Raymond James Cuts FedEx (NYSE:FDX) Price Target to $290.00

FedEx (NYSE:FDX) had its price target cut by Raymond James from $320.00 to $290.00 in a research note released on Friday,Benzinga reports. They currently have an outperform rating on the shipping service provider’s stock.

Several other analysts have also recently weighed in on the company. Citigroup cut their price objective on FedEx from $347.00 to $317.00 and set a “buy” rating on the stock in a research report on Tuesday, March 18th. BNP Paribas raised FedEx from a “strong sell” rating to a “strong-buy” rating in a research report on Thursday, January 16th. UBS Group lifted their price objective on FedEx from $311.00 to $350.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Piper Sandler cut FedEx to a “neutral” rating in a research report on Monday, February 3rd. Finally, TD Cowen cut their price objective on FedEx from $337.00 to $310.00 and set a “buy” rating on the stock in a research report on Friday. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $301.67.

FedEx Stock Down 6.5 %

Shares of NYSE:FDX opened at $230.25 on Friday. FedEx has a 1 year low of $217.22 and a 1 year high of $313.84. The company has a market cap of $55.46 billion, a PE ratio of 14.68, a P/E/G ratio of 1.11 and a beta of 1.23. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.23 and a quick ratio of 1.19. The stock’s 50-day moving average is $259.95 and its 200 day 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 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.56 by ($0.05). FedEx had a net margin of 4.45% and a return on equity of 15.59%. The business had revenue of $22.16 billion for the quarter, compared to analysts’ expectations of $21.96 billion. During the same quarter in the prior year, the firm earned $3.86 EPS. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. Sell-side analysts anticipate that FedEx will post 19.14 EPS for the current year.

FedEx Dividend Announcement

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

Insider Buying and Selling at FedEx

In related news, EVP John W. Dietrich bought 1,000 shares of the firm’s stock in a transaction on Tuesday, January 7th. The stock was acquired at an average cost of $273.98 per share, for a total transaction of $273,980.00. Following the purchase, the executive vice president now owns 9,067 shares in the company, valued at approximately $2,484,176.66. This represents a 12.40 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Amy B. Lane bought 333 shares of the firm’s stock in a transaction on Thursday, December 26th. The shares were bought at an average price of $276.06 per share, with a total value of $91,927.98. Following the completion of the purchase, the director now owns 333 shares in the company, valued at approximately $91,927.98. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Company insiders own 8.87% of the company’s stock.

Institutional Investors Weigh In On FedEx

Several hedge funds and other institutional investors have recently modified their holdings of FDX. United Bank purchased a new stake in shares of FedEx in the 3rd quarter worth $615,000. Quest Partners LLC purchased a new stake in shares of FedEx in the 3rd quarter worth $123,000. Pathstone Holdings LLC increased its stake in shares of FedEx by 2.1% in the 3rd quarter. Pathstone Holdings LLC now owns 28,592 shares of the shipping service provider’s stock worth $7,827,000 after purchasing an additional 586 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in shares of FedEx in the 3rd quarter worth $2,611,000. Finally, PNC Financial Services Group Inc. increased its stake in FedEx by 0.3% in the 3rd quarter. PNC Financial Services Group Inc. now owns 76,897 shares of the shipping service provider’s stock worth $21,045,000 after buying an additional 259 shares in the last quarter. 84.47% of the stock is currently 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.