FedEx Corp. (FDX) Upgraded to “Hold” at 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 to investors 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.”
Other equities research analysts also recently issued research reports about the stock. Barclays PLC set a $205.00 target price on shares of FedEx Corp. and gave the stock a “buy” rating in a research report on Monday. Deutsche Bank AG boosted their target price on shares of FedEx Corp. from $190.00 to $198.00 and gave the stock a “buy” rating in a research report on Thursday, June 23rd. Royal Bank Of Canada boosted their price objective on shares of FedEx Corp. from $158.00 to $174.00 and gave the company a “sector perform” rating in a research report on Wednesday, June 22nd. Credit Suisse Group AG reaffirmed a “buy” rating on shares of FedEx Corp. in a research report on Thursday, June 16th. Finally, Morgan Stanley reaffirmed a “hold” rating on shares of FedEx Corp. in a research report on Monday, June 6th. Nine 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 company’s stock. The stock has an average rating of “Buy” and an average target price of $175.85.
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Shares of FedEx Corp. (NYSE:FDX) opened at 173.86 on Thursday. The firm has a market cap of $46.16 billion, a P/E ratio of 26.71 and a beta of 1.35. FedEx Corp. has a 12 month low of $119.71 and a 12 month high of $174.32. The company has a 50-day moving average of $164.57 and a 200-day moving average of $161.19.
FedEx Corp. (NYSE:FDX) last issued its quarterly earnings data on Tuesday, September 20th. The shipping service provider reported $2.90 EPS for the quarter, topping analysts’ consensus estimates of $2.81 by $0.09. FedEx Corp. had a net margin of 3.49% and a return on equity of 21.56%. The firm had revenue of $14.70 billion for the quarter. During the same quarter in the prior year, the firm earned $2.42 EPS. The business’s quarterly revenue was up 19.5% compared to the same quarter last year. Equities analysts forecast that FedEx Corp. will post $11.97 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders 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 yield of 0.92%. The ex-dividend date is Thursday, September 8th. FedEx Corp.’s dividend payout ratio (DPR) is presently 23.99%.
In other FedEx Corp. news, EVP Alan B. Graf, Jr. sold 7,400 shares of the stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $159.43, for a total value of $1,179,782.00. Following the completion of the sale, the executive vice president now directly owns 150,665 shares of the company’s stock, valued at approximately $24,020,520.95. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Robert B. Carter sold 5,000 shares of the stock in a transaction on Thursday, August 11th. The shares were sold at an average price of $164.51, for a total transaction of $822,550.00. Following the completion of the sale, the executive vice president now directly owns 53,399 shares of the company’s stock, valued at $8,784,669.49. The disclosure for this sale can be found here. 8.67% of the stock is currently owned by company insiders.
Hedge funds have recently modified their holdings of the stock. First Personal Financial Services boosted its position in shares of 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 in the last quarter. Glassman Wealth Services boosted its position in shares of 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 in the last quarter. Invictus RG acquired a new position in shares of FedEx Corp. during the first quarter worth about $161,000. Beese Fulmer Investment Management Inc. boosted its position in shares of 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 in the last quarter. Finally, HBK Sorce Advisory LLC acquired a new position in shares of FedEx Corp. during the second quarter worth about $202,000. 73.78% of the stock is owned by hedge funds and other institutional investors.
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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