TD Cowen Cuts FedEx (NYSE:FDX) Price Target to $269.00

FedEx (NYSE:FDX) had its price target cut by TD Cowen from $310.00 to $269.00 in a research note issued to investors on Wednesday morning, Marketbeat reports. They currently have a buy rating on the shipping service provider’s stock.

Several other equities research analysts have also commented on FDX. Loop Capital lowered shares of FedEx from a “hold” rating to a “sell” rating and decreased their target price for the stock from $283.00 to $221.00 in a research report on Friday, March 21st. Wall Street Zen lowered shares of FedEx from a “buy” rating to a “hold” rating in a research report on Friday, May 30th. Barclays decreased their target price on shares of FedEx from $350.00 to $330.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 3rd. Stifel Nicolaus cut their price target on FedEx from $354.00 to $329.00 and set a “buy” rating for the company in a research note on Tuesday. Finally, Oppenheimer reaffirmed a “market perform” rating on shares of FedEx in a research note on Friday, March 21st. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, FedEx has an average rating of “Moderate Buy” and a consensus target price of $283.00.

FedEx Price Performance

Shares of NYSE FDX opened at $229.37 on Wednesday. The firm has a market capitalization of $54.96 billion, a P/E ratio of 13.59, a PEG ratio of 1.18 and a beta of 1.35. FedEx has a one year low of $194.30 and a one year high of $313.84. The company’s fifty day moving average is $220.19 and its two-hundred day moving average is $242.96. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.19 and a current ratio of 1.19.

FedEx (NYSE:FDX) last issued its earnings results on Tuesday, June 24th. The shipping service provider reported $6.07 EPS for the quarter, topping the consensus estimate of $5.98 by $0.09. The company had revenue of $22.20 billion for the quarter, compared to analyst estimates of $21.86 billion. FedEx had a net margin of 4.65% and a return on equity of 16.34%. During the same period in the previous year, the firm earned $5.41 EPS. Analysts forecast that FedEx will post 19.14 EPS for the current fiscal year.

FedEx Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Monday, June 23rd will be paid a $1.45 dividend. This is an increase from FedEx’s previous quarterly dividend of $1.38. The ex-dividend date is Monday, June 23rd. This represents a $5.80 annualized dividend and a yield of 2.53%. FedEx’s payout ratio is presently 36.39%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in FDX. Brighton Jones LLC raised its stake in FedEx by 12.8% in the 4th quarter. Brighton Jones LLC now owns 1,825 shares of the shipping service provider’s stock valued at $514,000 after purchasing an additional 207 shares during the last quarter. IFP Advisors Inc increased its stake in shares of FedEx by 10.7% during the 4th quarter. IFP Advisors Inc now owns 6,773 shares of the shipping service provider’s stock valued at $1,906,000 after acquiring an additional 652 shares during the last quarter. Crestwood Advisors Group LLC acquired a new position in shares of FedEx during the 4th quarter valued at about $227,000. Delta Financial Advisors LLC increased its stake in shares of FedEx by 0.9% during the 4th quarter. Delta Financial Advisors LLC now owns 7,235 shares of the shipping service provider’s stock valued at $2,035,000 after acquiring an additional 65 shares during the last quarter. Finally, Bradley & Co. Private Wealth Management LLC acquired a new position in shares of FedEx during the 4th quarter valued at about $672,000. Institutional investors and hedge funds 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.