FedEx Corporation shares rose more than 15% in Tuesday's session to reach their highest level since April this year.

The development follows the announcement the company was increasing its quarterly cash dividend by 53% to $1.15 per share on its common stock. In addition, FedEx also said it is adding Amy Lane and Jim Vena to its Board of Directors.

FedEx shares were up by 15.06% at 1:17 pm ET to sell for $231.25.