FedEx (NYSE:FDX) Given New $340.00 Price Target at Bank of America

FedEx (NYSE:FDXFree Report) had its price target decreased by Bank of America from $346.00 to $340.00 in a report issued on Tuesday, Benzinga reports. Bank of America currently has a buy rating on the shipping service provider’s stock.

Several other research firms have also recently weighed in on FDX. BMO Capital Markets boosted their target price on FedEx from $290.00 to $310.00 and gave the stock a market perform rating in a research note on Friday, March 22nd. Melius raised FedEx from a hold rating to a buy rating in a research report on Monday, January 8th. TD Cowen lifted their price target on FedEx from $293.00 to $320.00 and gave the stock an outperform rating in a research report on Friday, March 22nd. StockNews.com lowered FedEx from a strong-buy rating to a buy rating in a research report on Sunday, February 11th. Finally, Oppenheimer reaffirmed a market perform rating on shares of FedEx in a research report on Friday, March 22nd. One investment analyst has rated the stock with a sell rating, seven 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 an average rating of Moderate Buy and an average target price of $300.85.

Read Our Latest Stock Report on FDX

FedEx Trading Down 1.7 %

FDX opened at $275.33 on Tuesday. The business’s 50-day simple moving average is $252.00 and its 200-day simple moving average is $253.00. The company has a market cap of $67.75 billion, a P/E ratio of 15.88, a PEG ratio of 1.37 and a beta of 1.21. FedEx has a one year low of $213.80 and a one year high of $291.27. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.26 and a current ratio of 1.31.

FedEx (NYSE:FDXGet Free Report) last posted its earnings results on Thursday, March 21st. The shipping service provider reported $3.86 earnings per share for the quarter, topping the consensus estimate of $3.49 by $0.37. The firm had revenue of $21.70 billion during the quarter, compared to analysts’ expectations of $21.95 billion. FedEx had a return on equity of 16.60% and a net margin of 5.02%. The firm’s revenue was down 2.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.41 earnings per share. As a group, equities research analysts expect that FedEx will post 17.6 EPS for the current fiscal year.

FedEx announced that its board has authorized a share buyback plan on Thursday, March 21st that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the shipping service provider to repurchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.

FedEx Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Monday, March 11th were paid a $1.26 dividend. The ex-dividend date was Friday, March 8th. This represents a $5.04 dividend on an annualized basis and a dividend yield of 1.83%. FedEx’s dividend payout ratio (DPR) is presently 29.07%.

Insider Activity at FedEx

In other FedEx news, Director Susan C. Schwab sold 6,145 shares of the business’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $288.02, for a total transaction of $1,769,882.90. Following the sale, the director now directly owns 7,865 shares in the company, valued at $2,265,277.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other FedEx news, Director Susan C. Schwab sold 6,145 shares of the business’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $288.02, for a total transaction of $1,769,882.90. Following the sale, the director now directly owns 7,865 shares in the company, valued at $2,265,277.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Mark R. Allen sold 10,145 shares of the business’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $287.28, for a total value of $2,914,455.60. Following the sale, the executive vice president now owns 36,853 shares in the company, valued at $10,587,129.84. The disclosure for this sale can be found here. Insiders have sold a total of 19,393 shares of company stock worth $5,581,475 over the last three months. 8.73% of the stock is currently owned by corporate insiders.

Institutional Trading of FedEx

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of FedEx by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 18,812,104 shares of the shipping service provider’s stock valued at $4,758,898,000 after acquiring an additional 82,994 shares in the last quarter. Sentry LLC purchased a new stake in shares of FedEx in the fourth quarter valued at $1,811,748,000. Capital International Investors lifted its position in shares of FedEx by 15.2% in the fourth quarter. Capital International Investors now owns 6,667,462 shares of the shipping service provider’s stock valued at $1,686,738,000 after acquiring an additional 880,894 shares in the last quarter. FMR LLC lifted its position in shares of FedEx by 29.1% in the third quarter. FMR LLC now owns 4,063,938 shares of the shipping service provider’s stock valued at $1,076,619,000 after acquiring an additional 916,555 shares in the last quarter. Finally, Morgan Stanley lifted its position in shares of FedEx by 19.6% in the fourth quarter. Morgan Stanley now owns 3,412,956 shares of the shipping service provider’s stock valued at $591,124,000 after acquiring an additional 559,607 shares in the last quarter. 84.47% of the stock is currently owned by hedge funds and other institutional investors.

About FedEx

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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.

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