Sanford C. Bernstein Analysts Give FedEx Corp. (FDX) a $159.00 Price Target
FedEx Corp. (NYSE:FDX) received a $159.00 price objective from stock analysts at Sanford C. Bernstein in a research note issued on Wednesday. The firm currently has a a “neutral” rating on the shipping service provider’s stock. Sanford C. Bernstein’s price objective would suggest a potential downside of 2.24% from the company’s current price.
A number of other equities analysts have also recently issued reports on the company. Wolfe Research upgraded FedEx Corp. from a “market perform” rating to an “outperform” rating in a report on Friday, July 1st. Cowen and Company restated a “market perform” rating and set a $110.00 price objective on shares of FedEx Corp. in a report on Sunday, July 31st. Zacks Investment Research cut FedEx Corp. from a “hold” rating to a “sell” rating in a report on Tuesday, August 23rd. Vetr cut FedEx Corp. from a “strong-buy” rating to a “buy” rating and set a $179.94 price objective for the company. in a report on Monday, August 8th. Finally, Bank of America Corp. reiterated a “buy” rating on shares of FedEx Corp. in a report on Thursday, June 16th. Nine research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $175.31.
FedEx Corp. (NYSE:FDX) traded up 6.51% during midday trading on Wednesday, hitting $173.24. The company had a trading volume of 2,560,067 shares. FedEx Corp. has a 52 week low of $119.71 and a 52 week high of $173.40. The stock has a 50 day moving average price of $164.16 and a 200-day moving average price of $161.10. The stock has a market capitalization of $46.00 billion, a PE ratio of 26.61 and a beta of 1.35.
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FedEx Corp. (NYSE:FDX) last posted its quarterly earnings data on Tuesday, September 20th. The shipping service provider reported $2.90 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.81 by $0.09. FedEx Corp. had a return on equity of 20.62% and a net margin of 3.61%. The company earned $14.70 billion during the quarter. During the same quarter in the previous year, the firm earned $2.42 EPS. FedEx Corp.’s revenue was up 19.5% compared to the same quarter last year. On average, equities analysts predict that FedEx Corp. will post $11.97 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Monday, September 12th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.98%. The ex-dividend date of this dividend is Thursday, September 8th. FedEx Corp.’s dividend payout ratio is presently 24.84%.
In other news, EVP Alan B. Graf, Jr. sold 7,400 shares of the stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $159.43, for a total value of $1,179,782.00. Following the transaction, the executive vice president now directly owns 150,665 shares of the company’s stock, valued at $24,020,520.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael L. Ducker sold 5,000 shares of the stock in a transaction dated Friday, July 22nd. The shares were sold at an average price of $158.43, for a total value of $792,150.00. Following the completion of the transaction, the chief executive officer now directly owns 56,265 shares in the company, valued at $8,914,063.95. The disclosure for this sale can be found here. 8.67% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Delta Capital Management LLC purchased a new position in shares of FedEx Corp. during the first quarter worth $2,996,000. Kelman Lazarov Inc. purchased a new position in shares of FedEx Corp. during the first quarter worth $4,560,000. Benin Management CORP raised its position in shares of FedEx Corp. by 3.6% in the first quarter. Benin Management CORP now owns 27,434 shares of the shipping service provider’s stock worth $4,464,000 after buying an additional 964 shares in the last quarter. FirstMerit Bank N A Trustee raised its position in shares of FedEx Corp. by 7.5% in the first quarter. FirstMerit Bank N A Trustee now owns 1,622 shares of the shipping service provider’s stock worth $264,000 after buying an additional 113 shares in the last quarter. Finally, Howard Capital Management raised its position in shares of FedEx Corp. by 3.1% in the first quarter. Howard Capital Management now owns 76,432 shares of the shipping service provider’s stock worth $12,437,000 after buying an additional 2,291 shares in the last quarter. 73.78% of the stock is currently owned by institutional investors and hedge funds.
FedEx Corp. Company Profile
FedEx Corporation (FedEx) provides a portfolio of transportation, e-commerce and business services under the FedEx brand. The Company offers its services through companies constituting four business segments: FedEx Express, FedEx Ground, FedEx Freight and FedEx Services. FedEx Express offers a range of domestic and international shipping services for delivery of packages and freight.
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