FedEx Corp. (FDX) Stock Rating Upgraded by Zacks Investment Research
FedEx Corp. (NYSE:FDX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Thursday.
According to Zacks, “FedEx Corporation reported better-than-expected earnings and revenues in the first quarter of fiscal 2017. The top line and bottom line also improved year over year. The outperformance was supported by strong sales at the company’s express, ground and freight divisions as well as inclusion of the results of TNT Express, acquired in this May year. Including the impact of the TNT Express buyout, the company expects fiscal 2017 earnings in the band of $10.85–$11.35 per share, on an adjusted basis. We expect FedEx’s strong product portfolio to support its guidance. We are also encouraged by the company’s decision to hike its quarterly dividend payout earlier in the year. During the quarter, FedEx incurred significant costs toward TNT Express integration and Outlook restructuring program. Apart from the costs, competitive threats, legal hassles and pension headwinds are likely to pose challenges going forward.”
A number of other research firms also recently weighed in on FDX. Sanford C. Bernstein set a $159.00 price target on FedEx Corp. and gave the stock a “neutral” rating in a research note on Wednesday. Oppenheimer Holdings Inc. reissued a “buy” rating on shares of FedEx Corp. in a research note on Monday, June 6th. Credit Suisse Group AG reissued a “buy” rating on shares of FedEx Corp. in a research note on Thursday, June 16th. Robert W. Baird reissued a “buy” rating and issued a $176.00 price objective on shares of FedEx Corp. in a research note on Thursday, June 23rd. Finally, Vetr raised FedEx Corp. from a “buy” rating to a “strong-buy” rating and set a $179.94 price objective for the company in a research note on Monday, July 25th. Nine equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $175.85.
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Shares of FedEx Corp. (NYSE:FDX) opened at 174.095 on Thursday. FedEx Corp. has a 52 week low of $119.71 and a 52 week high of $174.98. The company has a 50 day moving average price of $164.58 and a 200 day moving average price of $161.19. The company has a market cap of $46.23 billion, a PE ratio of 26.743 and a beta of 1.35.
FedEx Corp. (NYSE:FDX) last posted its quarterly earnings results on Tuesday, September 20th. The shipping service provider reported $2.90 earnings per share for the quarter, topping analysts’ consensus estimates of $2.81 by $0.09. FedEx Corp. had a return on equity of 21.56% and a net margin of 3.49%. The business had revenue of $14.70 billion for the quarter. During the same period last year, the company posted $2.42 earnings per share. The firm’s quarterly revenue was up 19.5% compared to the same quarter last year. On average, equities analysts expect that FedEx Corp. will post $11.97 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Monday, September 12th will be given a $0.40 dividend. The ex-dividend date is Thursday, September 8th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.92%. FedEx Corp.’s dividend payout ratio (DPR) is presently 23.99%.
In other FedEx Corp. news, Director John A. Edwardson sold 2,882 shares of the firm’s stock in a transaction dated Friday, August 5th. The stock was sold at an average price of $162.63, for a total transaction of $468,699.66. Following the sale, the director now owns 29,090 shares in the company, valued at $4,730,906.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Robert B. Carter sold 5,000 shares of the firm’s stock in a transaction dated Thursday, August 11th. The shares were sold at an average price of $164.51, for a total value of $822,550.00. Following the sale, the executive vice president now owns 53,399 shares in the company, valued at approximately $8,784,669.49. The disclosure for this sale can be found here. 8.67% of the stock is owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in FDX. First Personal Financial Services increased its stake in FedEx Corp. by 18.6% in the second quarter. First Personal Financial Services now owns 708 shares of the shipping service provider’s stock worth $107,000 after buying an additional 111 shares during the last quarter. Glassman Wealth Services increased its stake in FedEx Corp. by 200.6% in the second quarter. Glassman Wealth Services now owns 974 shares of the shipping service provider’s stock worth $148,000 after buying an additional 650 shares during the last quarter. Invictus RG purchased a new stake in FedEx Corp. during the first quarter worth $161,000. Beese Fulmer Investment Management Inc. increased its stake in FedEx Corp. by 2.5% in the second quarter. Beese Fulmer Investment Management Inc. now owns 1,319 shares of the shipping service provider’s stock worth $200,000 after buying an additional 32 shares during the last quarter. Finally, HBK Sorce Advisory LLC purchased a new stake in FedEx Corp. during the second quarter worth $202,000. Institutional investors and hedge funds own 73.78% of the company’s stock.
About FedEx Corp.
FedEx Corporation (FedEx) provides a portfolio of transportation, e-commerce and business services through companies competing collectively, operating independently and managed collaboratively, under the FedEx brand. The Company’s segments include FedEx Express, TNT Express, FedEx Ground, FedEx Freight and FedEx Services.
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