FedEx (NYSE:FDX) Upgraded to Hold by Wells Fargo & Company

FedEx (NYSE:FDX) was upgraded by stock analysts at Wells Fargo & Company to a “hold” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports.

Other equities research analysts also recently issued research reports about the company. Bank of America cut their price objective on FedEx from $346.00 to $340.00 and set a “buy” rating on the stock in a report on Tuesday, April 2nd. The Goldman Sachs Group boosted their price target on shares of FedEx from $291.00 to $324.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. JPMorgan Chase & Co. dropped their price target on shares of FedEx from $301.00 to $296.00 and set a “neutral” rating on the stock in a research note on Friday, May 24th. Robert W. Baird lifted their price target on FedEx from $315.00 to $325.00 and gave the stock an “outperform” rating in a research report on Friday, March 22nd. Finally, Morgan Stanley increased their price objective on FedEx from $195.00 to $210.00 and gave the company an “equal weight” rating in a report on Friday, March 22nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $301.92.

FedEx Stock Performance

Shares of NYSE:FDX opened at $252.52 on Tuesday. The business’s 50 day moving average price is $256.79 and its 200-day moving average price is $256.14. FedEx has a 1 year low of $223.24 and a 1 year high of $291.27. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.31 and a quick ratio of 1.26. The firm has a market capitalization of $62.14 billion, a PE ratio of 14.56, a P/E/G ratio of 0.90 and a beta of 1.16.

FedEx (NYSE:FDX) last released its quarterly earnings data on Thursday, March 21st. The shipping service provider reported $3.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.49 by $0.37. FedEx had a net margin of 5.02% and a return on equity of 16.60%. The firm had revenue of $21.70 billion during the quarter, compared to analysts’ expectations of $21.95 billion. During the same period last year, the business earned $3.41 earnings per share. FedEx’s revenue was down 2.1% compared to the same quarter last year. As a group, equities research analysts expect that FedEx will post 17.76 earnings per share for the current fiscal year.

FedEx declared that its board has initiated a stock repurchase program on Thursday, March 21st that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the shipping service provider to reacquire up to 7.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other FedEx news, Chairman Frederick W. Smith sold 113,400 shares of FedEx stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $274.30, for a total transaction of $31,105,620.00. Following the completion of the transaction, the chairman now owns 14,505,844 shares in the company, valued at $3,978,953,009.20. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director Susan C. Schwab sold 6,145 shares of the stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $288.02, for a total transaction of $1,769,882.90. Following the sale, the director now owns 7,865 shares of the company’s stock, valued at $2,265,277.30. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Frederick W. Smith sold 113,400 shares of the business’s stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $274.30, for a total transaction of $31,105,620.00. Following the completion of the transaction, the chairman now directly owns 14,505,844 shares of the company’s stock, valued at approximately $3,978,953,009.20. The disclosure for this sale can be found here. Insiders have sold 136,668 shares of company stock worth $37,758,773 in the last three months. Corporate insiders own 8.73% of the company’s stock.

Institutional Investors Weigh In On FedEx

Several hedge funds have recently modified their holdings of the company. V Square Quantitative Management LLC acquired a new position in FedEx in the 3rd quarter valued at $202,000. Dark Forest Capital Management LP increased its stake in FedEx by 8.0% in the third quarter. Dark Forest Capital Management LP now owns 4,575 shares of the shipping service provider’s stock valued at $1,212,000 after purchasing an additional 339 shares during the last quarter. Clearbridge Investments LLC lifted its position in FedEx by 19.6% during the third quarter. Clearbridge Investments LLC now owns 5,065 shares of the shipping service provider’s stock worth $1,342,000 after buying an additional 830 shares during the period. LPL Financial LLC grew its holdings in FedEx by 2.6% in the 3rd quarter. LPL Financial LLC now owns 269,695 shares of the shipping service provider’s stock valued at $71,448,000 after buying an additional 6,748 shares during the period. Finally, Citizens Financial Group Inc. RI acquired a new position in shares of FedEx during the 3rd quarter valued at about $267,000. 84.47% of the stock is owned by institutional investors and hedge funds.

About FedEx

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.