FedEx (NYSE:FDX) Price Target Raised to $348.00

FedEx (NYSE:FDX) had its price target increased by Bank of America from $325.00 to $348.00 in a research report sent to investors on Friday,Benzinga reports. Bank of America currently has a buy rating on the shipping service provider’s stock.

Other equities research analysts also recently issued research reports about the company. Sanford C. Bernstein downgraded FedEx from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $337.00 to $316.00 in a research report on Tuesday, December 3rd. TD Cowen boosted their price objective on FedEx from $328.00 to $337.00 and gave the stock a “buy” rating in a report on Friday. UBS Group upped their target price on shares of FedEx from $311.00 to $350.00 and gave the company a “buy” rating in a research report on Friday. Barclays lifted their price target on shares of FedEx from $350.00 to $365.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Finally, Susquehanna cut their price objective on shares of FedEx from $345.00 to $330.00 and set a “positive” rating on the stock in a report on Friday, September 20th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and nineteen have issued a buy rating to the stock. Based on data from MarketBeat, FedEx currently has an average rating of “Moderate Buy” and an average price target of $324.88.

FedEx Stock Down 0.1 %

Shares of NYSE:FDX opened at $275.73 on Friday. The company has a quick ratio of 1.24, a current ratio of 1.28 and a debt-to-equity ratio of 0.72. The firm has a market cap of $67.37 billion, a P/E ratio of 17.01, a P/E/G ratio of 1.17 and a beta of 1.18. FedEx has a 12 month low of $234.45 and a 12 month high of $313.84. The company’s 50-day moving average price is $282.71 and its two-hundred day moving average price is $282.10.

FedEx (NYSE:FDX) last released its quarterly earnings results on Thursday, December 19th. The shipping service provider reported $4.05 EPS for the quarter, beating the consensus estimate of $3.88 by $0.17. FedEx had a net margin of 4.62% and a return on equity of 15.61%. The business had revenue of $22 billion for the quarter, compared to analysts’ expectations of $22.14 billion. During the same period in the prior year, the firm earned $3.99 earnings per share. FedEx’s revenue was down .7% compared to the same quarter last year. As a group, research analysts forecast that FedEx will post 19.59 EPS for the current fiscal year.

FedEx Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Investors of record on Monday, December 9th will be given a $1.38 dividend. The ex-dividend date of this dividend is Monday, December 9th. This represents a $5.52 annualized dividend and a yield of 2.00%. FedEx’s dividend payout ratio is currently 35.18%.

Hedge Funds Weigh In On FedEx

A number of large investors have recently added to or reduced their stakes in FDX. Principal Financial Group Inc. boosted its position in shares of FedEx by 4.1% during the third quarter. Principal Financial Group Inc. now owns 256,870 shares of the shipping service provider’s stock worth $70,300,000 after buying an additional 10,063 shares during the period. DGS Capital Management LLC lifted its stake in FedEx by 10.7% in the 3rd quarter. DGS Capital Management LLC now owns 1,405 shares of the shipping service provider’s stock valued at $385,000 after acquiring an additional 136 shares in the last quarter. Franklin Resources Inc. boosted its position in FedEx by 8.6% during the 3rd quarter. Franklin Resources Inc. now owns 3,975,531 shares of the shipping service provider’s stock worth $1,042,050,000 after acquiring an additional 314,380 shares during the last quarter. Synovus Financial Corp grew its stake in shares of FedEx by 251.8% during the 3rd quarter. Synovus Financial Corp now owns 14,936 shares of the shipping service provider’s stock worth $4,087,000 after acquiring an additional 10,690 shares in the last quarter. Finally, Tidal Investments LLC raised its holdings in shares of FedEx by 18.9% in the third quarter. Tidal Investments LLC now owns 18,870 shares of the shipping service provider’s stock valued at $5,164,000 after purchasing an additional 2,994 shares during the last quarter. 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.