Credit Suisse Group Increases FedEx Corporation (FDX) Price Target to $242.00
FedEx Corporation (NYSE:FDX) had its target price upped by equities research analysts at Credit Suisse Group from $237.00 to $242.00 in a report issued on Friday. The firm currently has an “outperform” rating on the shipping service provider’s stock. Credit Suisse Group’s target price suggests a potential upside of 12.65% from the stock’s current price.
Several other brokerages have also recently issued reports on FDX. Bank of America Corporation reaffirmed a “buy” rating and set a $240.00 price objective (up previously from $230.00) on shares of FedEx Corporation in a research note on Wednesday, June 21st. Cowen and Company reiterated an “outperform” rating and issued a $240.00 target price on shares of FedEx Corporation in a report on Wednesday, June 21st. Zacks Investment Research upgraded shares of FedEx Corporation from a “hold” rating to a “buy” rating and set a $222.00 target price on the stock in a report on Friday, June 2nd. Loop Capital reiterated a “buy” rating and issued a $234.00 target price on shares of FedEx Corporation in a report on Tuesday, July 4th. Finally, UBS AG reiterated a “buy” rating and issued a $235.00 target price (up from $215.00) on shares of FedEx Corporation in a report on Wednesday, June 21st. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and twenty-one have issued a buy rating to the stock. FedEx Corporation has a consensus rating of “Buy” and an average price target of $223.85.
Shares of FedEx Corporation (NYSE:FDX) opened at 214.83 on Friday. FedEx Corporation has a 52 week low of $159.55 and a 52 week high of $219.99. The firm has a 50-day moving average of $209.74 and a 200 day moving average of $201.96. The company has a market cap of $57.63 billion, a P/E ratio of 19.41 and a beta of 1.28.
FedEx Corporation (NYSE:FDX) last announced its quarterly earnings data on Tuesday, June 20th. The shipping service provider reported $4.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.88 by $0.37. FedEx Corporation had a net margin of 4.97% and a return on equity of 22.19%. The company had revenue of $15.70 billion during the quarter, compared to analysts’ expectations of $15.56 billion. During the same quarter in the prior year, the company earned $3.30 EPS. FedEx Corporation’s revenue was up 21.0% compared to the same quarter last year. Equities analysts expect that FedEx Corporation will post $13.48 EPS for the current fiscal year.
In other FedEx Corporation news, Director John A. Edwardson sold 2,208 shares of the firm’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $208.14, for a total transaction of $459,573.12. Following the transaction, the director now directly owns 30,608 shares of the company’s stock, valued at approximately $6,370,749.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kim Jabal sold 609 shares of the firm’s stock in a transaction on Thursday, June 29th. The stock was sold at an average price of $216.13, for a total transaction of $131,623.17. Following the transaction, the director now directly owns 2,100 shares in the company, valued at $453,873. The disclosure for this sale can be found here. Insiders sold a total of 77,757 shares of company stock worth $16,447,426 over the last ninety days. Insiders own 8.45% of the company’s stock.
Institutional investors have recently modified their holdings of the business. Salem Investment Counselors Inc. grew its position in FedEx Corporation by 2.8% during the 2nd quarter. Salem Investment Counselors Inc. now owns 479 shares of the shipping service provider’s stock worth $104,000 after purchasing an additional 13 shares during the last quarter. Riggs Asset Managment Co. Inc. grew its position in FedEx Corporation by 163.0% during the 2nd quarter. Riggs Asset Managment Co. Inc. now owns 484 shares of the shipping service provider’s stock worth $105,000 after purchasing an additional 300 shares during the last quarter. Cribstone Capital Management LLC grew its position in FedEx Corporation by 1.2% during the 2nd quarter. Cribstone Capital Management LLC now owns 489 shares of the shipping service provider’s stock worth $107,000 after purchasing an additional 6 shares during the last quarter. Krilogy Financial LLC grew its position in FedEx Corporation by 0.4% during the 2nd quarter. Krilogy Financial LLC now owns 511 shares of the shipping service provider’s stock worth $111,000 after purchasing an additional 2 shares during the last quarter. Finally, FNY Managed Accounts LLC purchased a new position in FedEx Corporation during the 1st quarter worth $100,000. 75.86% of the stock is currently owned by institutional investors.
FedEx Corporation Company Profile
FedEx Corporation (FedEx) provides a portfolio of transportation, e-commerce and business services through companies competing collectively, operating independently and managed collaboratively, under the FedEx brand. The Company’s segments include FedEx Express, TNT Express, FedEx Ground, FedEx Freight and FedEx Services.
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