FedEx (NYSE:FDX) Price Target Lowered to $272.00 at Bank of America

FedEx (NYSE:FDX) had its price target decreased by Bank of America from $295.00 to $272.00 in a report issued on Friday,Benzinga reports. Bank of America currently has a buy rating on the shipping service provider’s stock.

A number of other research analysts have also issued reports on FDX. Stephens dropped their price objective on shares of FedEx from $350.00 to $345.00 and set an “overweight” rating for the company in a report on Friday, December 20th. Piper Sandler lowered shares of FedEx to a “neutral” rating in a report on Monday, February 3rd. Sanford C. Bernstein lowered shares of FedEx from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $337.00 to $316.00 in a report on Tuesday, December 3rd. StockNews.com upgraded shares of FedEx from a “hold” rating to a “buy” rating in a report on Friday, December 20th. Finally, Wells Fargo & Company lowered their price target on shares of FedEx from $320.00 to $275.00 and set an “equal weight” rating for the company in a report on Thursday, March 6th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, FedEx presently has a consensus rating of “Moderate Buy” and an average target price of $301.67.

FedEx Trading Down 6.5 %

FDX opened at $230.25 on Friday. The company’s 50 day moving average is $259.95 and its 200-day moving average is $272.35. FedEx has a 1-year low of $217.22 and a 1-year high of $313.84. 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 company has a market cap of $55.46 billion, a P/E ratio of 14.68, a PEG ratio of 1.11 and a beta of 1.23.

FedEx (NYSE:FDX) last posted its quarterly earnings results on Thursday, March 20th. The shipping service provider reported $4.51 earnings per share 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 company had revenue of $22.16 billion during the quarter, compared to analyst estimates of $21.96 billion. During the same quarter in the previous year, the business posted $3.86 earnings per share. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. Equities research analysts predict that FedEx will post 19.14 earnings per share for the current fiscal year.

FedEx Announces Dividend

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

Insiders Place Their Bets

In other FedEx news, EVP John W. Dietrich bought 1,000 shares of the stock in a transaction dated Tuesday, January 7th. The shares were bought 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 directly owns 9,067 shares of the company’s stock, valued at approximately $2,484,176.66. This trade represents a 12.40 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Susan C. Schwab sold 3,980 shares of FedEx stock in a transaction on Tuesday, January 14th. The stock was sold at an average price of $276.45, for a total value of $1,100,271.00. Following the sale, the director now owns 8,904 shares in the company, valued at $2,461,510.80. The trade was a 30.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 8.87% of the company’s stock.

Institutional Investors Weigh In On FedEx

A number of hedge funds have recently made changes to their positions in the business. 111 Capital bought a new stake in FedEx in the 4th quarter valued at about $508,000. Wealth Enhancement Advisory Services LLC raised its stake in FedEx by 69.6% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 76,477 shares of the shipping service provider’s stock valued at $21,515,000 after acquiring an additional 31,376 shares during the period. NorthCrest Asset Manangement LLC raised its stake in FedEx by 2.6% in the 4th quarter. NorthCrest Asset Manangement LLC now owns 19,524 shares of the shipping service provider’s stock valued at $5,493,000 after acquiring an additional 491 shares during the period. Lansforsakringar Fondforvaltning AB publ bought a new stake in FedEx in the 4th quarter valued at about $44,690,000. Finally, Northstar Financial Companies Inc. bought a new stake in FedEx in the 4th quarter valued at about $393,000. 84.47% of the stock is currently owned by institutional investors.

FedEx Company Profile

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.