TD Cowen Cuts FedEx (NYSE:FDX) Price Target to $328.00

FedEx (NYSE:FDX) had its price target reduced by TD Cowen from $334.00 to $328.00 in a report issued on Friday morning, MarketBeat reports. TD Cowen currently has a buy rating on the shipping service provider’s stock.

A number of other equities analysts have also issued reports on the stock. Stifel Nicolaus reaffirmed a buy rating and set a $327.00 target price (up previously from $303.00) on shares of FedEx in a research report on Wednesday, June 26th. Robert W. Baird cut their price objective on shares of FedEx from $340.00 to $320.00 and set an outperform rating for the company in a research report on Friday. Wells Fargo & Company increased their target price on shares of FedEx from $275.00 to $300.00 and gave the company an equal weight rating in a research note on Wednesday, June 26th. StockNews.com lowered FedEx from a strong-buy rating to a buy rating in a research note on Saturday, August 24th. Finally, Bank of America reduced their price objective on FedEx from $347.00 to $345.00 and set a buy rating for the company in a research report on Wednesday, September 18th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $315.95.

FedEx Stock Performance

Shares of FDX opened at $254.64 on Friday. The company has a market capitalization of $62.66 billion, a PE ratio of 14.78, a price-to-earnings-growth ratio of 1.03 and a beta of 1.17. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.36 and a quick ratio of 1.32. FedEx has a one year low of $224.69 and a one year high of $313.84. The company’s fifty day moving average price is $292.43 and its 200 day moving average price is $275.22.

FedEx (NYSE:FDX) last posted its quarterly earnings data on Thursday, September 19th. The shipping service provider reported $3.60 earnings per share for the quarter, missing the consensus estimate of $4.82 by ($1.22). The business had revenue of $21.58 billion for the quarter, compared to analyst estimates of $21.87 billion. FedEx had a return on equity of 16.70% and a net margin of 4.94%. FedEx’s revenue for the quarter was down .5% on a year-over-year basis. During the same period in the prior year, the firm posted $4.55 EPS. As a group, analysts expect that FedEx will post 20.82 earnings per share for the current year.

FedEx Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 9th will be issued a dividend of $1.38 per share. The ex-dividend date of this dividend is Monday, September 9th. This represents a $5.52 annualized dividend and a yield of 2.17%. FedEx’s dividend payout ratio is currently 32.04%.

Insider Activity

In related news, EVP Robert B. Carter sold 16,010 shares of the stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $294.48, for a total value of $4,714,624.80. Following the transaction, the executive vice president now directly owns 59,884 shares in the company, valued at $17,634,640.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, EVP Brie Carere sold 1,958 shares of the business’s stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $310.43, for a total transaction of $607,821.94. Following the completion of the transaction, the executive vice president now owns 19,937 shares in the company, valued at $6,189,042.91. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Robert B. Carter sold 16,010 shares of the stock in a transaction on Friday, June 28th. The stock was sold at an average price of $294.48, for a total transaction of $4,714,624.80. Following the completion of the sale, the executive vice president now owns 59,884 shares in the company, valued at $17,634,640.32. The disclosure for this sale can be found here. In the last quarter, insiders have sold 32,944 shares of company stock valued at $9,882,355. 8.73% of the stock is currently owned by insiders.

Institutional Trading of FedEx

Hedge funds have recently added to or reduced their stakes in the business. Capital International Investors increased its holdings in shares of FedEx by 32.5% in the first quarter. Capital International Investors now owns 8,831,084 shares of the shipping service provider’s stock worth $2,558,718,000 after acquiring an additional 2,163,622 shares in the last quarter. Sentry LLC bought a new stake in FedEx during the 4th quarter worth approximately $307,007,000. Vanguard Group Inc. raised its holdings in FedEx by 5.6% during the 1st quarter. Vanguard Group Inc. now owns 19,868,165 shares of the shipping service provider’s stock worth $5,756,602,000 after buying an additional 1,056,061 shares during the period. Putnam Investments LLC lifted its stake in FedEx by 38.1% in the fourth quarter. Putnam Investments LLC now owns 2,893,781 shares of the shipping service provider’s stock valued at $732,040,000 after buying an additional 798,084 shares in the last quarter. Finally, Mawer Investment Management Ltd. boosted its holdings in shares of FedEx by 43.5% in the first quarter. Mawer Investment Management Ltd. now owns 2,258,579 shares of the shipping service provider’s stock valued at $654,401,000 after buying an additional 684,679 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.