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

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

A number of other research analysts have also recently issued reports on the stock. Wells Fargo & Company decreased their price objective 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. Truist Financial initiated coverage on shares of FedEx in a report on Thursday, March 13th. They set a “buy” rating and a $305.00 price objective for the company. Loop Capital cut shares of FedEx from a “buy” rating to a “hold” rating and decreased their price objective for the company from $365.00 to $283.00 in a report on Monday, February 3rd. Sanford C. Bernstein cut shares of FedEx from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $337.00 to $316.00 in a report on Tuesday, December 3rd. Finally, BMO Capital Markets upped their price target on shares of FedEx from $300.00 to $330.00 and gave the company a “market perform” rating in a report on Friday, December 20th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock 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 has a debt-to-equity ratio of 0.73, a current ratio of 1.23 and a quick ratio of 1.19. The company has a market cap of $55.46 billion, a price-to-earnings ratio of 14.68, a price-to-earnings-growth ratio of 1.11 and a beta of 1.23. The firm has a 50 day simple moving average of $259.95 and a 200 day simple moving average of $272.35. FedEx has a fifty-two week low of $217.22 and a fifty-two week high of $313.84.

FedEx (NYSE:FDX) last issued its quarterly earnings data 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). The firm had revenue of $22.16 billion for the quarter, compared to analyst estimates of $21.96 billion. FedEx had a net margin of 4.45% and a return on equity of 15.59%. The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.86 EPS. On average, sell-side analysts anticipate that FedEx will post 19.14 earnings per share for the current year.

FedEx Announces Dividend

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

Insider Activity

In related news, Director Amy B. Lane acquired 333 shares of the company’s stock in a transaction dated Thursday, December 26th. The shares were bought at an average cost of $276.06 per share, with a total value of $91,927.98. Following the completion of the transaction, the director now directly owns 333 shares of the company’s stock, valued at $91,927.98. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Richard W. Smith sold 2,576 shares of the stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $276.93, for a total transaction of $713,371.68. Following the completion of the transaction, the chief executive officer now directly owns 111,886 shares in the company, valued at $30,984,589.98. The trade was a 2.25 % 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.

Hedge Funds Weigh In On FedEx

Institutional investors and hedge funds have recently modified their holdings of the business. Fortitude Family Office LLC grew its stake in shares of FedEx by 144.4% in the fourth 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 acquired a new stake in FedEx during the fourth quarter worth about $26,000. Peoples Financial Services CORP. acquired a new stake in FedEx during the fourth quarter worth about $28,000. City Holding Co. acquired a new stake in FedEx during the fourth quarter worth about $28,000. Finally, Kentucky Trust Co acquired a new stake in FedEx during the fourth quarter worth about $28,000. 84.47% of the stock is currently owned by institutional investors and hedge funds.

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.