Traders Buy FedEx Corp. (FDX) on Weakness
Investors bought shares of FedEx Corp. (NYSE:FDX) on weakness during trading hours on Wednesday. $93.30 million flowed into the stock on the tick-up and $50.43 million flowed out of the stock on the tick-down, for a money net flow of $42.87 million into the stock. Of all equities tracked, FedEx Corp. had the 8th highest net in-flow for the day. FedEx Corp. traded down ($0.72) for the day and closed at $151.45
Several brokerages have recently issued reports on FDX. Cowen and Company reissued a “buy” rating and set a $180.00 price objective on shares of FedEx Corp. in a research note on Saturday, June 18th. Royal Bank Of Canada reissued a “hold” rating on shares of FedEx Corp. in a research note on Saturday, March 19th. Robert W. Baird reissued a “buy” rating on shares of FedEx Corp. in a research note on Saturday, March 19th. Vetr raised shares of FedEx Corp. from a “buy” rating to a “strong-buy” rating and set a $187.36 price objective for the company in a research note on Wednesday, May 4th. Finally, Zacks Investment Research lowered shares of FedEx Corp. from a “buy” rating to a “hold” rating in a report on Thursday, May 5th. Nine research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. FedEx Corp. has a consensus rating of “Buy” and an average target price of $179.05.
The company has a market capitalization of $40.65 billion and a P/E ratio of 23.26. The firm has a 50 day moving average price of $159.59 and a 200 day moving average price of $150.81.
FedEx Corp. (NYSE:FDX) last posted its quarterly earnings data 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. During the same period last year, the company earned $2.66 earnings per share. The firm had revenue of $12.98 billion for the quarter. The firm’s revenue for the quarter was up 7.1% compared to the same quarter last year. On average, equities research analysts anticipate that FedEx Corp. will post $11.94 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 1st. Investors of record on Thursday, June 16th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, June 14th. This is an increase from FedEx Corp.’s previous quarterly dividend of $0.25. This represents a $1.60 annualized dividend and a yield of 1.06%.
In related news, CEO Frederick W. Smith sold 200,000 shares of the company’s stock in a transaction dated Friday, April 22nd. The shares were sold at an average price of $166.14, for a total transaction of $33,228,000.00. Following the completion of the sale, the chief executive officer now owns 15,416,526 shares of the company’s stock, valued at $2,561,301,629.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.
A number of large investors have recently bought and sold shares of FDX. Estabrook Capital Management boosted its stake in FedEx Corp. by 1.5% in the fourth quarter. Estabrook Capital Management now owns 6,715 shares of the shipping service provider’s stock valued at $1,000,000 after buying an additional 100 shares in the last quarter. FTB Advisors Inc. boosted its stake in FedEx Corp. by 2.6% in the fourth quarter. FTB Advisors Inc. now owns 6,880 shares of the shipping service provider’s stock valued at $1,025,000 after buying an additional 175 shares in the last quarter. Physicians Financial Services Inc. purchased a new stake in FedEx Corp. during the fourth quarter valued at $1,077,000. Whittier Trust Co. boosted its stake in FedEx Corp. by 65.0% in the fourth quarter. Whittier Trust Co. now owns 7,653 shares of the shipping service provider’s stock valued at $1,141,000 after buying an additional 3,016 shares in the last quarter. Finally, Meridian Investment Counsel Inc. boosted its position in FedEx Corp. by 8.5% in the fourth quarter. Meridian Investment Counsel Inc. now owns 7,685 shares of the shipping service provider’s stock worth $1,145,000 after buying an additional 605 shares during the period.
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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