FedEx (NYSE:FDX) Hits New 12-Month High on Analyst Upgrade

Shares of FedEx Corporation (NYSE:FDX) 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.

Other research analysts also recently issued research reports about the stock. Citigroup initiated coverage on shares of FedEx in a research report on Thursday, May 21st. They set a “buy” rating and a $443.00 price target on the stock. Barclays reissued a “buy” rating on shares of FedEx in a report on Friday, May 22nd. Stifel Nicolaus upped their price objective on FedEx from $425.00 to $442.00 in a report on Friday, April 10th. Wolfe Research lowered their target price on FedEx from $427.00 to $423.00 and set an “outperform” rating for the company in a research note on Tuesday, April 7th. Finally, Wall Street Zen downgraded FedEx from a “strong-buy” rating to a “buy” rating in a research report on Sunday, April 12th. Nineteen investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, FedEx has an average rating of “Moderate Buy” and a consensus target price of $400.69.

Insider Buying and Selling

In other news, EVP Kawal Preet sold 4,900 shares of the business’s stock in a transaction dated Tuesday, April 14th. The stock was sold at an average price of $367.89, for a total transaction of $1,802,661.00. Following the completion of the transaction, the executive vice president directly owned 10,953 shares in the company, valued at approximately $4,029,499.17. The trade was a 30.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Tracy B. Brightman sold 16,959 shares of the company’s stock in a transaction dated Wednesday, April 15th. The shares were 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 directly owned 11,052 shares of the company’s stock, valued at approximately $4,017,070.44. This trade represents a 60.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 48,104 shares of company stock valued at $17,599,006 in the last three months. 0.53% of the stock is currently owned by company insiders.

Key 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

Institutional Investors Weigh In On FedEx

Several hedge funds have recently bought and sold shares of FDX. Groupama Asset Managment increased its position in shares of FedEx by 9.2% in the 1st quarter. Groupama Asset Managment now owns 3,554 shares of the shipping service provider’s stock valued at $1,266,000 after buying an additional 299 shares in the last quarter. Segall Bryant & Hamill LLC bought a new position in FedEx during the first quarter worth about $455,000. CTC Alternative Strategies Ltd. acquired a new position in FedEx in the first quarter valued at about $285,000. Western Wealth Management LLC grew its stake in FedEx by 186.1% in the first quarter. Western Wealth Management LLC now owns 4,840 shares of the shipping service provider’s stock valued at $1,724,000 after acquiring an additional 3,148 shares during the period. Finally, Kentucky Retirement Systems increased its holdings in shares of FedEx by 82.6% in the first quarter. Kentucky Retirement Systems now owns 24,574 shares of the shipping service provider’s stock worth $8,753,000 after acquiring an additional 11,118 shares in the last quarter. 84.47% of the stock is currently owned by institutional investors and hedge funds.

FedEx Stock Up 3.3%

The company has a market capitalization 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. The company has a quick ratio of 1.44, a current ratio of 1.47 and a debt-to-equity ratio of 0.77. The firm has a fifty day simple moving average of $372.83 and a 200-day simple moving average of $335.39.

FedEx (NYSE:FDX) last issued its quarterly earnings data on Thursday, March 19th. The shipping service provider reported $5.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.12 by $1.13. FedEx had a return on equity of 16.76% and a net margin of 4.88%.The business had revenue of $24 billion during the quarter, compared to analyst estimates of $23.44 billion. During the same period in the previous year, the firm earned $4.51 EPS. FedEx’s quarterly revenue was up 8.3% compared to the same quarter last year. On average, equities research analysts expect that FedEx Corporation will post 19.72 EPS for the current fiscal 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.