Bank of America Increases FedEx (NYSE:FDX) Price Target to $348.00

FedEx (NYSE:FDX) had its price target boosted by analysts at Bank of America from $325.00 to $348.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the shipping service provider’s stock. Bank of America‘s price objective would indicate a potential upside of 26.21% from the company’s current price.

Several other analysts have also commented on the stock. Susquehanna reduced their price target on shares of FedEx from $345.00 to $330.00 and set a “positive” rating on the stock in a research report on Friday, September 20th. Barclays lifted their target price on FedEx from $350.00 to $365.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Hsbc Global Res cut FedEx from a “strong-buy” rating to a “hold” rating in a report on Friday, September 20th. Morgan Stanley lowered shares of FedEx from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $215.00 to $200.00 in a report on Friday, September 20th. Finally, Bernstein Bank lifted their price target on shares of FedEx from $305.00 to $337.00 and gave the company an “overweight” rating in a research report on Friday, September 20th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and nineteen have assigned a buy rating to the stock. Based on data from MarketBeat, FedEx has a consensus rating of “Moderate Buy” and an average price target of $324.88.

FedEx Price Performance

FedEx stock opened at $275.73 on Friday. The company has a fifty day simple moving average of $282.71 and a 200-day simple moving average of $282.10. The company has a quick ratio of 1.24, a current ratio of 1.28 and a debt-to-equity ratio of 0.72. The firm has a market capitalization of $67.37 billion, a price-to-earnings ratio of 17.01, a PEG ratio of 1.17 and a beta of 1.18. FedEx has a 52-week low of $234.45 and a 52-week high of $313.84.

FedEx (NYSE:FDX) last issued its earnings results on Thursday, December 19th. The shipping service provider reported $4.05 earnings per share for the quarter, topping the consensus estimate of $3.88 by $0.17. The business had revenue of $22 billion for the quarter, compared to analysts’ expectations of $22.14 billion. FedEx had a return on equity of 15.61% and a net margin of 4.62%. The business’s revenue for the quarter was down .7% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.99 EPS. On average, equities analysts anticipate that FedEx will post 19.59 EPS for the current fiscal year.

Institutional Investors Weigh In On FedEx

A number of hedge funds and other institutional investors have recently bought and sold shares of FDX. Evermay Wealth Management LLC increased its holdings in shares of FedEx by 72.7% in the 3rd quarter. Evermay Wealth Management LLC now owns 95 shares of the shipping service provider’s stock valued at $26,000 after purchasing an additional 40 shares in the last quarter. Highline Wealth Partners LLC purchased a new stake in FedEx in the 3rd quarter valued at approximately $31,000. Abound Wealth Management boosted its stake in shares of FedEx by 175.9% during the second quarter. Abound Wealth Management now owns 149 shares of the shipping service provider’s stock valued at $45,000 after acquiring an additional 95 shares during the last quarter. Harbor Capital Advisors Inc. purchased a new stake in FedEx during the 3rd quarter worth about $47,000. Finally, Sachetta LLC lifted its holdings in FedEx by 29.1% in the 2nd quarter. Sachetta LLC now owns 164 shares of the shipping service provider’s stock valued at $49,000 after purchasing an additional 37 shares in the last quarter. Institutional investors and hedge funds own 84.47% of the company’s stock.

About FedEx

FedEx Corporation provides transportation, e-commerce, and business services in the United States and internationally. It operates through FedEx Express, FedEx Ground, FedEx Freight, and FedEx Services segments. The FedEx Express segment offers express transportation, small-package ground delivery, and freight transportation services; and time-critical transportation services.