FedEx (NYSE:FDX) Receives New Coverage from Analysts at Goldman Sachs Group
Goldman Sachs Group started coverage on shares of FedEx (NYSE:FDX) in a report released on Wednesday morning, The Fly reports. The brokerage issued a buy rating and a $200.00 price target on the shipping service provider’s stock.
Several other analysts have also weighed in on FDX. Daiwa Capital Markets lowered shares of FedEx from an outperform rating to a neutral rating and dropped their price objective for the stock from $187.00 to $179.00 in a report on Thursday, March 21st. They noted that the move was a valuation call. Raymond James started coverage on shares of Planet Fitness in a report on Wednesday, June 26th. They set an outperform rating and a $80.00 price objective for the company. Berenberg Bank dropped their price objective on shares of from GBX 4,600 ($60.11) to GBX 3,800 ($49.65) and set a hold rating for the company in a report on Friday, June 28th. Wells Fargo & Co lowered shares of Biogen from an outperform rating to a market perform rating in a report on Thursday, March 21st. Finally, Oppenheimer lowered their price target on shares of FedEx from $192.00 to $176.00 and set an outperform rating for the company in a report on Thursday, June 27th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and sixteen have issued a buy rating to the company. FedEx presently has an average rating of Buy and an average price target of $191.63.
Shares of NYSE FDX traded up $2.61 during mid-day trading on Wednesday, hitting $162.60. 2,450,003 shares of the stock were exchanged, compared to its average volume of 2,108,793. The firm has a market cap of $41.52 billion, a P/E ratio of 10.48, a P/E/G ratio of 0.87 and a beta of 1.65. The firm’s fifty day moving average price is $161.01. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.39 and a current ratio of 1.45. FedEx has a twelve month low of $150.68 and a twelve month high of $259.25.
The firm also recently announced a quarterly dividend, which was paid on Monday, July 8th. Shareholders of record on Monday, June 24th were issued a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date was Friday, June 21st. FedEx’s dividend payout ratio is presently 16.75%.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cordasco Financial Network grew its holdings in FedEx by 181.8% during the 1st quarter. Cordasco Financial Network now owns 155 shares of the shipping service provider’s stock worth $28,000 after acquiring an additional 100 shares during the period. Covenant Multifamily Offices LLC bought a new position in shares of FedEx during the first quarter worth $29,000. Berman Capital Advisors LLC bought a new position in shares of FedEx during the fourth quarter worth $25,000. Evolution Wealth Advisors LLC bought a new position in shares of FedEx during the first quarter worth $31,000. Finally, Advocacy Wealth Management Services LLC boosted its position in shares of FedEx by 52.5% during the first quarter. Advocacy Wealth Management Services LLC now owns 183 shares of the shipping service provider’s stock worth $34,000 after purchasing an additional 63 shares in the last quarter. 69.25% of the stock is owned by hedge funds and other institutional investors.
FedEx Corporation provides transportation, e-commerce, and business services worldwide. The company's FedEx Express segment offers shipping services for delivery of packages and freight. Its FedEx Ground segment provides business and residential money-back guaranteed ground package delivery services; and consolidates and delivers low-weight and less time-sensitive business-to-consumer packages.
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