FedEx (NYSE:FDX) Coverage Initiated at Truist Financial

Truist Financial assumed coverage on shares of FedEx (NYSE:FDX) in a report released on Thursday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $305.00 price objective on the shipping service provider’s stock.

FDX has been the subject of a number of other research reports. Wells Fargo & Company lowered their target price on shares of FedEx from $320.00 to $275.00 and set an “equal weight” rating for the company in a research note on Thursday, March 6th. Sanford C. Bernstein downgraded shares of FedEx from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $337.00 to $316.00 in a research note on Tuesday, December 3rd. Raymond James downgraded shares of FedEx from an “outperform” rating to a “market perform” rating in a research note on Monday, February 3rd. Stephens lowered their target price on shares of FedEx from $350.00 to $345.00 and set an “overweight” rating for the company in a research note on Friday, December 20th. Finally, BNP Paribas upgraded shares of FedEx from a “strong sell” rating to a “strong-buy” rating in a research note on Thursday, January 16th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $318.04.

FedEx Stock Down 1.1 %

FedEx stock opened at $240.74 on Thursday. FedEx has a twelve month low of $239.50 and a twelve month high of $313.84. The stock’s fifty day simple moving average is $263.68 and its 200-day simple moving average is $274.89. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 0.73. The firm has a market capitalization of $57.98 billion, a P/E ratio of 15.34, a P/E/G ratio of 1.11 and a beta of 1.23.

FedEx (NYSE:FDX) last posted its quarterly earnings data on Thursday, December 19th. The shipping service provider reported $4.05 earnings per share for the quarter, topping analysts’ consensus estimates of $3.88 by $0.17. FedEx had a return on equity of 15.59% and a net margin of 4.45%. The business had revenue of $22 billion for the quarter, compared to analyst estimates of $22.14 billion. During the same quarter in the prior year, the company earned $3.99 earnings per share. The company’s revenue was down .7% on a year-over-year basis. As a group, equities analysts expect that FedEx will post 19.14 earnings per share for the current fiscal year.

FedEx Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Monday, March 10th will be issued a dividend of $1.38 per share. The ex-dividend date of this dividend is Monday, March 10th. This represents a $5.52 annualized dividend and a yield of 2.29%. FedEx’s dividend payout ratio is currently 35.18%.

Insider Buying and Selling

In related news, Director Susan C. Schwab sold 3,980 shares of the stock in a transaction dated Tuesday, January 14th. The shares were sold at an average price of $276.45, for a total transaction of $1,100,271.00. Following the completion of the transaction, the director now directly owns 8,904 shares of the company’s stock, valued at $2,461,510.80. This represents a 30.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Amy B. Lane bought 333 shares of the company’s stock in a transaction on Thursday, December 26th. The stock was bought at an average cost of $276.06 per share, with a total value of $91,927.98. Following the completion of the acquisition, the director now owns 333 shares of the company’s stock, valued at $91,927.98. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. 8.87% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Citizens Financial Group Inc. RI increased its holdings in FedEx by 3.0% in the third quarter. Citizens Financial Group Inc. RI now owns 1,308 shares of the shipping service provider’s stock valued at $360,000 after buying an additional 38 shares in the last quarter. Regal Investment Advisors LLC increased its holdings in FedEx by 2.4% in the fourth quarter. Regal Investment Advisors LLC now owns 1,604 shares of the shipping service provider’s stock valued at $451,000 after buying an additional 38 shares in the last quarter. Turtle Creek Wealth Advisors LLC increased its holdings in FedEx by 4.0% in the third quarter. Turtle Creek Wealth Advisors LLC now owns 1,020 shares of the shipping service provider’s stock valued at $279,000 after buying an additional 39 shares in the last quarter. Harbour Investments Inc. grew its position in shares of FedEx by 1.5% in the third quarter. Harbour Investments Inc. now owns 2,661 shares of the shipping service provider’s stock valued at $728,000 after purchasing an additional 40 shares during the last quarter. Finally, Cetera Trust Company N.A grew its position in shares of FedEx by 0.5% in the fourth quarter. Cetera Trust Company N.A now owns 7,925 shares of the shipping service provider’s stock valued at $2,230,000 after purchasing an additional 40 shares during the last quarter. 84.47% of the stock is owned by hedge funds and other 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.