Bank of America Cuts FedEx (NYSE:FDX) Price Target to $345.00

FedEx (NYSE:FDX) had its price target lowered by Bank of America from $347.00 to $345.00 in a research report sent to investors on Wednesday, Benzinga reports. The brokerage currently has a buy rating on the shipping service provider’s stock.

FDX has been the subject of several other reports. UBS Group dropped their price target on FedEx from $340.00 to $333.00 and set a buy rating for the company in a research note on Tuesday, May 21st. Oppenheimer restated a market perform rating on shares of FedEx in a research report on Wednesday, June 26th. Evercore ISI reduced their price target on shares of FedEx from $339.00 to $335.00 and set an outperform rating on the stock in a report on Thursday, September 12th. Raymond James decreased their price target 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. Finally, The Goldman Sachs Group raised their price objective on FedEx from $316.00 to $333.00 and gave the company a buy rating in a research report on Wednesday, June 26th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $313.38.

FedEx Stock Performance

FDX opened at $254.64 on Wednesday. The company has a 50 day simple moving average of $292.43 and a two-hundred day simple moving average of $275.04. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.36 and a quick ratio of 1.32. The firm has a market cap of $62.66 billion, a P/E ratio of 14.78, a PEG ratio of 1.03 and a beta of 1.17. FedEx has a 1-year low of $224.69 and a 1-year high of $313.84.

FedEx (NYSE:FDX) last issued its earnings results on Thursday, September 19th. The shipping service provider reported $3.60 earnings per share for the quarter, missing the consensus estimate of $4.82 by ($1.22). The firm had revenue of $21.58 billion during the quarter, compared to the consensus estimate 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 period in the prior year, the company posted $4.55 EPS. Equities analysts forecast that FedEx will post 20.82 earnings per share for the current fiscal year.

FedEx Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 9th will be issued a $1.38 dividend. The ex-dividend date is Monday, September 9th. This represents a $5.52 annualized dividend and a dividend yield of 2.17%. FedEx’s payout ratio is 32.04%.

Insider Buying and Selling

In other news, EVP Brie Carere sold 1,958 shares of the business’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $310.43, for a total transaction of $607,821.94. Following the completion of the sale, the executive vice president now directly owns 19,937 shares of the company’s stock, valued at $6,189,042.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Brie Carere sold 1,958 shares of FedEx stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $310.43, for a total transaction of $607,821.94. Following the completion of the sale, the executive vice president now owns 19,937 shares of the company’s stock, valued at $6,189,042.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sriram Krishnasamy sold 8,421 shares of the stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $310.14, for a total value of $2,611,688.94. Following the completion of the transaction, the chief executive officer now directly owns 12,246 shares in the company, valued at approximately $3,797,974.44. The disclosure for this sale can be found here. In the last three months, insiders sold 32,944 shares of company stock valued at $9,882,355. Insiders own 8.73% of the company’s stock.

Hedge Funds Weigh In On FedEx

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in FedEx by 5.6% during the 1st quarter. Vanguard Group Inc. now owns 19,868,165 shares of the shipping service provider’s stock worth $5,756,602,000 after acquiring an additional 1,056,061 shares in the last quarter. Capital International Investors lifted its position in shares of FedEx by 32.5% in the 1st quarter. Capital International Investors now owns 8,831,084 shares of the shipping service provider’s stock worth $2,558,718,000 after purchasing an additional 2,163,622 shares during the period. Putnam Investments LLC boosted its stake in shares of FedEx by 38.1% during the fourth quarter. Putnam Investments LLC now owns 2,893,781 shares of the shipping service provider’s stock valued at $732,040,000 after purchasing an additional 798,084 shares in the last quarter. Mawer Investment Management Ltd. increased its holdings in FedEx by 43.5% during the first quarter. Mawer Investment Management Ltd. now owns 2,258,579 shares of the shipping service provider’s stock valued at $654,401,000 after buying an additional 684,679 shares during the period. Finally, Ameriprise Financial Inc. raised its stake in FedEx by 34.6% in the second quarter. Ameriprise Financial Inc. now owns 2,248,137 shares of the shipping service provider’s stock worth $674,336,000 after buying an additional 578,350 shares in the last quarter. Hedge funds and other institutional investors 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.