TD Cowen Trims FedEx (NYSE:FDX) Target Price to $328.00

FedEx (NYSE:FDX) had its target price cut by TD Cowen from $334.00 to $328.00 in a research report report published on Friday morning, MarketBeat Ratings reports. They currently have a buy rating on the shipping service provider’s stock.

A number of other brokerages have also recently issued reports on FDX. Raymond James dropped their price objective on FedEx from $325.00 to $300.00 and set an outperform rating on the stock in a research note on Monday, June 24th. Oppenheimer reissued a market perform rating on shares of FedEx in a research report on Wednesday, June 26th. Stephens reaffirmed an overweight rating and issued a $325.00 target price on shares of FedEx in a report on Wednesday, June 26th. Morgan Stanley cut FedEx from an equal weight rating to an underweight rating and reduced their price target for the stock from $215.00 to $200.00 in a report on Friday. Finally, Robert W. Baird dropped their price objective on FedEx from $340.00 to $320.00 and set an outperform rating on the stock in a research note on Friday. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus price target of $315.95.

FedEx Price Performance

NYSE FDX opened at $254.64 on Friday. The firm’s 50 day moving average is $292.43 and its 200-day moving average is $275.22. The company has a quick ratio of 1.32, a current ratio of 1.36 and a debt-to-equity ratio of 0.73. The company has a market capitalization of $62.66 billion, a PE ratio of 14.78, a price-to-earnings-growth ratio of 1.03 and a beta of 1.17. FedEx has a 12-month low of $224.69 and a 12-month high of $313.84.

FedEx (NYSE:FDX) last posted its quarterly earnings data on Thursday, September 19th. The shipping service provider reported $3.60 EPS for the quarter, missing analysts’ consensus estimates of $4.82 by ($1.22). The business had revenue of $21.58 billion for the quarter, compared to analyst estimates of $21.87 billion. FedEx had a return on equity of 16.70% and a net margin of 4.94%. The company’s quarterly revenue was down .5% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.55 earnings per share. Equities research analysts anticipate that FedEx will post 20.82 earnings per share for the current fiscal year.

FedEx Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 9th will be paid a $1.38 dividend. This represents a $5.52 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date of this dividend is Monday, September 9th. FedEx’s dividend payout ratio (DPR) is presently 32.04%.

Insider Buying and Selling

In other news, EVP Robert B. Carter sold 16,010 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $294.48, for a total value of $4,714,624.80. Following the completion of the transaction, the executive vice president now directly owns 59,884 shares in the company, valued at approximately $17,634,640.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CAO Guy M. Erwin II sold 116 shares of FedEx stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $299.24, for a total value of $34,711.84. Following the transaction, the chief accounting officer now owns 930 shares in the company, valued at approximately $278,293.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Robert B. Carter sold 16,010 shares of the company’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $294.48, for a total value of $4,714,624.80. Following the sale, the executive vice president now owns 59,884 shares of the company’s stock, valued at $17,634,640.32. The disclosure for this sale can be found here. Insiders sold 32,944 shares of company stock valued at $9,882,355 over the last quarter. 8.73% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Fortis Group Advisors LLC grew its holdings in shares of FedEx by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 100 shares of the shipping service provider’s stock valued at $25,000 after purchasing an additional 50 shares during the last quarter. Scarborough Advisors LLC acquired a new stake in FedEx in the fourth quarter valued at approximately $25,000. Central Valley Advisors LLC bought a new stake in shares of FedEx during the second quarter worth $39,000. Security National Bank acquired a new position in shares of FedEx during the fourth quarter worth $44,000. Finally, Abound Wealth Management lifted its stake in shares of FedEx by 175.9% in the 2nd quarter. Abound Wealth Management now owns 149 shares of the shipping service provider’s stock valued at $45,000 after acquiring an additional 95 shares during the last quarter. Institutional investors and hedge funds own 84.47% of the company’s stock.

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.