FedEx Co. (NYSE:FDX) Declares Quarterly Dividend of $0.65
FedEx Co. (NYSE:FDX) announced a quarterly dividend on Monday, June 10th, RTT News reports. Stockholders of record on Monday, June 24th will be paid a dividend of 0.65 per share by the shipping service provider on Monday, July 8th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date is Friday, June 21st.
FedEx has increased its dividend by an average of 36.7% annually over the last three years and has raised its dividend every year for the last 9 years. FedEx has a dividend payout ratio of 15.0% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect FedEx to earn $16.30 per share next year, which means the company should continue to be able to cover its $2.60 annual dividend with an expected future payout ratio of 16.0%.
Shares of FedEx stock opened at $164.55 on Friday. The firm has a market cap of $42.88 billion, a PE ratio of 10.75, a P/E/G ratio of 0.79 and a beta of 1.69. The company has a current ratio of 1.46, a quick ratio of 1.40 and a debt-to-equity ratio of 0.87. FedEx has a 12-month low of $150.68 and a 12-month high of $264.99.
A number of research analysts have recently weighed in on FDX shares. UBS Group lowered their price target on FedEx from $161.00 to $145.00 and set a “sell” rating on the stock in a report on Friday, May 31st. Berenberg Bank downgraded FedEx from a “buy” rating to a “hold” rating and lowered their price target for the company from $245.00 to $200.00 in a report on Monday, April 1st. JPMorgan Chase & Co. downgraded FedEx from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $227.00 to $202.00 in a report on Wednesday, March 20th. Credit Suisse Group lifted their price target on FedEx from $236.00 to $241.00 and gave the company an “outperform” rating in a report on Wednesday, March 20th. Finally, Cowen reiterated an “outperform” rating and set a $237.00 price target (down previously from $242.00) on shares of FedEx in a report on Thursday, March 14th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and thirteen have assigned a buy rating to the stock. FedEx presently has a consensus rating of “Hold” and a consensus price target of $202.43.
In other news, CEO Frederick W. Smith sold 155,650 shares of the company’s stock in a transaction dated Friday, April 5th. The stock was sold at an average price of $189.83, for a total transaction of $29,547,039.50. Following the completion of the sale, the chief executive officer now owns 14,945,124 shares in the company, valued at approximately $2,837,032,888.92. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Alan B. Graf, Jr. sold 27,000 shares of the company’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $173.30, for a total value of $4,679,100.00. Following the sale, the executive vice president now owns 200,320 shares of the company’s stock, valued at approximately $34,715,456. The disclosure for this sale can be found here. Insiders sold 185,650 shares of company stock worth $34,751,470 in the last 90 days. Corporate insiders own 8.50% of the company’s stock.
FedEx Corporation provides transportation, e-commerce, and business services worldwide. The company's FedEx Express segment offers shipping services for delivery of packages and freight. Its FedEx Ground segment provides business and residential money-back guaranteed ground package delivery services; and consolidates and delivers low-weight and less time-sensitive business-to-consumer packages.
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