TD Cowen Increases FedEx (NYSE:FDX) Price Target to $335.00

FedEx (NYSE:FDX) had its price objective upped by TD Cowen from $320.00 to $335.00 in a research note published on Wednesday morning, Marketbeat Ratings reports. They currently have a buy rating on the shipping service provider’s stock.

FDX has been the subject of a number of other research reports. Barclays boosted their price objective on FedEx from $310.00 to $350.00 and gave the company an overweight rating in a report on Friday, March 22nd. Jefferies Financial Group upped their target price on FedEx from $265.00 to $300.00 and gave the stock a hold rating in a report on Friday, March 22nd. BMO Capital Markets upped their target price on FedEx from $290.00 to $310.00 and gave the stock a market perform rating in a report on Friday, March 22nd. UBS Group lowered their target price on FedEx from $340.00 to $333.00 and set a buy rating for the company in a report on Tuesday, May 21st. Finally, BNP Paribas reiterated an underperform rating and issued a $250.00 target price on shares of FedEx in a report on Wednesday, March 27th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and nineteen have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $314.00.

FedEx Price Performance

Shares of FedEx stock opened at $299.84 on Wednesday. The stock has a market cap of $73.78 billion, a price-to-earnings ratio of 17.40, a price-to-earnings-growth ratio of 1.09 and a beta of 1.16. 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 stock has a 50 day moving average price of $258.10 and a 200-day moving average price of $256.36. FedEx has a one year low of $224.69 and a one year high of $302.41.

FedEx (NYSE:FDX) last announced its earnings results on Tuesday, June 25th. The shipping service provider reported $5.41 EPS for the quarter, topping analysts’ consensus estimates of $5.34 by $0.07. The firm had revenue of $22.11 billion during the quarter, compared to analysts’ expectations of $22.04 billion. FedEx had a return on equity of 16.70% and a net margin of 4.94%. The company’s quarterly revenue was up .8% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.94 EPS. Equities analysts expect that FedEx will post 20.51 EPS for the current year.

FedEx Increases Dividend

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

FedEx declared that its Board of Directors has authorized a share repurchase plan on Thursday, March 21st that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the shipping service provider to repurchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other news, CEO Richard W. Smith sold 1,325 shares of the company’s stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $278.24, for a total value of $368,668.00. Following the sale, the chief executive officer now owns 84,614 shares in the company, valued at $23,542,999.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other FedEx news, Chairman Frederick W. Smith sold 113,400 shares of the stock in a transaction that occurred on 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 owns 14,505,844 shares in the company, valued at $3,978,953,009.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Richard W. Smith sold 1,325 shares of the stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $278.24, for a total value of $368,668.00. Following the transaction, the chief executive officer now owns 84,614 shares in the company, valued at approximately $23,542,999.36. The disclosure for this sale can be found here. Over the last three months, insiders have sold 119,810 shares of company stock valued at $32,924,413. Company insiders own 8.73% of the company’s stock.

Hedge Funds Weigh In On FedEx

A number of hedge funds have recently bought and sold shares of the business. Lazari Capital Management Inc. acquired a new position in shares of FedEx during the first quarter valued at approximately $202,000. Keynote Financial Services LLC acquired a new position in shares of FedEx during the first quarter valued at approximately $288,000. EverSource Wealth Advisors LLC raised its holdings in shares of FedEx by 0.4% during the first quarter. EverSource Wealth Advisors LLC now owns 12,496 shares of the shipping service provider’s stock valued at $3,621,000 after acquiring an additional 45 shares during the last quarter. DekaBank Deutsche Girozentrale raised its holdings in shares of FedEx by 45.2% during the first quarter. DekaBank Deutsche Girozentrale now owns 148,573 shares of the shipping service provider’s stock valued at $42,610,000 after acquiring an additional 46,244 shares during the last quarter. Finally, Pathway Financial Advisers LLC acquired a new position in shares of FedEx during the first quarter valued at approximately $89,000. 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.