Wells Fargo & Company Cuts FedEx (NYSE:FDX) Price Target to $260.00

FedEx (NYSE:FDX) had its price target reduced by Wells Fargo & Company from $275.00 to $260.00 in a research report sent to investors on Friday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the shipping service provider’s stock.

Several other research firms have also weighed in on FDX. Truist Financial assumed coverage on FedEx in a report on Thursday, March 13th. They issued a “buy” rating and a $305.00 target price for the company. StockNews.com upgraded shares of FedEx from a “hold” rating to a “buy” rating in a research note on Friday, December 20th. Raymond James lowered their target price on shares of FedEx from $320.00 to $290.00 and set an “outperform” rating on the stock in a research note on Friday. Bank of America cut their target price on shares of FedEx from $295.00 to $272.00 and set a “buy” rating for the company in a research report on Friday. Finally, TD Cowen lowered their price target on FedEx from $337.00 to $310.00 and set a “buy” rating on the stock in a research report on Friday. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $301.67.

FedEx Trading Down 6.5 %

NYSE FDX opened at $230.25 on Friday. The company has a market capitalization of $55.46 billion, a PE ratio of 14.68, a price-to-earnings-growth ratio of 1.11 and a beta of 1.23. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 0.73. FedEx has a 1-year low of $217.22 and a 1-year high of $313.84. The firm’s fifty day simple moving average is $259.95 and its 200-day simple moving average is $272.35.

FedEx (NYSE:FDX) last announced its quarterly earnings results on Thursday, March 20th. The shipping service provider reported $4.51 EPS for the quarter, missing the consensus estimate of $4.56 by ($0.05). The business had revenue of $22.16 billion for the quarter, compared to analyst estimates of $21.96 billion. FedEx had a return on equity of 15.59% and a net margin of 4.45%. The business’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter last year, the company earned $3.86 EPS. As a group, sell-side analysts anticipate that FedEx will post 19.14 earnings per share for the current fiscal year.

FedEx Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 10th will be paid a $1.38 dividend. The ex-dividend date is Monday, March 10th. This represents a $5.52 annualized dividend and a dividend yield of 2.40%. FedEx’s dividend payout ratio is presently 35.18%.

Insider Transactions at FedEx

In related news, Director Susan C. Schwab sold 3,980 shares of the firm’s stock in a transaction on Tuesday, January 14th. The stock was sold at an average price of $276.45, for a total transaction of $1,100,271.00. Following the completion of the sale, the director now directly owns 8,904 shares of the company’s stock, valued at $2,461,510.80. This trade represents a 30.89 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Amy B. Lane acquired 333 shares of FedEx stock in a transaction on Thursday, December 26th. The stock was acquired at an average cost of $276.06 per share, for a total transaction of $91,927.98. Following the purchase, the director now owns 333 shares of the company’s stock, valued at approximately $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 owned by insiders.

Institutional Investors Weigh In On FedEx

Several large investors have recently made changes to their positions in the stock. Fortitude Family Office LLC lifted its position in FedEx by 144.4% in the 4th quarter. Fortitude Family Office LLC now owns 88 shares of the shipping service provider’s stock valued at $25,000 after acquiring an additional 52 shares in the last quarter. Transce3nd LLC bought a new stake in shares of FedEx in the fourth quarter valued at about $26,000. Peoples Financial Services CORP. acquired a new position in shares of FedEx during the fourth quarter worth about $28,000. City Holding Co. bought a new position in shares of FedEx during the fourth quarter worth about $28,000. Finally, Kentucky Trust Co acquired a new stake in FedEx in the 4th quarter valued at approximately $28,000. Institutional investors 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.