FedEx (NYSE:FDX) Given New $215.00 Price Target at Morgan Stanley

FedEx (NYSE:FDX) had its price objective lifted by Morgan Stanley from $210.00 to $215.00 in a report released on Wednesday morning, Benzinga reports. They currently have an equal weight rating on the shipping service provider’s stock.

Several other brokerages have also recently weighed in on FDX. JPMorgan Chase & Co. decreased their price target on FedEx from $301.00 to $296.00 and set a neutral rating on the stock in a research report on Friday, May 24th. Bank of America decreased their target price on FedEx from $346.00 to $340.00 and set a buy rating on the stock in a research note on Tuesday, April 2nd. Jefferies Financial Group raised their price target on FedEx from $265.00 to $300.00 and gave the company a hold rating in a report on Friday, March 22nd. BNP Paribas reaffirmed an underperform rating and issued a $250.00 target price on shares of FedEx in a research note on Wednesday, March 27th. Finally, TD Cowen boosted their price target on shares of FedEx from $293.00 to $320.00 and gave the stock an outperform rating in a research note on Friday, March 22nd. One analyst has rated the stock with a sell rating, six have given a hold rating and nineteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $314.00.

FedEx Stock Up 1.5 %

FDX stock opened at $299.84 on Wednesday. FedEx has a fifty-two week low of $224.69 and a fifty-two week high of $302.41. The stock has a fifty day moving average of $258.10 and a 200-day moving average of $256.36. The company has a market capitalization of $73.78 billion, a price-to-earnings ratio of 17.40, a PEG 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.

FedEx (NYSE:FDX) last announced its quarterly earnings results on Tuesday, June 25th. The shipping service provider reported $5.41 EPS for the quarter, beating analysts’ consensus estimates of $5.34 by $0.07. FedEx had a net margin of 4.94% and a return on equity of 16.70%. The company had revenue of $22.11 billion for the quarter, compared to analysts’ expectations of $22.04 billion. During the same period in the prior year, the company posted $4.94 EPS. FedEx’s revenue was up .8% compared to the same quarter last year. As a group, equities research analysts predict that FedEx will post 20.51 earnings per share for the current year.

FedEx Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 9th. Stockholders of record on Monday, June 24th will be paid a dividend of $1.38 per share. The ex-dividend date is Monday, June 24th. This is a boost from FedEx’s previous quarterly dividend of $1.26. This represents a $5.52 annualized dividend and a dividend yield of 1.84%. FedEx’s payout ratio is 32.04%.

FedEx announced that its board has authorized a stock repurchase 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 buy up to 7.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at FedEx

In other news, CEO Richard W. Smith sold 1,325 shares of FedEx stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $278.24, for a total transaction of $368,668.00. Following the sale, the chief executive officer now owns 84,614 shares of the company’s stock, valued at approximately $23,542,999.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other FedEx news, CEO Richard W. Smith sold 1,325 shares of the company’s stock in a transaction dated Thursday, April 4th. The shares were 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 filing with the SEC, which is available through the SEC website. Also, Director Paul S. Walsh sold 2,535 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $294.72, for a total value of $747,115.20. Following the transaction, the director now directly owns 14,745 shares of the company’s stock, valued at approximately $4,345,646.40. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 119,810 shares of company stock valued at $32,924,413. 8.73% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On FedEx

Several hedge funds and other institutional investors have recently modified their holdings of FDX. Scarborough Advisors LLC bought a new position in shares of FedEx in the fourth quarter worth about $25,000. Fortis Group Advisors LLC raised its position in shares of FedEx by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 100 shares of the shipping service provider’s stock valued at $25,000 after purchasing an additional 50 shares during the period. Financial Management Professionals Inc. lifted its position in shares of FedEx by 143.2% in the fourth quarter. Financial Management Professionals Inc. now owns 107 shares of the shipping service provider’s stock valued at $27,000 after acquiring an additional 63 shares in the last quarter. Private Wealth Management Group LLC bought a new stake in FedEx during the 4th quarter valued at approximately $28,000. Finally, Rakuten Securities Inc. bought a new position in FedEx in the 4th quarter worth approximately $30,000. 84.47% of the stock is owned by institutional investors.

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.