FedEx (NYSE:FDX) Stock Gets Price Target Increase from Evercore

Key Points

• Evercore raised its FedEx price target from $350 to $351, implying approximately 22.06% upside from the stock’s current price.
• Analyst sentiment remains positive, with FedEx receiving a consensus “Moderate Buy” rating and an average price target of $354.72.
• FedEx shares opened at $287.57 and were down 0.7%; the company reported quarterly earnings of $5.88 per share on revenue of $23.26 billion, while institutional investors own 84.47% of the stock.

FedEx (NYSE:FDX - Get Free Report) had its price objective increased by analysts at Evercore from $350.00 to $351.00 in a note issued to investors on Monday. Evercore's price objective suggests a potential upside of 22.06% from the company's current price.

FDX has been the topic of several other research reports. Sanford C. Bernstein set a $397.00 price objective on FedEx in a research report on Wednesday, June 24th. Citigroup assumed coverage on shares of FedEx in a research note on Wednesday, July 15th. They issued an "outperform" rating on the stock. Stifel Nicolaus lowered their price target on shares of FedEx from $442.00 to $326.00 and set a "buy" rating on the stock in a research report on Wednesday, June 24th. Jefferies Financial Group assumed coverage on shares of FedEx in a research note on Tuesday, June 23rd. They issued a "buy" rating and a $200.00 price objective for the company. Finally, JPMorgan Chase & Co. decreased their target price on shares of FedEx from $460.00 to $400.00 and set an "overweight" rating on the stock in a research report on Tuesday, September 8th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, FedEx currently has a consensus rating of "Moderate Buy" and a consensus price target of $354.72.

FedEx Trading Down 0.7%

Shares of NYSE:FDX opened at $287.57 on Monday. FedEx has a 12-month low of $179.69 and a 12-month high of $345.36. The stock has a market cap of $68.06 billion, a PE ratio of 15.54, a P/E/G ratio of 1.54 and a beta of 1.32. The business has a 50 day moving average of $315.30 and a 200-day moving average of $339.79. The company has a quick ratio of 1.44, a current ratio of 1.48 and a debt-to-equity ratio of 0.74.

FedEx (NYSE:FDX - Get Free Report) last announced its earnings results on Tuesday, July 21st. The shipping service provider reported $5.88 earnings per share for the quarter. The company had revenue of $23.26 billion for the quarter. FedEx had a return on equity of 16.49% and a net margin of 4.68%. As a group, equities research analysts forecast that FedEx will post 17.55 earnings per share for the current year.

Hedge Funds Weigh In On FedEx

Several hedge funds and other institutional investors have recently modified their holdings of the business. QRG Capital Management Inc. raised its holdings in shares of FedEx by 16.5% during the 2nd quarter. QRG Capital Management Inc. now owns 31,373 shares of the shipping service provider's stock worth $9,824,000 after buying an additional 4,439 shares in the last quarter. Envestnet Portfolio Solutions Inc. boosted its stake in FedEx by 5.8% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 10,163 shares of the shipping service provider's stock valued at $3,182,000 after buying an additional 558 shares in the last quarter. Andra AP fonden grew its position in FedEx by 55.5% in the second quarter. Andra AP fonden now owns 69,318 shares of the shipping service provider's stock valued at $21,706,000 after acquiring an additional 24,740 shares during the last quarter. Bullseye Investment Management LLC bought a new position in FedEx in the second quarter valued at about $55,000. Finally, Core Capital Management & Research inc. acquired a new position in FedEx during the second quarter worth about $71,000. Institutional investors own 84.47% of the company's stock.

About FedEx

FedEx Corporation is a global transportation, e-commerce and business services company headquartered in Memphis, Tennessee. Through its operating companies, FedEx provides time-definite express delivery, ground shipping, freight transportation, and logistics services for businesses, government organizations and consumers.

The company's services include domestic and international parcel delivery, less-than-truckload freight transportation, supply chain management, customs and trade assistance, warehousing, fulfillment and other logistics solutions.

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