FedEx (NYSE:FDX) had its price objective cut by KeyCorp from $215.00 to $190.00 in a research note issued to investors on Wednesday, The Fly reports. They currently have an overweight rating on the shipping service provider’s stock. KeyCorp also issued estimates for FedEx’s FY2020 earnings at $15.75 EPS.
FDX has been the subject of a number of other reports. UBS Group downgraded shares of FedEx from a neutral rating to a sell rating and reduced their target price for the stock from $171.00 to $161.00 in a report on Friday, April 26th. Morgan Stanley cut their price objective on shares of FedEx from $156.00 to $148.00 and set an equal weight rating on the stock in a report on Wednesday, March 20th. Credit Suisse Group restated a buy rating and set a $241.00 price objective on shares of FedEx in a report on Monday, April 1st. Cowen restated an outperform rating and set a $237.00 price objective (down previously from $242.00) on shares of FedEx in a report on Thursday, March 14th. Finally, Zacks Investment Research downgraded shares of FedEx from a hold rating to a sell rating in a report on Tuesday, March 19th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have given a buy rating to the company. The company presently has an average rating of Hold and an average price target of $202.43.
Shares of FedEx stock opened at $164.55 on Wednesday. The stock has a market capitalization of $43.17 billion, a price-to-earnings ratio of 10.75, a PEG ratio of 0.80 and a beta of 1.69. The company has a quick ratio of 1.40, a current ratio of 1.46 and a debt-to-equity ratio of 0.87. FedEx has a one year low of $150.68 and a one year high of $264.99.
The company also recently announced a quarterly dividend, which will be paid on Monday, July 8th. Investors of record on Monday, June 24th will be given a $0.65 dividend. The ex-dividend date is Friday, June 21st. This represents a $2.60 dividend on an annualized basis and a yield of 1.58%. FedEx’s dividend payout ratio is currently 16.98%.
In related news, EVP Alan B. Graf, Jr. sold 27,000 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $173.30, for a total value of $4,679,100.00. Following the sale, the executive vice president now owns 200,320 shares in the company, valued at $34,715,456. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Frederick W. Smith sold 155,650 shares of the company’s stock in a transaction that occurred on Friday, April 5th. The shares were sold at an average price of $189.83, for a total value of $29,547,039.50. Following the completion of the sale, the chief executive officer now owns 14,945,124 shares in the company, valued at approximately $2,837,032,888.92. The disclosure for this sale can be found here. In the last quarter, insiders sold 185,650 shares of company stock worth $34,751,470. 8.50% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc boosted its position in FedEx by 0.5% in the third quarter. Vanguard Group Inc now owns 19,396,617 shares of the shipping service provider’s stock valued at $4,670,511,000 after buying an additional 96,084 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its position in FedEx by 15,104.4% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 14,063,136 shares of the shipping service provider’s stock valued at $87,000 after buying an additional 13,970,642 shares during the last quarter. Northern Trust Corp boosted its position in FedEx by 1.4% in the 1st quarter. Northern Trust Corp now owns 2,898,010 shares of the shipping service provider’s stock worth $525,728,000 after purchasing an additional 38,692 shares in the last quarter. Geode Capital Management LLC boosted its position in FedEx by 5.1% in the 1st quarter. Geode Capital Management LLC now owns 2,887,361 shares of the shipping service provider’s stock worth $522,719,000 after purchasing an additional 141,124 shares in the last quarter. Finally, Greenhaven Associates Inc. boosted its position in FedEx by 0.7% in the 1st quarter. Greenhaven Associates Inc. now owns 2,749,967 shares of the shipping service provider’s stock worth $498,872,000 after purchasing an additional 20,450 shares in the last quarter. Hedge funds and other institutional investors own 69.45% of the company’s stock.
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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