FedEx (NYSE:FDX) Price Target Cut to $345.00 by Analysts at Bank of America

FedEx (NYSE:FDX) had its price target lowered by Bank of America from $347.00 to $345.00 in a research note published on Wednesday, Benzinga reports. Bank of America currently has a buy rating on the shipping service provider’s stock.

A number of other analysts also recently weighed in on the stock. JPMorgan Chase & Co. raised shares of FedEx from a neutral rating to an overweight rating and raised their price target for the stock from $296.00 to $359.00 in a research report on Wednesday, June 26th. The Goldman Sachs Group boosted their target price on shares of FedEx from $316.00 to $333.00 and gave the stock a buy rating in a research report on Wednesday, June 26th. Robert W. Baird reaffirmed an outperform rating and set a $340.00 price target on shares of FedEx in a research report on Friday, September 13th. UBS Group cut their price objective on FedEx from $340.00 to $333.00 and set a buy rating on the stock in a research note on Tuesday, May 21st. Finally, Daiwa America lowered FedEx from a moderate buy rating to a hold rating in a research report on Wednesday, September 11th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and nineteen have issued a buy rating to the stock. According to data from MarketBeat.com, FedEx currently has a consensus rating of Moderate Buy and a consensus price target of $314.58.

FedEx Price Performance

Shares of FDX stock opened at $298.17 on Wednesday. FedEx has a twelve month low of $224.69 and a twelve month high of $313.84. The company has a market capitalization of $73.37 billion, a PE ratio of 17.31, 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 has a fifty day simple moving average of $293.30 and a 200-day simple moving average of $274.62.

FedEx (NYSE:FDX) last announced its earnings results on Tuesday, June 25th. The shipping service provider reported $5.41 earnings per share for the quarter, beating the consensus estimate of $5.34 by $0.07. The company had revenue of $22.11 billion during the quarter, compared to the consensus estimate of $22.04 billion. FedEx had a return on equity of 16.70% and a net margin of 4.94%. The company’s revenue was up .8% on a year-over-year basis. During the same period last year, the firm earned $4.94 earnings per share. Equities research analysts anticipate that FedEx will post 20.82 earnings per share for the current fiscal year.

FedEx Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 9th will be given a $1.38 dividend. The ex-dividend date is Monday, September 9th. This represents a $5.52 annualized dividend and a yield of 1.85%. FedEx’s dividend payout ratio (DPR) is 32.04%.

Insider Activity

In other news, CAO Guy M. Erwin II sold 116 shares of the business’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $299.24, for a total transaction of $34,711.84. Following the sale, the chief accounting officer now directly owns 930 shares of the company’s stock, valued at $278,293.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other FedEx news, CAO Guy M. Erwin II sold 116 shares of the firm’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $299.24, for a total value of $34,711.84. Following the completion of the transaction, the chief accounting officer now directly owns 930 shares in the company, valued at $278,293.20. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Sriram Krishnasamy sold 8,421 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $310.14, for a total transaction of $2,611,688.94. Following the completion of the sale, the chief executive officer now owns 12,246 shares of the company’s stock, valued at approximately $3,797,974.44. The disclosure for this sale can be found here. In the last 90 days, insiders sold 32,944 shares of company stock worth $9,882,355. Insiders own 8.73% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Scarborough Advisors LLC purchased a new position in FedEx during the 4th quarter valued at about $25,000. Fortis Group Advisors LLC raised its holdings in FedEx by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 100 shares of the shipping service provider’s stock worth $25,000 after acquiring an additional 50 shares during the period. Sachetta LLC acquired a new position in shares of FedEx during the fourth quarter worth approximately $32,000. Central Valley Advisors LLC acquired a new stake in FedEx in the 2nd quarter worth $39,000. Finally, Abound Wealth Management grew its position in FedEx by 175.9% during the second quarter. Abound Wealth Management now owns 149 shares of the shipping service provider’s stock worth $45,000 after buying an additional 95 shares in the last quarter. 84.47% of the stock is owned by institutional investors and hedge funds.

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.