FedEx (NYSE:FDX) Price Target Increased to $347.00 by Analysts at Bank of America

FedEx (NYSE:FDX) had its price target increased by equities researchers at Bank of America from $340.00 to $347.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the shipping service provider’s stock. Bank of America‘s price target suggests a potential upside of 17.44% from the stock’s previous close.

FDX has been the topic of a number of other research reports. Robert W. Baird raised their target price on FedEx from $315.00 to $325.00 and gave the company an “outperform” rating in a report on Friday, March 22nd. UBS Group dropped their price target on FedEx from $340.00 to $333.00 and set a “buy” rating on the stock in a report on Tuesday, May 21st. Morgan Stanley lifted their price target on FedEx from $210.00 to $215.00 and gave the stock an “equal weight” rating in a report on Wednesday. Wells Fargo & Company upgraded FedEx to a “hold” rating in a report on Tuesday, June 18th. Finally, Barclays lifted their price target on FedEx from $310.00 to $350.00 and gave the stock an “overweight” rating in a report on Friday, March 22nd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and nineteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $314.00.

FedEx Trading Down 0.2 %

Shares of FedEx stock opened at $295.47 on Wednesday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.26 and a current ratio of 1.31. FedEx has a 52 week low of $224.69 and a 52 week high of $296.86. The stock has a 50 day moving average price of $256.80 and a two-hundred day moving average price of $256.00. The stock has a market capitalization of $72.71 billion, a PE ratio of 17.15, a price-to-earnings-growth ratio of 0.93 and a beta of 1.16.

FedEx (NYSE:FDX) last announced its quarterly earnings data on Tuesday, June 25th. The shipping service provider reported $5.41 EPS for the quarter, beating analysts’ consensus estimates of $5.34 by $0.07. FedEx had a return on equity of 16.86% and a net margin of 4.94%. The firm had revenue of $22.11 billion during the quarter, compared to analysts’ expectations of $22.04 billion. During the same quarter last year, the firm posted $4.94 earnings per share. The company’s revenue for the quarter was up .8% compared to the same quarter last year. As a group, equities analysts anticipate that FedEx will post 20.26 earnings per share for the current fiscal year.

FedEx declared that its board has authorized a stock buyback program on Thursday, March 21st that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the shipping service provider to repurchase up to 7.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other FedEx news, EVP Tracy B. Brightman sold 2,550 shares of the stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $275.69, for a total transaction of $703,009.50. Following the transaction, the executive vice president now directly owns 6,294 shares in the company, valued at $1,735,192.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Richard W. Smith sold 1,325 shares of the stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $278.24, for a total transaction of $368,668.00. Following the completion of the sale, the chief executive officer now owns 84,614 shares of the company’s stock, valued at $23,542,999.36. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Tracy B. Brightman sold 2,550 shares of the stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $275.69, for a total value of $703,009.50. Following the sale, the executive vice president now directly owns 6,294 shares of the company’s stock, valued at approximately $1,735,192.86. The disclosure for this sale can be found here. Over the last three months, insiders have sold 117,275 shares of company stock worth $32,177,298. Insiders own 8.73% of the company’s stock.

Institutional Trading of FedEx

A number of institutional investors have recently made changes to their positions in FDX. Fortis Group Advisors LLC lifted its position in FedEx by 100.0% during the fourth quarter. Fortis Group Advisors LLC now owns 100 shares of the shipping service provider’s stock valued at $25,000 after buying an additional 50 shares during the period. Scarborough Advisors LLC bought a new stake in FedEx in the 4th quarter worth about $25,000. Financial Management Professionals Inc. increased its holdings in FedEx by 143.2% in the 4th quarter. Financial Management Professionals Inc. now owns 107 shares of the shipping service provider’s stock worth $27,000 after buying an additional 63 shares in the last quarter. Private Wealth Management Group LLC purchased a new position in FedEx in the fourth quarter worth about $28,000. Finally, Rakuten Securities Inc. purchased a new position in FedEx in the fourth quarter worth about $30,000. 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.