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

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

Several other brokerages also recently issued reports on FDX. Wells Fargo & Company upgraded FedEx to a hold rating in a report on Tuesday, June 18th. Morgan Stanley raised their target price on shares of FedEx from $210.00 to $215.00 and gave the stock an equal weight rating in a report on Wednesday. BMO Capital Markets upped their price target on shares of FedEx from $290.00 to $310.00 and gave the company a market perform rating in a report on Friday, March 22nd. Bank of America boosted their price objective on shares of FedEx from $340.00 to $347.00 and gave the company a buy rating in a research report on Wednesday. Finally, Evercore ISI lowered their target price on FedEx from $351.00 to $318.00 and set an outperform rating for the company in a report on Monday, June 24th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and nineteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, FedEx currently has a consensus rating of Moderate Buy and a consensus price target of $314.00.

FedEx Stock Up 1.5 %

Shares of NYSE:FDX opened at $299.84 on Wednesday. The company has a 50 day moving average of $258.10 and a 200-day moving average of $256.48. FedEx has a one year low of $224.69 and a one year high of $302.41. The stock has a market cap of $73.78 billion, a price-to-earnings ratio of 17.40, a P/E/G ratio of 1.06 and a beta of 1.16. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.36 and a quick ratio of 1.26.

FedEx (NYSE:FDX) last posted its earnings results on Tuesday, June 25th. The shipping service provider reported $5.41 earnings per share for the quarter, topping the consensus estimate of $5.34 by $0.07. The company had revenue of $22.11 billion for the quarter, compared to analyst estimates of $22.04 billion. FedEx had a net margin of 4.94% and a return on equity of 16.70%. The business’s revenue for the quarter was up .8% compared to the same quarter last year. During the same period last year, the business posted $4.94 earnings per share. On average, sell-side analysts forecast that FedEx will post 20.53 earnings per share for the current year.

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

FedEx Increases Dividend

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

Insider Activity at FedEx

In other FedEx news, CEO Richard W. Smith sold 1,325 shares of the stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $278.24, for a total transaction 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 sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other FedEx news, CEO Richard W. Smith sold 1,325 shares of the stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $278.24, for a total transaction 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 sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Paul S. Walsh sold 2,535 shares of the stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $294.72, for a total transaction of $747,115.20. Following the transaction, the director now owns 14,745 shares in the company, valued at approximately $4,345,646.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 119,810 shares of company stock worth $32,924,413. Insiders own 8.73% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in FDX. Operose Advisors LLC bought a new stake in shares of FedEx during the 3rd quarter worth approximately $52,000. O Shaughnessy Asset Management LLC lifted its holdings in shares of FedEx by 70.2% during the 3rd quarter. O Shaughnessy Asset Management LLC now owns 12,130 shares of the shipping service provider’s stock worth $3,213,000 after acquiring an additional 5,003 shares during the period. Mather Group LLC. lifted its holdings in shares of FedEx by 92.3% during the 3rd quarter. Mather Group LLC. now owns 3,892 shares of the shipping service provider’s stock worth $1,031,000 after acquiring an additional 1,868 shares during the period. Tower Research Capital LLC TRC lifted its holdings in shares of FedEx by 25.5% during the 3rd quarter. Tower Research Capital LLC TRC now owns 15,640 shares of the shipping service provider’s stock worth $4,143,000 after acquiring an additional 3,182 shares during the period. Finally, Cape Cod Five Cents Savings Bank lifted its holdings in shares of FedEx by 106.1% during the 3rd quarter. Cape Cod Five Cents Savings Bank now owns 2,358 shares of the shipping service provider’s stock worth $625,000 after acquiring an additional 1,214 shares during the period. Institutional investors and hedge funds 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.