FedEx Corp. (FDX) Reaches New 12-Month High Following Dividend Announcement
FedEx Corp. (NYSE:FDX) reached a new 52-week high during trading on Friday after the company announced a dividend. The company traded as high as $186.79 and last traded at $186.91, with a volume of 788,406 shares. The stock had previously closed at $185.08.
The newly announced dividend which will be paid on Tuesday, January 3rd. Stockholders of record on Monday, December 12th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.85%. FedEx Corp.’s dividend payout ratio is presently 23.99%.
A number of analysts have recently issued reports on the company. Vetr upgraded FedEx Corp. from a “buy” rating to a “strong-buy” rating and set a $179.94 price objective on the stock in a research report on Tuesday, August 2nd. Stifel Nicolaus boosted their price objective on FedEx Corp. from $179.00 to $186.00 and gave the company a “buy” rating in a research report on Wednesday, September 21st. Cowen and Company restated a “market perform” rating and set a $110.00 price objective on shares of FedEx Corp. in a research report on Sunday, July 31st. Zacks Investment Research upgraded FedEx Corp. from a “sell” rating to a “hold” rating in a research report on Thursday, September 22nd. Finally, BMO Capital Markets assumed coverage on FedEx Corp. in a research report on Thursday. They set a “market perform” rating and a $190.00 price objective on the stock. Twelve research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. FedEx Corp. has a consensus rating of “Buy” and an average price target of $178.08.
The stock has a 50 day moving average of $175.48 and a 200 day moving average of $165.62. The firm has a market capitalization of $49.77 billion, a P/E ratio of 28.01 and a beta of 1.14.
FedEx Corp. (NYSE:FDX) last issued its quarterly earnings results on Tuesday, September 20th. The shipping service provider reported $2.90 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.81 by $0.09. FedEx Corp. had a return on equity of 21.65% and a net margin of 3.49%. The company had revenue of $14.70 billion for the quarter. During the same quarter in the previous year, the business posted $2.42 EPS. The company’s revenue for the quarter was up 19.5% on a year-over-year basis. Analysts predict that FedEx Corp. will post $12.16 EPS for the current fiscal year.
In related news, EVP Christine P. Richards sold 80,080 shares of the firm’s stock in a transaction on Monday, October 10th. The stock was sold at an average price of $173.59, for a total transaction of $13,901,087.20. Following the sale, the executive vice president now owns 98,620 shares of the company’s stock, valued at approximately $17,119,445.80. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Henry J. Maier sold 5,213 shares of the firm’s stock in a transaction on Wednesday, September 28th. The shares were sold at an average price of $176.65, for a total value of $920,876.45. Following the sale, the insider now directly owns 27,720 shares in the company, valued at approximately $4,896,738. The disclosure for this sale can be found here. Corporate insiders own 8.67% of the company’s stock.
Several large investors have recently added to or reduced their stakes in FDX. Jennison Associates LLC bought a new position in shares of FedEx Corp. during the third quarter valued at approximately $215,531,000. Ameriprise Financial Inc. increased its position in shares of FedEx Corp. by 23.3% in the third quarter. Ameriprise Financial Inc. now owns 3,685,675 shares of the shipping service provider’s stock valued at $643,835,000 after buying an additional 696,512 shares during the last quarter. Emerald Acquisition Ltd. bought a new position in shares of FedEx Corp. during the second quarter valued at approximately $102,955,000. Bank of Montreal Can bought a new position in shares of FedEx Corp. during the second quarter valued at approximately $98,813,000. Finally, The Manufacturers Life Insurance Company bought a new position in shares of FedEx Corp. during the third quarter valued at approximately $113,014,000. 74.63% of the stock is currently owned by 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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