FedEx (NYSE:FDX) Price Target Cut to $320.00

FedEx (NYSE:FDX) had its price target lowered by Robert W. Baird from $340.00 to $320.00 in a report released on Friday, Benzinga reports. The brokerage currently has an outperform rating on the shipping service provider’s stock.

Other research analysts also recently issued reports about the company. Evercore ISI reduced their target price on FedEx from $339.00 to $335.00 and set an outperform rating for the company in a research note on Thursday, September 12th. Stephens reiterated an overweight rating and issued a $325.00 price objective on shares of FedEx in a report on Wednesday, June 26th. Morgan Stanley cut shares of FedEx from an equal weight rating to an underweight rating and cut their target price for the stock from $215.00 to $200.00 in a research note on Friday. The Goldman Sachs Group upped their price target on shares of FedEx from $316.00 to $333.00 and gave the company a buy rating in a research note on Wednesday, June 26th. Finally, TD Cowen began coverage on shares of FedEx in a research report on Thursday, August 22nd. They set a buy rating and a $334.00 price objective for the company. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $314.74.

FedEx Stock Performance

NYSE FDX opened at $258.82 on Friday. The firm has a market capitalization of $63.69 billion, a P/E ratio of 15.02, a price-to-earnings-growth ratio of 1.03 and a beta of 1.17. The company has a current ratio of 1.36, a quick ratio of 1.32 and a debt-to-equity ratio of 0.73. The firm’s fifty day moving average price is $291.50 and its two-hundred day moving average price is $275.28. 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 (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 firm had revenue of $21.58 billion during the quarter, compared to the consensus estimate of $21.87 billion. During the same period in the previous year, the company posted $4.55 earnings per share. The firm’s revenue for the quarter was down .5% compared to the same quarter last year. As a group, research analysts anticipate that FedEx will post 20.82 EPS for the current year.

FedEx Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 9th will be given a $1.38 dividend. This represents a $5.52 annualized dividend and a dividend yield of 2.13%. The ex-dividend date of this dividend is Monday, September 9th. FedEx’s payout ratio is presently 32.04%.

Insider Buying and Selling

In other news, CEO Sriram Krishnasamy sold 8,421 shares of FedEx stock in a transaction 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 transaction, the chief executive officer now owns 12,246 shares in the company, valued at approximately $3,797,974.44. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other FedEx news, EVP Brie Carere sold 1,958 shares of the firm’s stock in a transaction that occurred 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 sale, the executive vice president now owns 19,937 shares in the company, valued at $6,189,042.91. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sriram Krishnasamy sold 8,421 shares of the company’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $310.14, for a total transaction of $2,611,688.94. Following the transaction, the chief executive officer now owns 12,246 shares of the company’s stock, valued at $3,797,974.44. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 32,944 shares of company stock worth $9,882,355. Corporate insiders own 8.73% of the company’s stock.

Institutional Investors Weigh In On FedEx

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in FedEx by 5.6% in the 1st quarter. Vanguard Group Inc. now owns 19,868,165 shares of the shipping service provider’s stock valued at $5,756,602,000 after acquiring an additional 1,056,061 shares during the period. Capital International Investors lifted its holdings in FedEx by 32.5% during 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 buying an additional 2,163,622 shares during the period. Putnam Investments LLC grew its position in shares of FedEx by 38.1% in the 4th quarter. Putnam Investments LLC now owns 2,893,781 shares of the shipping service provider’s stock valued at $732,040,000 after buying an additional 798,084 shares during the last quarter. Mawer Investment Management Ltd. raised its position in shares of 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 worth $654,401,000 after acquiring an additional 684,679 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its stake in shares of 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 acquiring an additional 578,350 shares during the period. Institutional investors own 84.47% of the company’s stock.

FedEx Company Profile

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.