Bernstein Bank Raises FedEx (NYSE:FDX) Price Target to $337.00

FedEx (NYSE:FDX) had its price target hoisted by Bernstein Bank from $305.00 to $337.00 in a research note issued to investors on Friday. The brokerage currently has an overweight rating on the shipping service provider’s stock.

Other analysts have also recently issued research reports about the company. JPMorgan Chase & Co. upgraded FedEx from a neutral rating to an overweight rating and upped their price target for the stock from $296.00 to $359.00 in a research report on Wednesday, June 26th. TD Cowen decreased their target price on shares of FedEx from $334.00 to $328.00 and set a buy rating on the stock in a research note on Friday. StockNews.com lowered shares of FedEx from a strong-buy rating to a buy rating in a research report on Saturday, August 24th. The Goldman Sachs Group raised their price objective on shares of FedEx from $316.00 to $333.00 and gave the company a buy rating in a research report on Wednesday, June 26th. Finally, Bank of America dropped their target price on shares of FedEx from $347.00 to $345.00 and set a buy rating for the company in a report on Wednesday, September 18th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $315.95.

FedEx Price Performance

NYSE FDX opened at $254.64 on Friday. The company has a 50-day moving average price of $292.43 and a 200-day moving average price of $275.22. FedEx has a 52 week low of $224.69 and a 52 week high of $313.84. 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 firm has a market capitalization of $62.66 billion, a P/E ratio of 14.78, a PEG ratio of 1.03 and a beta of 1.17.

FedEx (NYSE:FDX) last announced its earnings results 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). FedEx had a net margin of 4.94% and a return on equity of 16.70%. The business had revenue of $21.58 billion for the quarter, compared to analysts’ expectations of $21.87 billion. During the same period in the prior year, the company posted $4.55 earnings per share. The firm’s quarterly revenue was down .5% on a year-over-year basis. Equities research analysts anticipate that FedEx will post 20.82 earnings per share for the current year.

FedEx Announces Dividend

The business also recently announced 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. This represents a $5.52 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date is Monday, September 9th. FedEx’s dividend payout ratio (DPR) is 32.04%.

Insider Activity

In other FedEx news, EVP Brie Carere sold 1,958 shares of FedEx 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 transaction, the executive vice president now directly 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 can be accessed through this link. In related news, CAO Guy M. Erwin II sold 116 shares of the firm’s stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $299.24, for a total transaction of $34,711.84. Following the completion of the sale, the chief accounting officer now directly owns 930 shares of the company’s stock, valued at approximately $278,293.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Brie Carere sold 1,958 shares of the company’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $310.43, for a total value of $607,821.94. Following the completion of the transaction, the executive vice president now directly owns 19,937 shares in the company, valued at approximately $6,189,042.91. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 32,944 shares of company stock valued at $9,882,355. 8.73% of the stock is currently owned by insiders.

Institutional Trading of FedEx

Large investors have recently made changes to their positions in the stock. Fortis Group Advisors LLC boosted its position in FedEx by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 100 shares of the shipping service provider’s stock valued at $25,000 after buying an additional 50 shares during the period. Scarborough Advisors LLC purchased a new stake in shares of FedEx in the fourth quarter valued at approximately $25,000. Central Valley Advisors LLC bought a new position in FedEx in the second quarter worth approximately $39,000. Security National Bank purchased a new position in FedEx during the 4th quarter worth $44,000. Finally, Abound Wealth Management raised its position in FedEx by 175.9% during the 2nd quarter. Abound Wealth Management now owns 149 shares of the shipping service provider’s stock valued at $45,000 after purchasing an additional 95 shares in the last quarter. 84.47% of the stock is owned by hedge funds and other 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.