FedEx (NYSE:FDX) Price Target Raised to $324.00 at The Goldman Sachs Group

FedEx (NYSE:FDXFree Report) had its target price upped by The Goldman Sachs Group from $291.00 to $324.00 in a report released on Friday morning, Benzinga reports. The Goldman Sachs Group currently has a buy rating on the shipping service provider’s stock.

Several other analysts also recently weighed in on FDX. Morgan Stanley reiterated an equal weight rating and set a $195.00 price target on shares of FedEx in a research note on Monday, March 4th. TD Cowen boosted their price target on FedEx from $293.00 to $320.00 and gave the company an outperform rating in a research note on Friday. Bank Of America (Bofa) upped their target price on FedEx from $330.00 to $334.00 in a research note on Wednesday, December 20th. 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 research note on Friday. Finally, StockNews.com downgraded FedEx from a strong-buy rating to a buy rating in a research note on Sunday, February 11th. Seven investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of $299.41.

View Our Latest Analysis on FDX

FedEx Price Performance

NYSE FDX opened at $284.31 on Friday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.30 and a current ratio of 1.34. The firm’s 50 day moving average price is $246.47 and its 200-day moving average price is $251.55. FedEx has a 52-week low of $213.80 and a 52-week high of $291.27. The company has a market cap of $71.05 billion, a PE ratio of 16.84, a P/E/G ratio of 1.24 and a beta of 1.20.

FedEx (NYSE:FDXGet Free Report) last issued its quarterly earnings results on Thursday, March 21st. The shipping service provider reported $3.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.49 by $0.37. FedEx had a return on equity of 16.47% and a net margin of 4.87%. The business had revenue of $21.70 billion for the quarter, compared to the consensus estimate of $21.95 billion. During the same period in the prior year, the firm posted $3.41 earnings per share. The business’s quarterly revenue was down 2.1% on a year-over-year basis. Sell-side analysts forecast that FedEx will post 17.52 EPS for the current fiscal year.

FedEx Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Monday, March 11th will be given a $1.26 dividend. The ex-dividend date of this dividend 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 announced that its board has initiated a share repurchase plan on Thursday, March 21st that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the shipping service provider to purchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of FDX. Vanguard Group Inc. raised its stake in shares of FedEx by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 18,812,104 shares of the shipping service provider’s stock valued at $4,758,898,000 after acquiring an additional 82,994 shares in the last quarter. BlackRock Inc. raised its stake in shares of FedEx by 2.0% in the second quarter. BlackRock Inc. now owns 16,155,472 shares of the shipping service provider’s stock valued at $4,004,941,000 after acquiring an additional 313,917 shares in the last quarter. Sentry LLC acquired a new stake in shares of FedEx in the fourth quarter valued at $1,811,748,000. Capital International Investors raised its stake in shares of FedEx by 15.2% in the fourth quarter. Capital International Investors now owns 6,667,462 shares of the shipping service provider’s stock valued at $1,686,738,000 after acquiring an additional 880,894 shares in the last quarter. Finally, FMR LLC raised its stake in shares of FedEx by 29.1% in the third quarter. FMR LLC now owns 4,063,938 shares of the shipping service provider’s stock valued at $1,076,619,000 after acquiring an additional 916,555 shares in the last quarter. 73.61% of the stock is currently owned by hedge funds and other 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.

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Analyst Recommendations for FedEx (NYSE:FDX)

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