FedEx (NYSE:FDX) Price Target Raised to $335.00 at Argus

FedEx (NYSE:FDX) had its price target upped by Argus from $325.00 to $335.00 in a research note released on Thursday morning, Benzinga reports. The brokerage currently has a buy rating on the shipping service provider’s stock.

A number of other research analysts have also issued reports on the company. Barclays lifted their target price on FedEx from $310.00 to $350.00 and gave the stock an overweight rating in a report on Friday, March 22nd. Stephens reiterated an overweight rating and issued a $325.00 target price on shares of FedEx in a report on Wednesday. Raymond James reduced their target price on shares of FedEx from $325.00 to $300.00 and set an outperform rating for the company in a report on Monday. Stifel Nicolaus reiterated a buy rating and set a $327.00 price objective (up previously from $303.00) on shares of FedEx in a research report on Wednesday. Finally, Wells Fargo & Company raised their price objective on FedEx from $275.00 to $300.00 and gave the stock an equal weight rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and nineteen have assigned a buy rating to the stock. According to MarketBeat.com, FedEx has an average rating of Moderate Buy and an average price target of $314.00.

FedEx Stock Performance

Shares of FDX opened at $295.47 on Thursday. The firm has a market capitalization of $72.71 billion, a PE ratio of 17.15, a P/E/G ratio of 0.93 and a beta of 1.16. 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 firm has a 50-day moving average price of $256.80 and a 200 day moving average price of $256.00. FedEx has a 52-week low of $224.69 and a 52-week high of $296.86.

FedEx (NYSE:FDX) last posted its quarterly earnings data on Tuesday, June 25th. The shipping service provider reported $5.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.34 by $0.07. The business had revenue of $22.11 billion during the quarter, compared to analysts’ expectations of $22.04 billion. FedEx had a net margin of 4.94% and a return on equity of 16.86%. The business’s revenue was up .8% on a year-over-year basis. During the same period last year, the firm posted $4.94 earnings per share. On average, sell-side analysts anticipate that FedEx will post 20.26 earnings per share for the current fiscal year.

FedEx declared that its board has authorized a share repurchase plan on Thursday, March 21st that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the shipping service provider to reacquire up to 7.6% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management 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. This represents a $5.52 annualized dividend and a yield of 1.87%. This is an increase from FedEx’s previous quarterly dividend of $1.26. The ex-dividend date of this dividend is Monday, June 24th. FedEx’s payout ratio is currently 32.04%.

Insider Activity at FedEx

In other FedEx news, Chairman Frederick W. Smith sold 113,400 shares of the firm’s stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $274.30, for a total transaction of $31,105,620.00. Following the transaction, the chairman now directly owns 14,505,844 shares in the company, valued at $3,978,953,009.20. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, Chairman Frederick W. Smith sold 113,400 shares of FedEx stock in a transaction that occurred 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 transaction, the chairman now owns 14,505,844 shares of the company’s stock, valued at $3,978,953,009.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Richard W. Smith sold 1,325 shares of the company’s stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $278.24, for a total transaction of $368,668.00. Following the sale, the chief executive officer now directly owns 84,614 shares of the company’s stock, valued at $23,542,999.36. The disclosure for this sale can be found here. In the last 90 days, insiders sold 117,275 shares of company stock valued at $32,177,298. Insiders own 8.73% of the company’s stock.

Hedge Funds Weigh In On FedEx

Several large investors have recently made changes to their positions in FDX. Lazari Capital Management Inc. bought a new position in FedEx in the 1st quarter worth approximately $202,000. Keynote Financial Services LLC bought a new position in FedEx during the first quarter worth $288,000. EverSource Wealth Advisors LLC raised its stake in FedEx by 0.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 12,496 shares of the shipping service provider’s stock valued at $3,621,000 after purchasing an additional 45 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its holdings in FedEx by 45.2% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 148,573 shares of the shipping service provider’s stock valued at $42,610,000 after purchasing an additional 46,244 shares during the period. Finally, Pathway Financial Advisers LLC acquired a new stake in FedEx in the 1st quarter worth $89,000. Institutional investors and hedge funds own 84.47% of the company’s stock.

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.