FedEx (NYSE:FDX) Given New $270.00 Price Target at Bank of America

FedEx (NYSE:FDX) had its price target reduced by Bank of America from $272.00 to $270.00 in a research report released on Tuesday,Benzinga reports. Bank of America currently has a buy rating on the shipping service provider’s stock.

A number of other brokerages also recently weighed in on FDX. Raymond James lowered their target price on shares of FedEx from $320.00 to $290.00 and set an “outperform” rating on the stock in a report on Friday, March 21st. JPMorgan Chase & Co. lowered their target price on shares of FedEx from $323.00 to $280.00 and set an “overweight” rating on the stock in a report on Friday, March 21st. TD Cowen lowered their target price on shares of FedEx from $337.00 to $310.00 and set a “buy” rating on the stock in a report on Friday, March 21st. Cfra Research upgraded shares of FedEx to a “hold” rating in a report on Thursday, March 20th. Finally, Truist Financial lowered their target price on shares of FedEx from $305.00 to $275.00 and set a “buy” rating on the stock in a report on Thursday, April 24th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $297.63.

FedEx Price Performance

NYSE FDX opened at $231.26 on Tuesday. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 0.73. FedEx has a 12-month low of $194.30 and a 12-month high of $313.84. The company has a market capitalization of $55.41 billion, a PE ratio of 14.74, a price-to-earnings-growth ratio of 1.11 and a beta of 1.36. The firm’s 50 day moving average is $223.98 and its 200-day moving average is $257.46.

FedEx (NYSE:FDX) last posted its quarterly earnings data on Thursday, March 20th. The shipping service provider reported $4.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.56 by ($0.05). FedEx had a net margin of 4.45% and a return on equity of 15.59%. The business had revenue of $22.16 billion during the quarter, compared to analyst estimates of $21.96 billion. During the same quarter last year, the business earned $3.86 earnings per share. FedEx’s revenue for the quarter was up 1.9% on a year-over-year basis. Equities research analysts anticipate that FedEx will post 19.14 earnings per share for the current fiscal year.

FedEx Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Monday, March 10th were given a dividend of $1.38 per share. The ex-dividend date was Monday, March 10th. This represents a $5.52 annualized dividend and a yield of 2.39%. FedEx’s dividend payout ratio is 34.63%.

Insider Buying and Selling

In related news, COO John Alan Smith sold 6,155 shares of the company’s stock in a transaction dated Thursday, March 27th. The shares were sold at an average price of $243.55, for a total transaction of $1,499,050.25. Following the completion of the sale, the chief operating officer now owns 23,347 shares of the company’s stock, valued at $5,686,161.85. This represents a 20.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 8.87% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On FedEx

Institutional investors and hedge funds have recently bought and sold shares of the company. bLong Financial LLC bought a new position in shares of FedEx in the fourth quarter worth about $391,000. Lodestone Wealth Management LLC bought a new position in shares of FedEx in the fourth quarter worth about $461,000. Wedmont Private Capital lifted its holdings in shares of FedEx by 4.1% in the fourth quarter. Wedmont Private Capital now owns 2,329 shares of the shipping service provider’s stock worth $631,000 after acquiring an additional 91 shares during the last quarter. GFS Advisors LLC bought a new position in shares of FedEx in the fourth quarter worth about $26,855,000. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of FedEx by 137.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 227,965 shares of the shipping service provider’s stock worth $64,133,000 after acquiring an additional 132,036 shares during the last quarter. Institutional investors own 84.47% of the company’s stock.

About FedEx

FedEx Corporation provides transportation, e-commerce, and business services in the United States and internationally. It operates through FedEx Express, FedEx Ground, FedEx Freight, and FedEx Services segments. The FedEx Express segment offers express transportation, small-package ground delivery, and freight transportation services; and time-critical transportation services.