FedEx (NYSE:FDX) Price Target Lowered to $345.00 at Bank of America

FedEx (NYSE:FDX) had its target price cut by Bank of America from $347.00 to $345.00 in a research note released on Wednesday, Benzinga reports. They currently have a buy rating on the shipping service provider’s stock.

Several other research firms have also recently commented on FDX. Stifel Nicolaus reissued a buy rating and issued a $327.00 price target (up from $303.00) on shares of FedEx in a report on Wednesday, June 26th. Robert W. Baird restated an outperform rating and set a $340.00 target price on shares of FedEx in a research report on Friday, September 13th. JPMorgan Chase & Co. upgraded shares of FedEx from a neutral rating to an overweight rating and increased their price target for the company from $296.00 to $359.00 in a report on Wednesday, June 26th. StockNews.com downgraded shares of FedEx from a strong-buy rating to a buy rating in a report on Saturday, August 24th. Finally, Morgan Stanley increased their target price on shares of FedEx from $210.00 to $215.00 and gave the company an equal weight rating in a report on Wednesday, June 26th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and nineteen have assigned a buy rating to the company. According to MarketBeat.com, FedEx presently has an average rating of Moderate Buy and an average target price of $314.58.

FedEx Trading Up 0.3 %

Shares of FDX stock opened at $298.17 on Wednesday. FedEx has a twelve month low of $224.69 and a twelve month high of $313.84. 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 business’s 50 day moving average is $293.30 and its two-hundred day moving average is $274.62. The company has a market capitalization of $73.37 billion, a P/E ratio of 17.31, a price-to-earnings-growth ratio of 1.03 and a beta of 1.17.

FedEx (NYSE:FDX) last announced 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 company had revenue of $22.11 billion for the quarter, compared to analysts’ expectations of $22.04 billion. FedEx had a net margin of 4.94% and a return on equity of 16.70%. FedEx’s revenue was up .8% compared to the same quarter last year. During the same period in the previous year, the company posted $4.94 EPS. Equities analysts forecast that FedEx will post 20.82 EPS for the current year.

FedEx Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 9th will be given a $1.38 dividend. This represents a $5.52 dividend on an annualized basis and a dividend yield of 1.85%. The ex-dividend date is Monday, September 9th. FedEx’s dividend payout ratio is currently 32.04%.

Insider Buying and Selling

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

Institutional Trading of FedEx

A number of institutional investors have recently modified their holdings of the company. Capital International Investors raised its holdings in FedEx by 32.5% in the first quarter. Capital International Investors now owns 8,831,084 shares of the shipping service provider’s stock valued at $2,558,718,000 after buying an additional 2,163,622 shares during the period. Sentry LLC acquired a new stake in shares of FedEx in the fourth quarter worth $307,007,000. Vanguard Group Inc. raised its stake in shares of FedEx by 5.6% in the 1st quarter. Vanguard Group Inc. now owns 19,868,165 shares of the shipping service provider’s stock valued at $5,756,602,000 after acquiring an additional 1,056,061 shares during the period. Putnam Investments LLC lifted its holdings in shares of FedEx by 38.1% during the 4th quarter. Putnam Investments LLC now owns 2,893,781 shares of the shipping service provider’s stock valued at $732,040,000 after acquiring an additional 798,084 shares in the last quarter. Finally, Mawer Investment Management Ltd. boosted its position in FedEx by 43.5% during the 1st quarter. Mawer Investment Management Ltd. now owns 2,258,579 shares of the shipping service provider’s stock worth $654,401,000 after purchasing an additional 684,679 shares during the period. Hedge funds and other institutional investors 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.