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 stocks 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
A number of analysts recently weighed in on FDX shares. Barclays PLC upgraded shares of FedEx Corp. from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $175.00 to $205.00 in a research report on Wednesday, May 4th. Vetr upgraded shares of FedEx Corp. from a “buy” rating to a “strong-buy” rating and set a $187.36 price target on the stock in a research report on Wednesday, May 4th. Zacks Investment Research downgraded shares of FedEx Corp. from a “buy” rating to a “hold” rating in a research report on Thursday, May 5th. Citigroup Inc. restated a “buy” rating and set a $200.00 target price (up from $180.00) on shares of FedEx Corp. in a report on Thursday, May 19th. Finally, Sanford C. Bernstein restated a “hold” rating on shares of FedEx Corp. in a report on Thursday, May 26th. 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 stock. The stock has a consensus rating of “Buy” and an average price target of $174.75.
The stock has a market capitalization of $43.80 billion and a P/E ratio of 25.34. The firm has a 50 day moving average price of $162.78 and a 200-day moving average price of $157.46.
FedEx Corp. (NYSE:FDX) last issued its earnings results on Tuesday, June 21st. The shipping service provider reported $3.30 earnings per share 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 earnings per share. The firm’s revenue for the quarter was up 7.1% compared to the same quarter last year. On average, analysts forecast that FedEx Corp. will post $11.90 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Monday, September 12th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.97%. The ex-dividend date is Thursday, September 8th.
In related news, EVP Robert B. Carter sold 5,000 shares of the stock in a transaction on Thursday, August 11th. The stock was sold at an average price of $164.51, for a total value of $822,550.00. Following the completion of the sale, the executive vice president now directly owns 53,399 shares of the company’s stock, valued at approximately $8,784,669.49. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director John A. Edwardson sold 2,882 shares of the stock in a transaction on Friday, August 5th. The shares were sold at an average price of $162.63, for a total value of $468,699.66. Following the completion of the sale, the director now directly owns 29,090 shares of the company’s stock, valued at $4,730,906.70. The disclosure for this sale can be found here.
Other hedge funds and institutional investors have made changes to their positions in the company. RS Investment Management Co. LLC increased its position in shares of 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 period. Schwab Charles Investment Management Inc. increased its position in shares of 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 period. Finally, Dimensional Fund Advisors LP increased its position 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 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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