FedEx (NYSE:FDX) Given New $320.00 Price Target at TD Cowen

FedEx (NYSE:FDXFree Report) had its price target lifted by TD Cowen from $293.00 to $320.00 in a research note issued to investors on Friday morning, Marketbeat Ratings reports. They currently have an outperform rating on the shipping service provider’s stock.

A number of other equities analysts have also weighed in on FDX. Bank Of America (Bofa) upped their target price on shares of FedEx from $330.00 to $334.00 in a research note on Wednesday, December 20th. Melius Research upgraded shares of FedEx from a hold rating to a buy rating and set a $310.00 price objective for the company in a research note on Monday, January 8th. Stifel Nicolaus reduced their price objective on shares of FedEx from $305.00 to $290.00 and set a buy rating for the company in a research note on Thursday. StockNews.com downgraded shares of FedEx from a strong-buy rating to a buy rating in a research note on Sunday, February 11th. Finally, Barclays increased their price objective on shares of FedEx from $310.00 to $350.00 and gave the stock an overweight rating in a research note on Friday. Seven investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $299.41.

Read Our Latest Stock Analysis on FedEx

FedEx Price Performance

FDX opened at $284.31 on Friday. The company has a quick ratio of 1.30, a current ratio of 1.34 and a debt-to-equity ratio of 0.75. FedEx has a 12 month low of $213.80 and a 12 month high of $291.27. The company has a fifty day simple moving average of $246.47 and a 200 day simple moving average of $251.55. The stock has a market cap of $71.05 billion, a P/E ratio of 16.84, a P/E/G ratio of 1.24 and a beta of 1.20.

FedEx (NYSE:FDXGet Free Report) last released its quarterly earnings data on Thursday, March 21st. The shipping service provider reported $3.86 EPS for the quarter, beating analysts’ consensus estimates of $3.49 by $0.37. The business had revenue of $21.70 billion during the quarter, compared to analysts’ expectations of $21.95 billion. FedEx had a net margin of 4.87% and a return on equity of 16.47%. The firm’s quarterly revenue was down 2.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.41 EPS. On average, research analysts expect that FedEx will post 17.52 EPS for the current year.

FedEx Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Monday, March 11th will be issued a dividend of $1.26 per share. The ex-dividend date is Friday, March 8th. This represents a $5.04 dividend on an annualized basis and a dividend yield of 1.77%. FedEx’s dividend payout ratio (DPR) is presently 29.86%.

FedEx declared that its Board of Directors has approved a share repurchase program on Thursday, March 21st that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the shipping service provider to reacquire up to 7.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Insider Transactions at FedEx

In other FedEx news, Director Amy B. Lane purchased 200 shares of the business’s stock in a transaction dated Tuesday, December 26th. The shares were bought at an average price of $253.22 per share, for a total transaction of $50,644.00. Following the completion of the acquisition, the director now owns 3,304 shares in the company, valued at $836,638.88. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Amy B. Lane bought 200 shares of the stock in a transaction that occurred on Tuesday, December 26th. The stock was acquired at an average price of $253.22 per share, with a total value of $50,644.00. Following the completion of the purchase, the director now directly owns 3,304 shares of the company’s stock, valued at $836,638.88. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John W. Dietrich bought 1,000 shares of the stock in a transaction that occurred on Thursday, December 28th. The shares were purchased at an average cost of $252.02 per share, with a total value of $252,020.00. Following the purchase, the executive vice president now directly owns 4,745 shares of the company’s stock, valued at $1,195,834.90. The disclosure for this purchase can be found here. 8.73% of the stock is owned by company insiders.

Institutional Investors Weigh In On FedEx

Several hedge funds and other institutional investors have recently made changes to their positions in FDX. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in FedEx by 11.0% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 133,075 shares of the shipping service provider’s stock worth $35,254,000 after purchasing an additional 13,197 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in FedEx by 2.3% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 595,122 shares of the shipping service provider’s stock worth $157,660,000 after purchasing an additional 13,642 shares during the last quarter. Skba Capital Management LLC boosted its holdings in FedEx by 0.3% during the third quarter. Skba Capital Management LLC now owns 39,320 shares of the shipping service provider’s stock worth $10,417,000 after purchasing an additional 100 shares during the last quarter. Vishria Bird Financial Group LLC boosted its holdings in FedEx by 21.2% during the third quarter. Vishria Bird Financial Group LLC now owns 80,348 shares of the shipping service provider’s stock worth $21,286,000 after purchasing an additional 14,036 shares during the last quarter. Finally, Machina Capital S.A.S. purchased a new position in FedEx during the third quarter worth about $1,453,000. 73.61% of the stock is owned by institutional investors.

FedEx Company Profile

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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.

Further Reading

Analyst Recommendations for FedEx (NYSE:FDX)

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