FedEx (NYSE:FDX) Price Target Raised to $333.00

FedEx (NYSE:FDX) had its target price raised by analysts at The Goldman Sachs Group from $316.00 to $333.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the shipping service provider’s stock. The Goldman Sachs Group’s price objective points to a potential upside of 15.60% from the stock’s current price.

Several other analysts also recently weighed in on FDX. TD Cowen lifted their target price on shares of FedEx from $320.00 to $335.00 and gave the company a “buy” rating in a report on Wednesday. Barclays raised their price target on FedEx from $310.00 to $350.00 and gave the company an “overweight” rating in a report on Friday, March 22nd. BNP Paribas reiterated an “underperform” rating and issued a $250.00 price objective on shares of FedEx in a research report on Wednesday, March 27th. Wells Fargo & Company raised shares of FedEx to a “hold” rating in a research note on Tuesday, June 18th. Finally, Robert W. Baird raised their price objective on shares of FedEx from $325.00 to $340.00 and gave the company an “outperform” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $308.63.

FedEx Stock Performance

Shares of NYSE FDX traded up $31.67 during midday trading on Wednesday, reaching $288.05. 2,877,904 shares of the company were exchanged, compared to its average volume of 1,849,615. The stock has a market cap of $70.88 billion, a P/E ratio of 14.79, a PEG ratio of 0.93 and a beta of 1.16. FedEx has a 1 year low of $224.69 and a 1 year high of $293.50. The stock has a fifty day simple moving average of $256.13 and a 200 day simple moving average of $255.72. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 0.76.

FedEx (NYSE:FDX) last announced its earnings results on Tuesday, June 25th. The shipping service provider reported $5.41 earnings per share for the quarter, beating the consensus estimate of $5.34 by $0.07. FedEx had a return on equity of 16.60% and a net margin of 5.02%. The company had revenue of $22.11 billion for the quarter, compared to the consensus estimate of $22.04 billion. During the same period last year, the business posted $4.94 EPS. The company’s revenue was up .8% on a year-over-year basis. On average, research analysts forecast that FedEx will post 17.76 earnings per share for the current fiscal year.

FedEx declared that its Board of Directors has authorized a share repurchase program on Thursday, March 21st that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the shipping service provider to buy up to 7.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at FedEx

In other FedEx news, Chairman Frederick W. Smith sold 113,400 shares of FedEx stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $274.30, for a total value of $31,105,620.00. Following the completion of the sale, the chairman now owns 14,505,844 shares in the company, valued at approximately $3,978,953,009.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Mark R. Allen sold 10,145 shares of FedEx stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $287.28, for a total value of $2,914,455.60. Following the transaction, the executive vice president now directly owns 36,853 shares of the company’s stock, valued at approximately $10,587,129.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Frederick W. Smith sold 113,400 shares of the stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $274.30, for a total transaction of $31,105,620.00. Following the sale, the chairman now directly owns 14,505,844 shares of the company’s stock, valued at approximately $3,978,953,009.20. The disclosure for this sale can be found here. Insiders have sold 127,774 shares of company stock worth $35,194,126 over the last quarter. 8.73% of the stock is currently owned by insiders.

Hedge Funds Weigh In On FedEx

Hedge funds have recently made changes to their positions in the business. Fidelis Capital Partners LLC lifted its position in shares of FedEx by 4.1% during the first quarter. Fidelis Capital Partners LLC now owns 982 shares of the shipping service provider’s stock worth $285,000 after purchasing an additional 39 shares in the last quarter. KRS Capital Management LLC raised its position in shares of FedEx by 4.1% in the 4th quarter. KRS Capital Management LLC now owns 1,041 shares of the shipping service provider’s stock valued at $263,000 after purchasing an additional 41 shares in the last quarter. Zullo Investment Group Inc. boosted its stake in FedEx by 0.7% during the 4th quarter. Zullo Investment Group Inc. now owns 5,721 shares of the shipping service provider’s stock valued at $1,447,000 after acquiring an additional 42 shares during the last quarter. Regent Peak Wealth Advisors LLC lifted its position in shares of FedEx by 3.5% during the first quarter. Regent Peak Wealth Advisors LLC now owns 1,274 shares of the shipping service provider’s stock worth $369,000 after purchasing an additional 43 shares during the last quarter. Finally, Toth Financial Advisory Corp lifted its holdings in FedEx by 18.0% during the 4th quarter. Toth Financial Advisory Corp now owns 288 shares of the shipping service provider’s stock worth $73,000 after buying an additional 44 shares during the last quarter. Hedge funds and other institutional investors 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.