FedEx (NYSE:FDX) Price Target Raised to $215.00 at Morgan Stanley

FedEx (NYSE:FDX) had its price objective boosted by Morgan Stanley from $210.00 to $215.00 in a research note released on Wednesday morning, Benzinga reports. The brokerage currently has an equal weight rating on the shipping service provider’s stock.

FDX has been the subject of several other reports. TD Cowen raised their price objective on FedEx from $293.00 to $320.00 and gave the stock an outperform rating in a research note on Friday, March 22nd. Stifel Nicolaus reduced their price objective on FedEx from $306.00 to $303.00 and set a buy rating for the company in a research note on Wednesday, April 3rd. Evercore ISI reduced their price objective on FedEx from $351.00 to $318.00 and set an outperform rating for the company in a research note on Monday. UBS Group dropped their target price on FedEx from $340.00 to $333.00 and set a buy rating on the stock in a report on Tuesday, May 21st. Finally, Robert W. Baird raised their target price on FedEx from $315.00 to $325.00 and gave the stock an outperform rating in a report on Friday, March 22nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eighteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $313.09.

FedEx Price Performance

Shares of FDX stock opened at $296.19 on Wednesday. FedEx has a 1-year low of $224.69 and a 1-year high of $296.86. The stock’s 50-day moving average is $256.13 and its 200 day moving average is $255.72. The company has a market cap of $72.89 billion, a P/E ratio of 17.19, a PEG ratio of 0.93 and a beta of 1.16. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.31 and a quick ratio of 1.26.

FedEx (NYSE:FDX) last issued its quarterly earnings data on Tuesday, June 25th. The shipping service provider reported $5.41 earnings per share for the quarter, beating analysts’ consensus estimates of $5.34 by $0.07. FedEx had a return on equity of 16.86% and a net margin of 4.94%. The company had revenue of $22.11 billion for the quarter, compared to the consensus estimate of $22.04 billion. During the same quarter last year, the company earned $4.94 earnings per share. The firm’s revenue for the quarter was up .8% compared to the same quarter last year. Research analysts predict that FedEx will post 20.26 earnings per share for the current fiscal year.

FedEx announced that its board has approved a share buyback plan on Thursday, March 21st that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the shipping service provider to buy up to 7.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

FedEx Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 9th. Shareholders of record on Monday, June 24th will be given a $1.38 dividend. The ex-dividend date is Monday, June 24th. This represents a $5.52 dividend on an annualized basis and a yield of 1.86%. This is an increase from FedEx’s previous quarterly dividend of $1.26. FedEx’s payout ratio is currently 32.04%.

Insider Buying and Selling at FedEx

In other FedEx news, Chairman Frederick W. Smith sold 113,400 shares of FedEx stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $274.30, for a total value of $31,105,620.00. Following the sale, the chairman now owns 14,505,844 shares in the company, valued at $3,978,953,009.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Richard W. Smith sold 1,325 shares of the business’s stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $278.24, for a total value of $368,668.00. Following the sale, the chief executive officer now owns 84,614 shares in the company, valued at approximately $23,542,999.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman Frederick W. Smith sold 113,400 shares of the business’s stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $274.30, for a total value of $31,105,620.00. Following the completion of the sale, the chairman now owns 14,505,844 shares in the company, valued at approximately $3,978,953,009.20. The disclosure for this sale can be found here. Insiders have sold 117,275 shares of company stock worth $32,177,298 over the last quarter. 8.73% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On FedEx

Institutional investors and hedge funds have recently modified their holdings of the company. Operose Advisors LLC acquired a new position in FedEx during the 3rd quarter worth $52,000. O Shaughnessy Asset Management LLC boosted its position in shares of FedEx by 70.2% during the 3rd quarter. O Shaughnessy Asset Management LLC now owns 12,130 shares of the shipping service provider’s stock worth $3,213,000 after acquiring an additional 5,003 shares in the last quarter. Mather Group LLC. boosted its position in shares of FedEx by 92.3% during the 3rd quarter. Mather Group LLC. now owns 3,892 shares of the shipping service provider’s stock worth $1,031,000 after acquiring an additional 1,868 shares in the last quarter. Tower Research Capital LLC TRC boosted its position in shares of FedEx by 25.5% during the 3rd quarter. Tower Research Capital LLC TRC now owns 15,640 shares of the shipping service provider’s stock worth $4,143,000 after acquiring an additional 3,182 shares in the last quarter. Finally, Cape Cod Five Cents Savings Bank lifted its holdings in shares of FedEx by 106.1% in the 3rd quarter. Cape Cod Five Cents Savings Bank now owns 2,358 shares of the shipping service provider’s stock valued at $625,000 after purchasing an additional 1,214 shares during the last quarter. Hedge funds and other institutional investors own 84.47% of the company’s stock.

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.