FedEx (NYSE:FDX) Sets New 52-Week High Following Analyst Upgrade

Key Points

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FedEx Corporation (NYSE:FDX - Get Free Report)'s share price reached a new 52-week high on Wednesday after JPMorgan Chase & Co. upgraded the stock from a neutral rating to an overweight rating. JPMorgan Chase & Co. now has a $460.00 price target on the stock, up from their previous price target of $432.00. FedEx traded as high as $412.75 and last traded at $410.8140, with a volume of 121413 shares trading hands. The stock had previously closed at $400.00.

Several other research firms have also weighed in on FDX. Truist Financial boosted their target price on FedEx from $400.00 to $425.00 and gave the stock a "buy" rating in a report on Friday, March 20th. TD Cowen lifted their price target on shares of FedEx from $383.00 to $426.00 and gave the company a "buy" rating in a research report on Friday, March 20th. Citigroup started coverage on shares of FedEx in a research note on Thursday, May 21st. They issued a "buy" rating and a $443.00 target price on the stock. Jefferies Financial Group boosted their target price on shares of FedEx from $425.00 to $450.00 and gave the stock a "buy" rating in a research report on Tuesday, March 3rd. Finally, The Goldman Sachs Group raised their price target on FedEx from $364.00 to $369.00 and gave the company a "buy" rating in a research report on Friday, March 13th. Nineteen equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $400.69.

Insider Transactions at FedEx

In other FedEx news, EVP Gina F. Adams sold 20,450 shares of the company's stock in a transaction that occurred on Tuesday, April 14th. The stock was sold at an average price of $366.45, for a total value of $7,493,902.50. Following the completion of the transaction, the executive vice president owned 19,403 shares of the company's stock, valued at $7,110,229.35. This represents a 51.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Tracy B. Brightman sold 16,959 shares of the firm's stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $363.47, for a total value of $6,164,087.73. Following the completion of the sale, the executive vice president owned 11,052 shares of the company's stock, valued at $4,017,070.44. This represents a 60.54% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 48,104 shares of company stock valued at $17,599,006. 0.53% of the stock is currently owned by insiders.

More FedEx News

Here are the key news stories impacting FedEx this week:

• Positive Sentiment: JPMorgan Chase upgraded FedEx (FDX) from neutral to overweight and set a $460 price target, implying meaningful upside from current levels.
• Positive Sentiment: UBS reiterated a Buy rating with a $445 target, saying FedEx’s sum-of-the-parts valuation looks attractive ahead of the freight spin-off, which could unlock value for shareholders. Article: FedEx sum-of-the-parts valuation points to upside as freight spin-off approaches, UBS says
• Positive Sentiment: FedEx is leading a consortium bidding for InPost, a move that could expand its European e-commerce logistics footprint and support long-term growth. Article: FedEx InPost Bid Tests Growth Ambitions Valuation Gap And Debt Concerns
• Positive Sentiment: FedEx also benefited from a broader rally in transportation and logistics stocks after WTI crude oil prices fell, easing fuel costs and improving margins across the sector. Article: Universal Logistics, ArcBest, and XPO Shares Trade Up, What You Need To Know
• Neutral Sentiment: FedEx continues to trade near its recent highs after recent strength, with investors watching whether the company can sustain momentum into the freight separation and other strategic initiatives. Article: FedEx (FDX) Laps the Stock Market: Here's Why

Hedge Funds Weigh In On FedEx

A number of hedge funds and other institutional investors have recently made changes to their positions in FDX. Vanguard Group Inc. raised its position in FedEx by 13.2% in the third quarter. Vanguard Group Inc. now owns 23,442,049 shares of the shipping service provider's stock worth $5,527,870,000 after purchasing an additional 2,741,723 shares in the last quarter. Dodge & Cox boosted its holdings in FedEx by 12.0% during the third quarter. Dodge & Cox now owns 16,225,160 shares of the shipping service provider's stock valued at $3,826,055,000 after purchasing an additional 1,742,666 shares in the last quarter. State Street Corp grew its stake in shares of FedEx by 4.2% in the 4th quarter. State Street Corp now owns 9,521,691 shares of the shipping service provider's stock valued at $2,763,824,000 after purchasing an additional 382,848 shares during the period. Franklin Resources Inc. raised its holdings in shares of FedEx by 6.6% in the 4th quarter. Franklin Resources Inc. now owns 5,133,231 shares of the shipping service provider's stock worth $1,482,785,000 after buying an additional 318,293 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of FedEx by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 4,985,778 shares of the shipping service provider's stock worth $1,443,666,000 after buying an additional 45,818 shares in the last quarter. 84.47% of the stock is owned by institutional investors.

FedEx Price Performance

The company has a 50-day moving average of $372.83 and a 200 day moving average of $335.39. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.44 and a current ratio of 1.47. The firm has a market cap of $98.57 billion, a P/E ratio of 21.92, a P/E/G ratio of 1.49 and a beta of 1.29.

FedEx (NYSE:FDX - Get Free Report) last announced its quarterly earnings results on Thursday, March 19th. The shipping service provider reported $5.25 earnings per share for the quarter, beating analysts' consensus estimates of $4.12 by $1.13. FedEx had a return on equity of 16.76% and a net margin of 4.88%.The firm had revenue of $24 billion for the quarter, compared to analysts' expectations of $23.44 billion. During the same period in the prior year, the business posted $4.51 earnings per share. The business's revenue was up 8.3% compared to the same quarter last year. On average, sell-side analysts anticipate that FedEx Corporation will post 19.72 EPS for the current year.

FedEx Company Profile

FedEx Corporation NYSE: FDX is a global logistics and courier company headquartered in Memphis, Tennessee. Founded by Frederick W. Smith in 1971 and beginning operations in the early 1970s, the company pioneered overnight express shipping and has since expanded into a diversified portfolio of transportation, e-commerce and supply-chain services. FedEx operates an integrated air-and-ground network that moves parcels, freight and documents for businesses and consumers worldwide.

FedEx's core operating segments include express parcel delivery via its FedEx Express division, domestic and residential parcel delivery through FedEx Ground, less-than-truckload (LTL) freight services, and logistics and supply-chain management solutions.

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