FedEx Corp. (FDX) Shares Gap Up to $152.60
Shares of FedEx Corp. (NYSE:FDX) gapped up prior to trading on Friday . The stock had previously closed at $152.14, but opened at $152.60. FedEx Corp. shares last traded at $156.76, with a volume of 845,551 shares trading hands.
FDX has been the subject of several research analyst reports. Nomura Holdings Inc. cut their price objective on FedEx Corp. from $190.00 to $180.00 and set a “neutral” rating for the company in a report on Thursday, March 17th. Vetr lowered FedEx Corp. from a “buy” rating to a “hold” rating and set a $169.12 price objective for the company. in a report on Monday, April 4th. Credit Suisse Group AG restated an “outperform” rating and issued a $184.00 price objective (up previously from $177.00) on shares of FedEx Corp. in a report on Tuesday, March 15th. Oppenheimer Holdings Inc. restated a “buy” rating on shares of FedEx Corp. in a report on Monday, June 6th. Finally, Robert W. Baird restated a “buy” rating and issued a $176.00 price objective on shares of FedEx Corp. in a report on Thursday, June 23rd. Nine investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $179.05.
The firm has a market capitalization of $41.93 billion and a PE ratio of 24.00. The firm’s 50 day moving average is $159.30 and its 200 day moving average is $150.90.
FedEx Corp. (NYSE:FDX) last posted its earnings results on Tuesday, June 21st. The shipping service provider reported $3.30 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $3.28 by $0.02. The business had revenue of $12.98 billion for the quarter. During the same quarter in the previous year, the company posted $2.66 EPS. The company’s quarterly revenue was up 7.1% on a year-over-year basis. Analysts forecast that FedEx Corp. will post $11.94 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, July 1st. Shareholders of record on Thursday, June 16th were issued a dividend of $0.40 per share. This is a boost from FedEx Corp.’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Tuesday, June 14th. This represents a $1.60 annualized dividend and a yield of 1.02%.
In other FedEx Corp. news, CEO Frederick W. Smith sold 200,000 shares of FedEx Corp. stock in a transaction dated Friday, April 22nd. The stock was sold at an average price of $166.14, for a total transaction of $33,228,000.00. Following the transaction, the chief executive officer now directly owns 15,416,526 shares in the company, valued at $2,561,301,629.64. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.
Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in FedEx Corp. by 2.1% in the fourth quarter. Vanguard Group Inc. now owns 16,720,499 shares of the shipping service provider’s stock valued at $2,491,187,000 after buying an additional 351,038 shares in the last quarter. Morgan Stanley increased its stake in FedEx Corp. by 20.8% in the fourth quarter. Morgan Stanley now owns 2,007,433 shares of the shipping service provider’s stock valued at $299,087,000 after buying an additional 346,174 shares in the last quarter. Boston Partners purchased a new stake in FedEx Corp. during the fourth quarter valued at about $36,287,000. Sei Investments Co. increased its stake in FedEx Corp. by 375.0% in the fourth quarter. Sei Investments Co. now owns 256,300 shares of the shipping service provider’s stock valued at $38,186,000 after buying an additional 202,339 shares in the last quarter. Finally, Marshall Wace LLP purchased a new stake in FedEx Corp. during the fourth quarter valued at about $27,657,000.
FedEx Corporation (FedEx) provides a portfolio of transportation, e-commerce and business services under the FedEx brand. The Company offers its services through companies constituting four business segments: FedEx Express, FedEx Ground, FedEx Freight and FedEx Services. FedEx Express offers a range of domestic and international shipping services for delivery of packages and freight.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.