FedEx (NYSE:FDX) Shares Up 0.9% – Here’s Why

11 Oct 2024, 19:38 by Michael Walen · The Markets Daily

FedEx Co. (NYSE:FDX – Get Free Report) shares traded up 0.9% during mid-day trading on Friday . The company traded as high as $267.18 and last traded at $266.72. 167,491 shares changed hands during trading, a decline of 91% from the average session volume of 1,858,038 shares. The stock had previously closed at $264.27.

Analysts Set New Price Targets

Several brokerages have recently weighed in on FDX. Morgan Stanley downgraded shares of FedEx from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $215.00 to $200.00 in a research note on Friday, September 20th. Bernstein Bank raised their target price on FedEx from $305.00 to $337.00 and gave the company an “overweight” rating in a research note on Friday, September 20th. Robert W. Baird cut their price target on FedEx from $340.00 to $320.00 and set an “outperform” rating on the stock in a research note on Friday, September 20th. The Goldman Sachs Group reduced their price target on FedEx from $333.00 to $332.00 in a report on Friday, September 20th. Finally, Wells Fargo & Company upped their target price on FedEx from $275.00 to $300.00 and gave the company an “equal weight” rating in a research report on Wednesday, June 26th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and seventeen have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $314.17.

Read Our Latest Stock Report on FDX

FedEx Stock Performance

The firm has a market capitalization of $64.78 billion, a price-to-earnings ratio of 16.45, a PEG ratio of 1.06 and a beta of 1.17. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.28 and a quick ratio of 1.24. The firm’s fifty day moving average is $281.64 and its 200 day moving average is $275.70.

FedEx (NYSE:FDX – Get Free Report) last posted its quarterly earnings results on Thursday, September 19th. The shipping service provider reported $3.60 EPS for the quarter, missing the consensus estimate of $4.82 by ($1.22). FedEx had a net margin of 4.62% and a return on equity of 15.61%. The company had revenue of $21.58 billion for the quarter, compared to analysts’ expectations of $21.87 billion. During the same quarter in the prior year, the firm earned $4.55 earnings per share. The company’s revenue was down .5% on a year-over-year basis. On average, analysts predict that FedEx Co. will post 19.6 EPS for the current fiscal year.

FedEx Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 9th were given a dividend of $1.38 per share. This represents a $5.52 annualized dividend and a yield of 2.08%. The ex-dividend date of this dividend was Monday, September 9th. FedEx’s payout ratio is presently 34.05%.

Insiders Place Their Bets

In other FedEx news, CEO Sriram Krishnasamy sold 8,421 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $310.14, for a total transaction of $2,611,688.94. Following the transaction, the chief executive officer now directly owns 12,246 shares in the company, valued at $3,797,974.44. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Sriram Krishnasamy sold 8,421 shares of the company’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $310.14, for a total transaction of $2,611,688.94. Following the completion of the sale, the chief executive officer now directly owns 12,246 shares of the company’s stock, valued at approximately $3,797,974.44. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Brie Carere sold 1,958 shares of FedEx stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $310.43, for a total transaction of $607,821.94. Following the completion of the transaction, the executive vice president now owns 19,937 shares in the company, valued at $6,189,042.91. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 8.87% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of FDX. Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new stake in FedEx in the 1st quarter valued at $1,667,000. Allegheny Financial Group LTD bought a new stake in shares of FedEx in the first quarter valued at about $203,000. Hilltop National Bank bought a new stake in shares of FedEx in the first quarter valued at about $476,000. Csenge Advisory Group grew its position in FedEx by 14.9% during the first quarter. Csenge Advisory Group now owns 2,297 shares of the shipping service provider’s stock worth $666,000 after buying an additional 298 shares in the last quarter. Finally, Czech National Bank increased its stake in FedEx by 6.4% during the third quarter. Czech National Bank now owns 45,909 shares of the shipping service provider’s stock valued at $12,564,000 after acquiring an additional 2,767 shares during the period. 84.47% of the stock is currently owned by institutional investors and hedge funds.

FedEx Company Profile

(Get Free Report)

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.