FedEx (FDX) Given Neutral Rating at Bank of America
Bank of America reissued their neutral rating on shares of FedEx (NYSE:FDX) in a research report sent to investors on Wednesday morning, Marketbeat Ratings reports. The firm currently has a $188.00 price target on the shipping service provider’s stock, down from their previous price target of $193.00.
FDX has been the subject of a number of other research reports. Berenberg Bank restated a buy rating and issued a $245.00 target price on shares of FedEx in a report on Monday, January 7th. Cowen restated an outperform rating and issued a $237.00 target price (down previously from $242.00) on shares of FedEx in a report on Thursday, March 14th. Zacks Investment Research lowered FedEx from a buy rating to a hold rating in a report on Wednesday, December 12th. Credit Suisse Group reduced their target price on FedEx from $263.00 to $236.00 and set an outperform rating for the company in a report on Wednesday, December 19th. Finally, BMO Capital Markets reduced their target price on FedEx to $215.00 and set an outperform rating for the company in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and eighteen have issued a buy rating to the stock. The company presently has a consensus rating of Buy and an average price target of $226.41.
FDX opened at $175.07 on Wednesday. The firm has a market capitalization of $47.36 billion, a PE ratio of 11.44, a price-to-earnings-growth ratio of 0.89 and a beta of 1.63. FedEx has a 12-month low of $150.94 and a 12-month high of $266.67. The company has a quick ratio of 1.36, a current ratio of 1.42 and a debt-to-equity ratio of 0.85.
The business also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Monday, March 11th will be paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 1.49%. The ex-dividend date is Friday, March 8th. FedEx’s dividend payout ratio (DPR) is presently 16.98%.
In other news, VP John L. Merino sold 2,300 shares of the company’s stock in a transaction on Monday, February 4th. The shares were sold at an average price of $182.24, for a total value of $419,152.00. Following the transaction, the vice president now directly owns 30,185 shares of the company’s stock, valued at $5,500,914.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David P. Steiner bought 7,000 shares of the stock in a transaction on Wednesday, January 2nd. The shares were acquired at an average cost of $162.92 per share, for a total transaction of $1,140,440.00. Following the completion of the transaction, the director now directly owns 25,994 shares of the company’s stock, valued at $4,234,942.48. The disclosure for this purchase can be found here. Corporate insiders own 8.50% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the business. Berman Capital Advisors LLC acquired a new stake in shares of FedEx in the fourth quarter valued at about $25,000. Northwest Wealth Management LLC grew its position in shares of FedEx by 842.1% in the fourth quarter. Northwest Wealth Management LLC now owns 179 shares of the shipping service provider’s stock valued at $29,000 after purchasing an additional 160 shares during the last quarter. Sound Income Strategies LLC grew its position in shares of FedEx by 1,666.7% in the fourth quarter. Sound Income Strategies LLC now owns 212 shares of the shipping service provider’s stock valued at $34,000 after purchasing an additional 200 shares during the last quarter. Laurel Wealth Advisors LLC acquired a new stake in shares of FedEx in the fourth quarter valued at about $43,000. Finally, Burt Wealth Advisors grew its position in shares of FedEx by 102.2% in the fourth quarter. Burt Wealth Advisors now owns 277 shares of the shipping service provider’s stock valued at $45,000 after purchasing an additional 140 shares during the last quarter. 70.62% of the stock is currently owned by hedge funds and other institutional investors.
FedEx Corp. engages in the provision of a portfolio of transportation, e-commerce, and business services. It operates through the following segments: FedEx Express, TNT Express, FedEx Ground, FedEx Freight, FedEx Services, and Other. The FedEx Express segment consists of domestic and international shipping services for delivery of packages, and freight.
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