Investors Buy FedEx Corp. (FDX) on Weakness
Investors bought shares of FedEx Corp. (NYSE:FDX) on weakness during trading on Friday. $53.01 million flowed into the stock on the tick-up and $43.90 million flowed out of the stock on the tick-down, for a money net flow of $9.11 million into the stock. Of all equities tracked, FedEx Corp. had the 12th highest net in-flow for the day. FedEx Corp. traded down ($0.58) for the day and closed at $164.95
Several research analysts have issued reports on FDX shares. Cowen and Company restated a “buy” rating and set a $180.00 price target on shares of FedEx Corp. in a report on Saturday, June 18th. Vetr upgraded shares of FedEx Corp. from a “buy” rating to a “strong-buy” rating and set a $179.94 price target for the company in a report on Tuesday, August 2nd. Citigroup Inc. restated a “buy” rating and set a $200.00 price target (up previously from $180.00) on shares of FedEx Corp. in a report on Thursday, May 19th. Robert W. Baird restated a “buy” rating and set a $176.00 price target on shares of FedEx Corp. in a report on Thursday, June 23rd. Finally, Bank of America Corp. restated a “buy” rating on shares of FedEx Corp. in a report on Thursday, June 16th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and fifteen have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $174.75.
The stock has a market cap of $43.80 billion and a price-to-earnings ratio of 25.34. The stock’s 50 day moving average price is $162.78 and its 200 day moving average price is $157.46.
FedEx Corp. (NYSE:FDX) last announced its quarterly earnings data on Tuesday, June 21st. The shipping service provider reported $3.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.28 by $0.02. The firm had revenue of $12.98 billion for the quarter. During the same quarter last year, the firm earned $2.66 EPS. The firm’s quarterly revenue was up 7.1% on a year-over-year basis. On average, equities analysts anticipate that FedEx Corp. will post $11.90 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Monday, September 12th will be paid a dividend of $0.40 per share. The ex-dividend date is Thursday, September 8th. This represents a $1.60 dividend on an annualized basis and a yield of 0.97%.
In other FedEx Corp. news, Director John A. Edwardson sold 2,882 shares of the stock in a transaction dated Friday, August 5th. The shares were sold at an average price of $162.63, for a total transaction of $468,699.66. Following the sale, the director now directly owns 29,090 shares in the company, valued at $4,730,906.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Robert B. Carter sold 5,000 shares of the stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $164.51, for a total transaction of $822,550.00. Following the sale, the executive vice president now owns 53,399 shares in the company, valued at $8,784,669.49. The disclosure for this sale can be found here.
A number of large investors have recently made changes to their positions in FDX. Dimensional Fund Advisors LP increased its stake in shares of FedEx Corp. by 1.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,966,459 shares of the shipping service provider’s stock worth $292,984,000 after buying an additional 29,623 shares during the last quarter. Schwab Charles Investment Management Inc. increased its stake in FedEx Corp. by 3.2% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 894,063 shares of the shipping service provider’s stock worth $133,207,000 after buying an additional 28,003 shares during the last quarter. Finally, RS Investment Management Co. LLC increased its stake in FedEx Corp. by 44.8% in the fourth quarter. RS Investment Management Co. LLC now owns 33,690 shares of the shipping service provider’s stock worth $5,019,000 after buying an additional 10,430 shares during the last quarter.
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.
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