Credit Suisse Group Reaffirms Buy Rating for FedEx Corporation (FDX)
Credit Suisse Group reiterated their buy rating on shares of FedEx Corporation (NYSE:FDX) in a report released on Monday, August 7th. The brokerage currently has a $237.00 price target on the shipping service provider’s stock.
Several other analysts also recently issued reports on the company. BidaskClub downgraded FedEx Corporation from a strong-buy rating to a buy rating in a research note on Monday, July 31st. Vetr upgraded FedEx Corporation from a sell rating to a hold rating and set a $206.26 target price for the company in a research report on Tuesday, July 18th. Cowen and Company reiterated a buy rating and set a $240.00 target price on shares of FedEx Corporation in a research report on Tuesday, July 11th. Loop Capital reiterated a buy rating and set a $234.00 target price on shares of FedEx Corporation in a research report on Tuesday, July 4th. Finally, Sanford C. Bernstein reiterated a market perform rating and set a $220.00 target price on shares of FedEx Corporation in a research report on Monday, July 3rd. Six analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company. The stock currently has a consensus rating of Buy and a consensus target price of $221.78.
Shares of FedEx Corporation (NYSE FDX) traded up 0.31% on Monday, hitting $206.00. The company had a trading volume of 930,437 shares. The firm has a 50-day moving average price of $211.69 and a 200 day moving average price of $199.13. The company has a market capitalization of $55.26 billion, a P/E ratio of 18.61 and a beta of 1.27. FedEx Corporation has a 12-month low of $158.20 and a 12-month high of $219.99.
FedEx Corporation (NYSE:FDX) last released its quarterly earnings results on Tuesday, June 20th. The shipping service provider reported $4.25 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $3.88 by $0.37. The business had revenue of $15.70 billion during the quarter, compared to the consensus estimate of $15.56 billion. FedEx Corporation had a return on equity of 22.19% and a net margin of 4.97%. The firm’s quarterly revenue was up 21.0% on a year-over-year basis. During the same period in the previous year, the company posted $3.30 EPS. Equities analysts expect that FedEx Corporation will post $13.56 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Monday, September 11th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.97%. FedEx Corporation’s dividend payout ratio (DPR) is presently 18.08%.
In other FedEx Corporation news, EVP Robert B. Carter sold 24,522 shares of the company’s stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $210.96, for a total value of $5,173,161.12. Following the sale, the executive vice president now owns 68,556 shares in the company, valued at approximately $14,462,573.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director John A. Edwardson sold 2,208 shares of the company’s stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $208.14, for a total value of $459,573.12. Following the completion of the sale, the director now owns 30,608 shares in the company, valued at approximately $6,370,749.12. The disclosure for this sale can be found here. Insiders sold a total of 77,757 shares of company stock worth $16,447,426 in the last quarter. Corporate insiders own 8.67% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the stock. FNY Managed Accounts LLC acquired a new stake in shares of FedEx Corporation during the first quarter valued at approximately $100,000. Alexandria Capital LLC raised its stake in shares of FedEx Corporation by 2.1% in the first quarter. Alexandria Capital LLC now owns 527 shares of the shipping service provider’s stock valued at $103,000 after buying an additional 11 shares during the last quarter. Salem Investment Counselors Inc. raised its stake in shares of FedEx Corporation by 2.8% in the second quarter. Salem Investment Counselors Inc. now owns 479 shares of the shipping service provider’s stock valued at $104,000 after buying an additional 13 shares during the last quarter. Riggs Asset Managment Co. Inc. raised its stake in shares of FedEx Corporation by 163.0% in the second quarter. Riggs Asset Managment Co. Inc. now owns 484 shares of the shipping service provider’s stock valued at $105,000 after buying an additional 300 shares during the last quarter. Finally, Cribstone Capital Management LLC raised its stake in shares of FedEx Corporation by 1.2% in the second quarter. Cribstone Capital Management LLC now owns 489 shares of the shipping service provider’s stock valued at $107,000 after buying an additional 6 shares during the last quarter. Hedge funds and other institutional investors own 76.00% of the company’s stock.
About FedEx Corporation
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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