Truist Financial Reaffirms Buy Rating for FedEx (NYSE:FDX)

Truist Financial restated their buy rating on shares of FedEx (NYSE:FDX) in a research note published on Wednesday,Benzinga reports. They currently have a $275.00 price target on the shipping service provider’s stock.

A number of other brokerages also recently weighed in on FDX. Citigroup lowered their price target on FedEx from $267.00 to $259.00 and set a “buy” rating for the company in a report on Wednesday. Susquehanna boosted their price target on FedEx from $290.00 to $295.00 and gave the company a “positive” rating in a report on Wednesday. Raymond James Financial reiterated an “outperform” rating and issued a $260.00 price target (down from $275.00) on shares of FedEx in a report on Wednesday. BMO Capital Markets lowered their price target on FedEx from $275.00 to $260.00 and set a “market perform” rating for the company in a report on Monday, May 19th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on FedEx in a report on Friday, March 7th. They issued a “buy” rating and a $337.00 price target for the company. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $283.00.

FedEx Price Performance

FDX stock opened at $229.37 on Wednesday. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.68. FedEx has a 52-week low of $194.30 and a 52-week high of $313.84. The stock’s 50 day moving average is $220.19 and its two-hundred day moving average is $242.96. The company has a market capitalization of $54.96 billion, a PE ratio of 13.59, a P/E/G ratio of 1.18 and a beta of 1.35.

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

FedEx Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Monday, June 23rd will be given a dividend of $1.45 per share. This represents a $5.80 dividend on an annualized basis and a yield of 2.53%. The ex-dividend date is Monday, June 23rd. This is a positive change from FedEx’s previous quarterly dividend of $1.38. FedEx’s payout ratio is 36.39%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. AG2R LA Mondiale Gestion D Actifs acquired a new position in FedEx during the 1st quarter worth $2,153,000. Swedbank AB boosted its position in FedEx by 0.4% during the 1st quarter. Swedbank AB now owns 111,881 shares of the shipping service provider’s stock worth $27,274,000 after acquiring an additional 455 shares during the period. Modern Wealth Management LLC boosted its position in FedEx by 7.7% during the 1st quarter. Modern Wealth Management LLC now owns 1,898 shares of the shipping service provider’s stock worth $463,000 after acquiring an additional 135 shares during the period. Strs Ohio acquired a new position in FedEx during the 1st quarter worth $64,242,000. Finally, Wealth Management Associates Inc. boosted its position in FedEx by 13.6% during the 1st quarter. Wealth Management Associates Inc. now owns 1,725 shares of the shipping service provider’s stock worth $421,000 after acquiring an additional 206 shares during the period. 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.