FedEx Co. (NYSE:FDX – Get Rating) saw a large drop in short interest during the month of May. As of May 31st, there was short interest totalling 3,440,000 shares, a drop of 9.5% from the May 15th total of 3,800,000 shares. Based on an average daily trading volume, of 2,070,000 shares, the days-to-cover ratio is currently 1.7 days. Currently, 1.5% of the shares of the company are sold short.
Analyst Upgrades and Downgrades
Several research analysts have recently weighed in on FDX shares. Bank of America lifted their target price on shares of FedEx from $233.00 to $305.00 in a research report on Friday, March 17th. Citigroup boosted their target price on shares of FedEx from $275.00 to $285.00 and gave the stock a “buy” rating in a research report on Thursday, April 6th. Loop Capital boosted their target price on shares of FedEx from $241.00 to $263.00 in a research note on Thursday, April 6th. StockNews.com initiated coverage on shares of FedEx in a research report on Thursday, May 18th. They set a “buy” rating on the stock. Finally, The Goldman Sachs Group upped their target price on shares of FedEx from $250.00 to $258.00 and gave the company a “buy” rating in a research report on Thursday, April 6th. Ten investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $244.21.
Insider Transactions at FedEx
In other FedEx news, Director Stephen E. Gorman purchased 1,080 shares of FedEx stock in a transaction dated Wednesday, April 12th. The shares were bought at an average cost of $230.75 per share, for a total transaction of $249,210.00. Following the transaction, the director now owns 1,258 shares in the company, valued at approximately $290,283.50. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other FedEx news, CEO Rajesh Subramaniam sold 11,125 shares of the firm’s stock in a transaction dated Thursday, April 6th. The shares were sold at an average price of $231.01, for a total transaction of $2,569,986.25. Following the transaction, the chief executive officer now owns 39,483 shares of the company’s stock, valued at approximately $9,120,967.83. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Stephen E. Gorman acquired 1,080 shares of the stock in a transaction dated Wednesday, April 12th. The stock was acquired at an average cost of $230.75 per share, for a total transaction of $249,210.00. Following the purchase, the director now directly owns 1,258 shares in the company, valued at $290,283.50. The disclosure for this purchase can be found here. In the last three months, insiders have sold 146,486 shares of company stock worth $34,001,009. 8.62% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its position in FedEx by 1.2% during the 3rd quarter. Vanguard Group Inc. now owns 18,835,505 shares of the shipping service provider’s stock valued at $2,796,508,000 after purchasing an additional 220,183 shares during the period. BlackRock Inc. raised its position in FedEx by 2.9% in the 3rd quarter. BlackRock Inc. now owns 16,818,843 shares of the shipping service provider’s stock valued at $2,497,094,000 after buying an additional 469,345 shares during the last quarter. Primecap Management Co. CA raised its position in FedEx by 3.3% in the 3rd quarter. Primecap Management Co. CA now owns 13,878,717 shares of the shipping service provider’s stock valued at $2,060,573,000 after buying an additional 445,125 shares during the last quarter. Geode Capital Management LLC increased its position in shares of FedEx by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 4,234,930 shares of the shipping service provider’s stock valued at $732,448,000 after purchasing an additional 35,946 shares during the last quarter. Finally, Morgan Stanley increased its position in shares of FedEx by 19.6% during the 4th quarter. Morgan Stanley now owns 3,412,956 shares of the shipping service provider’s stock valued at $591,124,000 after purchasing an additional 559,607 shares during the last quarter. Institutional investors and hedge funds own 72.02% of the company’s stock.
FedEx Trading Down 1.3 %
NYSE FDX opened at $233.46 on Friday. The stock has a 50 day moving average of $226.89 and a 200-day moving average of $207.49. FedEx has a 12 month low of $141.92 and a 12 month high of $248.76. The company has a market cap of $58.68 billion, a PE ratio of 20.16, a PEG ratio of 1.07 and a beta of 1.33. The company has a current ratio of 1.32, a quick ratio of 1.27 and a debt-to-equity ratio of 0.81.
FedEx (NYSE:FDX – Get Rating) last posted its earnings results on Thursday, March 16th. The shipping service provider reported $3.41 earnings per share for the quarter, topping analysts’ consensus estimates of $2.67 by $0.74. FedEx had a return on equity of 17.71% and a net margin of 3.23%. The company had revenue of $22.17 billion during the quarter, compared to the consensus estimate of $22.74 billion. During the same quarter last year, the firm earned $4.59 earnings per share. The company’s revenue was down 6.2% on a year-over-year basis. On average, equities research analysts anticipate that FedEx will post 14.89 EPS for the current fiscal year.
FedEx Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, July 3rd. Investors of record on Monday, June 12th will be given a $1.26 dividend. The ex-dividend date is Friday, June 9th. This represents a $5.04 dividend on an annualized basis and a dividend yield of 2.16%. This is a boost from FedEx’s previous quarterly dividend of $1.15. FedEx’s dividend payout ratio (DPR) is presently 43.52%.
FedEx Company Profile
FedEx Corporation provides transportation, e-commerce, and business services in the United States and internationally. The company’s FedEx Express segment offers express transportation, small-package ground delivery, and freight transportation services; time-critical transportation services; and cross-border enablement, technology, and e-commerce transportation solutions.