FedEx Corporation’s (FDX) “Buy” Rating Reaffirmed at Cowen and Company
FedEx Corporation (NYSE:FDX)‘s stock had its “buy” rating reiterated by equities researchers at Cowen and Company in a report issued on Thursday. They currently have a $240.00 price objective on the shipping service provider’s stock. Cowen and Company’s target price indicates a potential upside of 16.40% from the stock’s previous close.
A number of other research firms have also recently weighed in on FDX. Loop Capital restated a “buy” rating and issued a $234.00 price target on shares of FedEx Corporation in a research note on Tuesday, July 4th. Sanford C. Bernstein restated a “market perform” rating and issued a $220.00 price target on shares of FedEx Corporation in a research note on Monday, July 3rd. Vetr cut FedEx Corporation from a “hold” rating to a “sell” rating and set a $206.26 price target on the stock. in a research note on Monday, June 26th. BMO Capital Markets increased their price target on FedEx Corporation from $220.00 to $245.00 and gave the company an “outperform” rating in a research note on Friday, June 23rd. Finally, CIBC increased their price target on FedEx Corporation from $218.00 to $229.00 and gave the company an “outperform” rating in a research note on Thursday, June 15th. Six investment analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $221.78.
Shares of FedEx Corporation (FDX) opened at 206.18 on Thursday. The stock has a 50 day moving average of $213.26 and a 200 day moving average of $198.44. FedEx Corporation has a 52 week low of $158.20 and a 52 week high of $219.99. The firm has a market cap of $55.31 billion, a P/E ratio of 18.63 and a beta of 1.27.
FedEx Corporation (NYSE:FDX) last posted its quarterly earnings results on Tuesday, June 20th. The shipping service provider reported $4.25 earnings per share for the quarter, beating analysts’ consensus estimates of $3.88 by $0.37. FedEx Corporation had a return on equity of 22.19% and a net margin of 4.97%. The business had revenue of $15.70 billion for the quarter, compared to analysts’ expectations of $15.56 billion. During the same quarter in the prior year, the business earned $3.30 EPS. The firm’s revenue for the quarter was up 21.0% on a year-over-year basis. Equities analysts forecast that FedEx Corporation will post $13.58 earnings per share for the current year.
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In related news, EVP Robert B. Carter sold 24,522 shares of the firm’s stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $210.96, for a total value of $5,173,161.12. Following the sale, the executive vice president now directly owns 68,556 shares of the company’s stock, valued at $14,462,573.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO David L. Cunningham, Jr. sold 17,565 shares of the firm’s stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $211.00, for a total value of $3,706,215.00. Following the completion of the sale, the chief executive officer now directly owns 29,148 shares in the company, valued at $6,150,228. The disclosure for this sale can be found here. Insiders sold 77,757 shares of company stock worth $16,447,426 over the last ninety days. 8.67% of the stock is currently owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Macquarie Group Ltd. raised its stake in FedEx Corporation by 3.2% in the fourth quarter. Macquarie Group Ltd. now owns 35,090 shares of the shipping service provider’s stock valued at $6,534,000 after buying an additional 1,090 shares during the period. Univest Corp of Pennsylvania raised its stake in FedEx Corporation by 6.4% in the first quarter. Univest Corp of Pennsylvania now owns 17,714 shares of the shipping service provider’s stock valued at $3,457,000 after buying an additional 1,070 shares during the period. Pennsylvania Trust Co raised its stake in FedEx Corporation by 2.6% in the first quarter. Pennsylvania Trust Co now owns 5,960 shares of the shipping service provider’s stock valued at $1,163,000 after buying an additional 150 shares during the period. Murphy Capital Management Inc. raised its stake in FedEx Corporation by 23.3% in the first quarter. Murphy Capital Management Inc. now owns 17,038 shares of the shipping service provider’s stock valued at $3,325,000 after buying an additional 3,225 shares during the period. Finally, Bank of Montreal Can raised its stake in FedEx Corporation by 16.0% in the first quarter. Bank of Montreal Can now owns 1,006,806 shares of the shipping service provider’s stock valued at $196,478,000 after buying an additional 138,799 shares during the period. 76.36% of the stock is currently owned by institutional investors and hedge funds.
About FedEx Corporation
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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