FedEx’s (FDX) “Market Perform” Rating Reiterated at Oppenheimer

Oppenheimer reiterated their market perform rating on shares of FedEx (NYSE:FDX) in a report issued on Wednesday, Benzinga reports.

Several other research firms have also weighed in on FDX. Barclays upped their price objective on shares of FedEx from $310.00 to $350.00 and gave the company an overweight rating in a research note on Friday, March 22nd. UBS Group dropped their price objective on shares of FedEx from $340.00 to $333.00 and set a buy rating on the stock in a research note on Tuesday, May 21st. Raymond James dropped their price objective on shares of FedEx from $325.00 to $300.00 and set an outperform rating on the stock in a research note on Monday, June 24th. Robert W. Baird upped their price objective on shares of FedEx from $325.00 to $340.00 and gave the company an outperform rating in a research note on Wednesday. Finally, Stephens reiterated an overweight rating and issued a $325.00 price objective on shares of FedEx in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and nineteen have issued a buy rating to the stock. According to MarketBeat, FedEx currently has a consensus rating of Moderate Buy and a consensus price target of $314.00.

FedEx Stock Up 1.5 %

Shares of NYSE:FDX opened at $299.84 on Wednesday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.26 and a current ratio of 1.36. The company has a market cap of $73.78 billion, a PE ratio of 17.40, a price-to-earnings-growth ratio of 1.06 and a beta of 1.16. FedEx has a 52 week low of $224.69 and a 52 week high of $302.41. The firm has a 50 day simple moving average of $258.10 and a 200 day simple moving average of $256.48.

FedEx (NYSE:FDX) last issued its quarterly earnings results on Tuesday, June 25th. The shipping service provider reported $5.41 EPS for the quarter, beating the consensus estimate of $5.34 by $0.07. The business had revenue of $22.11 billion during the quarter, compared to the consensus estimate of $22.04 billion. FedEx had a net margin of 4.94% and a return on equity of 16.70%. The firm’s quarterly revenue was up .8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.94 EPS. As a group, research analysts expect that FedEx will post 20.53 earnings per share for the current year.

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

FedEx Increases Dividend

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

Insider Buying and Selling at FedEx

In other FedEx news, Chairman Frederick W. Smith sold 113,400 shares of the stock in a transaction 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 sale, the chairman now directly 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. In other news, EVP Tracy B. Brightman sold 2,550 shares of the firm’s stock in a transaction dated 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 transaction was disclosed in a legal 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 transaction of $31,105,620.00. Following the transaction, the chairman now directly owns 14,505,844 shares of the company’s stock, valued at $3,978,953,009.20. The disclosure for this sale can be found here. Insiders sold a total of 119,810 shares of company stock valued at $32,924,413 in the last ninety days. Company insiders own 8.73% of the company’s stock.

Hedge Funds Weigh In On FedEx

A number of hedge funds and other institutional investors have recently made changes to their positions in FDX. Operose Advisors LLC acquired a new stake in shares of FedEx during the 3rd quarter worth about $52,000. O Shaughnessy Asset Management LLC increased its position in shares of FedEx by 70.2% during the 3rd quarter. O Shaughnessy Asset Management LLC now owns 12,130 shares of the shipping service provider’s stock worth $3,213,000 after purchasing an additional 5,003 shares in the last quarter. Mather Group LLC. increased its position in shares of FedEx by 92.3% during the 3rd quarter. Mather Group LLC. now owns 3,892 shares of the shipping service provider’s stock worth $1,031,000 after purchasing an additional 1,868 shares in the last quarter. Tower Research Capital LLC TRC increased its position in shares of FedEx by 25.5% during the 3rd quarter. Tower Research Capital LLC TRC now owns 15,640 shares of the shipping service provider’s stock worth $4,143,000 after purchasing an additional 3,182 shares in the last quarter. Finally, Cape Cod Five Cents Savings Bank increased its position in shares of FedEx by 106.1% during the 3rd quarter. Cape Cod Five Cents Savings Bank now owns 2,358 shares of the shipping service provider’s stock worth $625,000 after purchasing an additional 1,214 shares in the last quarter. 84.47% of the stock is owned by institutional investors.

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.