Bank of America Raises FedEx (NYSE:FDX) Price Target to $347.00

FedEx (NYSE:FDX) had its price objective hoisted by Bank of America from $340.00 to $347.00 in a research note published on Wednesday, Benzinga reports. The firm currently has a buy rating on the shipping service provider’s stock.

FDX has been the topic of several other reports. TD Cowen raised their target price on shares of FedEx from $293.00 to $320.00 and gave the stock an outperform rating in a report on Friday, March 22nd. BNP Paribas restated an underperform rating and issued a $250.00 price target on shares of FedEx in a research report on Wednesday, March 27th. BMO Capital Markets boosted their price objective on shares of FedEx from $290.00 to $310.00 and gave the company a market perform rating in a research report on Friday, March 22nd. Stifel Nicolaus decreased their price target on FedEx from $306.00 to $303.00 and set a buy rating on the stock in a research note on Wednesday, April 3rd. Finally, Barclays lifted their target price on FedEx from $310.00 to $350.00 and gave the company an overweight rating in a research report on Friday, March 22nd. One research analyst has rated the stock with a sell rating, six have given a hold rating and nineteen have assigned a buy rating to the company. Based on data from MarketBeat, FedEx has an average rating of Moderate Buy and a consensus price target of $314.00.

FedEx Stock Performance

Shares of FDX opened at $299.84 on Wednesday. The firm has a market cap of $73.78 billion, a P/E ratio of 17.40, a PEG ratio of 1.06 and a beta of 1.16. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.26 and a current ratio of 1.36. FedEx has a twelve month low of $224.69 and a twelve month high of $302.41. The firm’s 50 day moving average price is $258.10 and its two-hundred day moving average price is $256.48.

FedEx (NYSE:FDX) last released its quarterly earnings data on Tuesday, June 25th. The shipping service provider reported $5.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.34 by $0.07. FedEx had a return on equity of 16.70% and a net margin of 4.94%. The company had revenue of $22.11 billion during the quarter, compared to analysts’ expectations of $22.04 billion. During the same period last year, the firm posted $4.94 earnings per share. The business’s revenue was up .8% on a year-over-year basis. On average, analysts forecast that FedEx will post 20.53 EPS for the current fiscal year.

FedEx Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 9th. Shareholders of record on Monday, June 24th will be paid a $1.38 dividend. This represents a $5.52 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date of this dividend is Monday, June 24th. This is an increase from FedEx’s previous quarterly dividend of $1.26. FedEx’s dividend payout ratio is 32.04%.

FedEx announced that its board has approved 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 purchase up to 7.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other FedEx news, CEO Richard W. Smith sold 1,325 shares of FedEx stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $278.24, for a total value of $368,668.00. Following the sale, the chief executive officer now owns 84,614 shares of the company’s stock, valued at $23,542,999.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO Richard W. Smith sold 1,325 shares of the firm’s stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $278.24, for a total value of $368,668.00. Following the completion of the transaction, the chief executive officer now directly owns 84,614 shares of the company’s stock, valued at $23,542,999.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 119,810 shares of company stock valued at $32,924,413. 8.73% of the stock is owned by insiders.

Institutional Trading of FedEx

Institutional investors and hedge funds have recently bought and sold shares of the company. Fidelis Capital Partners LLC increased its holdings in shares of FedEx by 4.1% in the first quarter. Fidelis Capital Partners LLC now owns 982 shares of the shipping service provider’s stock worth $285,000 after purchasing an additional 39 shares during the period. KRS Capital Management LLC grew its position in FedEx by 4.1% during the fourth quarter. KRS Capital Management LLC now owns 1,041 shares of the shipping service provider’s stock worth $263,000 after buying an additional 41 shares in the last quarter. Zullo Investment Group Inc. increased its stake in FedEx by 0.7% in the 4th quarter. Zullo Investment Group Inc. now owns 5,721 shares of the shipping service provider’s stock worth $1,447,000 after acquiring an additional 42 shares during the last quarter. Regent Peak Wealth Advisors LLC boosted its position in shares of FedEx by 3.5% during the 1st quarter. Regent Peak Wealth Advisors LLC now owns 1,274 shares of the shipping service provider’s stock valued at $369,000 after acquiring an additional 43 shares during the last quarter. Finally, Toth Financial Advisory Corp increased its position in shares of FedEx by 18.0% in the fourth quarter. Toth Financial Advisory Corp now owns 288 shares of the shipping service provider’s stock worth $73,000 after purchasing an additional 44 shares during the last quarter. 84.47% of the stock is currently owned by hedge funds and other institutional investors.

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.