FedEx (NYSE:FDX) Price Target Cut to $245.00 by Analysts at Bank of America

FedEx (NYSE:FDX) had its target price trimmed by Bank of America from $270.00 to $245.00 in a research note published on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the shipping service provider’s stock.

FDX has been the topic of a number of other reports. Cfra Research upgraded shares of FedEx to a “hold” rating in a research note on Thursday, March 20th. Raymond James Financial dropped their price target on shares of FedEx from $275.00 to $260.00 and set an “outperform” rating on the stock in a research note on Wednesday. Deutsche Bank Aktiengesellschaft assumed coverage on shares of FedEx in a research report on Friday, March 7th. They set a “buy” rating and a $337.00 target price on the stock. Wall Street Zen lowered shares of FedEx from a “buy” rating to a “hold” rating in a research report on Friday, May 30th. Finally, Stephens restated an “overweight” rating and set a $300.00 target price on shares of FedEx in a research report on Tuesday, May 20th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, FedEx has a consensus rating of “Moderate Buy” and an average target price of $285.75.

FedEx Trading Down 3.2%

NYSE FDX opened at $222.07 on Wednesday. The firm’s 50-day moving average is $219.48 and its two-hundred day moving average is $243.71. FedEx has a 12 month low of $194.30 and a 12 month high of $313.84. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.24 and a quick ratio of 1.19. The stock has a market capitalization of $53.21 billion, a P/E ratio of 13.16, a PEG ratio of 1.15 and a beta of 1.35.

FedEx (NYSE:FDX) last posted its earnings results on Tuesday, June 24th. The shipping service provider reported $6.07 EPS for the quarter, beating analysts’ consensus estimates of $5.98 by $0.09. The company had revenue of $22.20 billion for the quarter, compared to analysts’ expectations of $21.86 billion. FedEx had a net margin of 4.65% and a return on equity of 16.54%. During the same quarter in the prior year, the company posted $5.41 earnings per share. On average, sell-side analysts anticipate that FedEx will post 19.14 earnings per share for the current year.

FedEx Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Monday, June 23rd will be issued a $1.45 dividend. The ex-dividend date of this dividend is Monday, June 23rd. This represents a $5.80 dividend on an annualized basis and a yield of 2.61%. This is an increase from FedEx’s previous quarterly dividend of $1.38. FedEx’s dividend payout ratio (DPR) is 36.39%.

Institutional Investors Weigh In On FedEx

A number of hedge funds and other institutional investors have recently bought and sold shares of FDX. Transce3nd LLC acquired a new stake in FedEx in the fourth quarter valued at $26,000. Pilgrim Partners Asia Pte Ltd acquired a new stake in FedEx in the fourth quarter valued at $28,000. Runnymede Capital Advisors Inc. acquired a new stake in FedEx in the fourth quarter valued at $32,000. Accredited Wealth Management LLC acquired a new stake in FedEx in the fourth quarter valued at $35,000. Finally, Abound Financial LLC acquired a new stake in FedEx in the first quarter valued at $38,000. Institutional investors and hedge funds own 84.47% of the company’s stock.

FedEx Company Profile

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.