Cowen and Company reissued their outperform rating on shares of FedEx Corporation (NYSE:FDX) in a research report released on Wednesday, June 21st. The firm currently has a $240.00 target price on the shipping service provider’s stock.
Several other equities analysts also recently issued reports on the company. Zacks Investment Research raised FedEx Corporation from a sell rating to a hold rating in a research report on Friday, March 10th. J P Morgan Chase & Co increased their price target on FedEx Corporation to $236.00 in a research report on Wednesday, March 22nd. Vetr raised FedEx Corporation from a hold rating to a buy rating and set a $195.86 price target on the stock in a research report on Wednesday, May 17th. BMO Capital Markets raised FedEx Corporation from a market perform rating to an outperform rating and set a $220.00 price target on the stock in a research report on Monday, March 6th. They noted that the move was a valuation call. Finally, Edward Jones raised FedEx Corporation from a hold rating to a buy rating in a research report on Saturday, March 11th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-one have issued a buy rating to the stock. FedEx Corporation has a consensus rating of Buy and an average target price of $221.78.
FedEx Corporation (FDX) traded down 2.06% on Wednesday, hitting $211.04. The stock had a trading volume of 2,231,049 shares. FedEx Corporation has a 1-year low of $158.03 and a 1-year high of $219.99. The firm has a market capitalization of $57.19 billion, a price-to-earnings ratio of 19.06 and a beta of 1.28. The stock’s 50-day moving average is $202.48 and its 200 day moving average is $194.04. FedEx Corporation also saw unusually large options trading on Monday. Traders acquired 9,583 put options on the company. This represents an increase of approximately 115% compared to the average daily volume of 4,467 put options.
FedEx Corporation (NYSE:FDX) last issued its quarterly earnings data on Tuesday, June 20th. The shipping service provider reported $4.25 EPS for the quarter, beating the consensus estimate of $3.88 by $0.37. FedEx Corporation had a return on equity of 22.19% and a net margin of 4.97%. The firm had revenue of $15.70 billion during the quarter, compared to analyst estimates of $15.56 billion. During the same quarter in the prior year, the business posted $3.30 EPS. The business’s revenue for the quarter was up 21.0% compared to the same quarter last year. On average, equities research analysts predict that FedEx Corporation will post $13.63 earnings per share for the current fiscal year.
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The business also recently announced a quarterly dividend, which was paid on Thursday, July 6th. Shareholders of record on Thursday, June 22nd were given a dividend of $0.50 per share. This is a positive change from FedEx Corporation’s previous quarterly dividend of $0.40. This represents a $2.00 annualized dividend and a yield of 0.95%. The ex-dividend date of this dividend was Tuesday, June 20th. FedEx Corporation’s dividend payout ratio is presently 18.08%.
In other FedEx Corporation news, CEO Frederick W. Smith sold 135,000 shares of the company’s stock in a transaction dated Tuesday, May 2nd. The shares were sold at an average price of $189.02, for a total transaction of $25,517,700.00. Following the transaction, the chief executive officer now directly owns 15,326,133 shares in the company, valued at $2,896,945,659.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO David L. Cunningham, Jr. sold 17,565 shares of the company’s stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $211.00, for a total transaction of $3,706,215.00. Following the completion of the sale, the chief executive officer now directly owns 29,148 shares in the company, valued at approximately $6,150,228. The disclosure for this sale can be found here. Insiders have sold 210,549 shares of company stock worth $41,505,553 over the last 90 days. 8.67% of the stock is currently owned by company insiders.
Several institutional investors have recently made changes to their positions in the stock. Federated Investors Inc. PA increased its position in shares of FedEx Corporation by 16.8% in the fourth quarter. Federated Investors Inc. PA now owns 314,377 shares of the shipping service provider’s stock valued at $58,537,000 after buying an additional 45,285 shares during the last quarter. Cigna Investments Inc. New bought a new position in FedEx Corporation during the fourth quarter worth $1,698,000. Quantitative Systematic Strategies LLC increased its position in FedEx Corporation by 354.3% in the first quarter. Quantitative Systematic Strategies LLC now owns 13,026 shares of the shipping service provider’s stock worth $2,542,000 after buying an additional 10,159 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in FedEx Corporation by 2.7% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 69,903 shares of the shipping service provider’s stock worth $13,641,000 after buying an additional 1,852 shares in the last quarter. Finally, ING Groep NV increased its position in FedEx Corporation by 245.5% in the first quarter. ING Groep NV now owns 17,525 shares of the shipping service provider’s stock worth $3,420,000 after buying an additional 12,453 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.
About FedEx Corporation
FedEx Corporation (FedEx) provides a portfolio of transportation, e-commerce and business services through companies competing collectively, operating independently and managed collaboratively, under the FedEx brand. The Company’s segments include FedEx Express, TNT Express, FedEx Ground, FedEx Freight and FedEx Services.
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