FedEx (NYSE:FDX) PT Lowered to $318.00

FedEx (NYSE:FDX) had its target price decreased by Evercore ISI from $351.00 to $318.00 in a report published on Monday morning, Benzinga reports. Evercore ISI currently has an outperform rating on the shipping service provider’s stock.

A number of other analysts have also commented on FDX. BNP Paribas reaffirmed an underperform rating and set a $250.00 target price on shares of FedEx in a report on Wednesday, March 27th. BMO Capital Markets lifted their price target on shares of FedEx from $290.00 to $310.00 and gave the stock a market perform rating in a research report on Friday, March 22nd. JPMorgan Chase & Co. cut their price objective on shares of FedEx from $301.00 to $296.00 and set a neutral rating on the stock in a research report on Friday, May 24th. TD Cowen boosted their price objective on shares of FedEx from $293.00 to $320.00 and gave the company an outperform rating in a research report on Friday, March 22nd. Finally, Raymond James cut their price target on shares of FedEx from $325.00 to $300.00 and set an outperform rating on the stock in a research report on Monday. One research analyst has rated the stock with a sell rating, six have given a hold rating and nineteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $314.00.

FedEx Stock Performance

NYSE:FDX opened at $295.47 on Monday. FedEx has a 1 year low of $224.69 and a 1 year high of $296.86. The firm has a 50 day moving average of $256.80 and a 200-day moving average of $256.00. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 0.76. The stock has a market capitalization of $72.71 billion, a P/E ratio of 17.15, a price-to-earnings-growth ratio of 0.93 and a beta of 1.16.

FedEx (NYSE:FDX) last issued its quarterly earnings results 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. The business had revenue of $22.11 billion during the quarter, compared to analyst estimates of $22.04 billion. FedEx had a net margin of 4.94% and a return on equity of 16.86%. FedEx’s revenue for the quarter was up .8% compared to the same quarter last year. During the same quarter last year, the business posted $4.94 earnings per share. As a group, sell-side analysts anticipate that FedEx will post 20.26 EPS for the current fiscal year.

FedEx declared that its Board of Directors has initiated a share buyback program 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 buy up to 7.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

FedEx Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 9th. Investors of record on Monday, June 24th will be paid 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 1.87%. This is a positive change from FedEx’s previous quarterly dividend of $1.26. FedEx’s dividend payout ratio is 32.04%.

Insiders Place Their Bets

In other news, Chairman Frederick W. Smith sold 113,400 shares of the company’s stock in a transaction that occurred on 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 sale, the chairman now owns 14,505,844 shares of the company’s stock, valued at approximately $3,978,953,009.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Chairman Frederick W. Smith sold 113,400 shares of the 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 completion of the transaction, the chairman now owns 14,505,844 shares of the company’s stock, valued at approximately $3,978,953,009.20. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Tracy B. Brightman sold 2,550 shares of the stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $275.69, for a total transaction of $703,009.50. Following the completion of the transaction, the executive vice president now directly owns 6,294 shares of the company’s stock, valued at approximately $1,735,192.86. The disclosure for this sale can be found here. Insiders have sold a total of 117,275 shares of company stock worth $32,177,298 in the last quarter. Corporate insiders own 8.73% of the company’s stock.

Hedge Funds Weigh In On FedEx

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in 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. Capital International Investors increased its position in shares of FedEx by 32.5% during the first quarter. Capital International Investors now owns 8,831,084 shares of the shipping service provider’s stock worth $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 during the fourth quarter worth $1,811,748,000. Morgan Stanley increased its position in shares of FedEx by 1.1% during the third quarter. Morgan Stanley now owns 3,238,185 shares of the shipping service provider’s stock worth $857,860,000 after buying an additional 35,085 shares during the period. Finally, Putnam Investments LLC grew its holdings in FedEx by 38.1% in the fourth quarter. Putnam Investments LLC now owns 2,893,781 shares of the shipping service provider’s stock worth $732,040,000 after purchasing an additional 798,084 shares during the period. 84.47% of the stock is currently 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.