Sanford C. Bernstein Reiterates $159.00 Price Target for FedEx Corp. (FDX)
FedEx Corp. (NYSE:FDX) has been assigned a $159.00 price objective by research analysts at Sanford C. Bernstein in a report issued on Wednesday. The firm currently has a a “neutral” rating on the shipping service provider’s stock. Sanford C. Bernstein’s target price points to a potential downside of 2.24% from the company’s previous close.
A number of other equities analysts also recently issued reports on the company. Wolfe Research upgraded FedEx Corp. from a “market perform” rating to an “outperform” rating in a research report on Friday, July 1st. Cowen and Company reiterated a “market perform” rating and set a $110.00 price target on shares of FedEx Corp. in a research report on Sunday, July 31st. Zacks Investment Research downgraded FedEx Corp. from a “hold” rating to a “sell” rating in a research report on Tuesday, August 23rd. Vetr downgraded FedEx Corp. from a “strong-buy” rating to a “buy” rating and set a $179.94 target price on the stock. in a research report on Monday, August 8th. Finally, Bank of America Corp. restated a “buy” rating on shares of FedEx Corp. in a research report on Thursday, June 16th. Nine investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $175.31.
FedEx Corp. (NYSE:FDX) traded up 6.47% during trading on Wednesday, hitting $173.18. The stock had a trading volume of 2,501,015 shares. The company’s 50 day moving average is $164.16 and its 200-day moving average is $161.10. FedEx Corp. has a 12 month low of $119.71 and a 12 month high of $173.40. The company has a market cap of $45.98 billion, a PE ratio of 26.60 and a beta of 1.35.
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FedEx Corp. (NYSE:FDX) last posted its earnings results on Tuesday, September 20th. The shipping service provider reported $2.90 EPS for the quarter, topping the consensus estimate of $2.81 by $0.09. The firm had revenue of $14.70 billion for the quarter. FedEx Corp. had a return on equity of 20.62% and a net margin of 3.61%. The firm’s revenue was up 19.5% on a year-over-year basis. During the same period last year, the business earned $2.42 earnings per share. On average, equities research analysts predict that FedEx Corp. will post $11.97 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Monday, September 12th will be issued a $0.40 dividend. The ex-dividend date is Thursday, September 8th. This represents a $1.60 dividend on an annualized basis and a yield of 0.98%. FedEx Corp.’s dividend payout ratio (DPR) is presently 24.84%.
In related news, EVP Robert B. Carter sold 5,000 shares of FedEx Corp. stock in a transaction on Thursday, August 11th. The stock was sold at an average price of $164.51, for a total value of $822,550.00. Following the completion of the transaction, the executive vice president now directly owns 53,399 shares in the company, valued at $8,784,669.49. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director John A. Edwardson sold 2,882 shares of FedEx Corp. stock in a transaction on Friday, August 5th. The shares were sold at an average price of $162.63, for a total value of $468,699.66. Following the completion of the transaction, the director now owns 29,090 shares of the company’s stock, valued at $4,730,906.70. The disclosure for this sale can be found here. 8.67% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ferguson Wellman Capital Management Inc. raised its position in FedEx Corp. by 1.1% in the second quarter. Ferguson Wellman Capital Management Inc. now owns 115,921 shares of the shipping service provider’s stock worth $17,594,000 after buying an additional 1,230 shares during the period. Legal & General Group Plc raised its position in FedEx Corp. by 2.0% in the first quarter. Legal & General Group Plc now owns 1,159,796 shares of the shipping service provider’s stock worth $188,709,000 after buying an additional 22,819 shares during the period. Southpoint Capital Advisors LP bought a new position in FedEx Corp. during the first quarter worth about $90,607,000. Prudential PLC raised its position in FedEx Corp. by 7.5% in the first quarter. Prudential PLC now owns 45,245 shares of the shipping service provider’s stock worth $7,362,000 after buying an additional 3,163 shares during the period. Finally, Trust Co. of Vermont raised its position in FedEx Corp. by 2.1% in the second quarter. Trust Co. of Vermont now owns 13,697 shares of the shipping service provider’s stock worth $2,079,000 after buying an additional 278 shares during the period. Hedge funds and other institutional investors own 73.78% of the company’s stock.
About FedEx Corp.
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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