the shipping service provider’s stock worth $2,306,000 after acquiring an additional 36 shares during the last quarter. Detalus Advisors LLC raised its holdings in shares of FedEx by 2.4% in the 2nd quarter. Detalus Advisors LLC now owns 1,602 shares of the shipping service provider’s stock valued at $480,000 after acquiring an additional 37 shares in the last quarter. Finally, Sachetta LLC boosted its position in shares of FedEx by 29.1% during the 2nd quarter. Sachetta LLC now owns 164 shares of the shipping service provider’s stock valued at $49,000 after acquiring an additional 37 shares during the last quarter. Institutional investors own 84.47% of the company’s stock.

Insider Buying and Selling at FedEx

In other news, CAO Guy M. Erwin II sold 116 shares of the firm’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $299.24, for a total value of $34,711.84. Following the completion of the sale, the chief accounting officer now directly owns 930 shares of the company’s stock, valued at approximately $278,293.20. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CAO Guy M. Erwin II sold 116 shares of the stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $299.24, for a total value of $34,711.84. Following the completion of the transaction, the chief accounting officer now directly owns 930 shares of the company’s stock, valued at $278,293.20. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Brie Carere sold 1,958 shares of FedEx stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $310.43, for a total value of $607,821.94. Following the sale, the executive vice president now directly owns 19,937 shares in the company, valued at $6,189,042.91. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 32,944 shares of company stock valued at $9,882,355. 8.73% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Evercore ISI lowered their target price on shares of FedEx from $351.00 to $318.00 and set an “outperform” rating on the stock in a research note on Monday, June 24th. StockNews.com lowered shares of FedEx from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 24th. UBS Group dropped their price objective on shares of FedEx from $340.00 to $333.00 and set a “buy” rating for the company in a report on Tuesday, May 21st. Wells Fargo & Company increased their target price on FedEx from $275.00 to $300.00 and gave the company an “equal weight” rating in a research note on Wednesday, June 26th. Finally, Morgan Stanley lifted their price target on FedEx from $210.00 to $215.00 and gave the stock an “equal weight” rating in a research note on Wednesday, June 26th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and nineteen have issued a buy rating to the stock. According to MarketBeat, FedEx currently has an average rating of “Moderate Buy” and a consensus target price of $313.96.

FedEx Price Performance

FDX stock opened at $284.86 on Thursday. The company has a current ratio of 1.36, a quick ratio of 1.32 and a debt-to-equity ratio of 0.73. The firm’s 50-day moving average price is $293.47 and its two-hundred day moving average price is $272.95. The stock has a market capitalization of $70.10 billion, a price-to-earnings ratio of 16.53, a PEG ratio of 1.03 and a beta of 1.17. FedEx Co. has a 12-month low of $224.69 and a 12-month high of $313.84.

FedEx (NYSE:FDX) last released its quarterly earnings results on Tuesday, June 25th. The shipping service provider reported $5.41 EPS for the quarter, beating analysts’ consensus estimates of $5.34 by $0.07. The business had revenue of $22.11 billion during the quarter, compared to analyst estimates of $22.04 billion. FedEx had a return on equity of 16.70% and a net margin of 4.94%. FedEx’s quarterly revenue was up .8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $4.94 EPS. As a group, equities analysts predict that FedEx Co. will post 20.82 earnings per share for the current year.

FedEx Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 9th will be issued a $1.38 dividend. This represents a $5.52 annualized dividend and a yield of 1.94%. The ex-dividend date is Monday, September 9th. FedEx’s dividend payout ratio (DPR) is currently 32.04%.

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.