FedEx (NYSE:FDX) Price Target Raised to $335.00 at TD Cowen

FedEx (NYSE:FDX) had its price target lifted by TD Cowen from $320.00 to $335.00 in a research report issued to clients and investors on Wednesday, Briefing.com reports. The firm currently has a “buy” rating on the shipping service provider’s stock. TD Cowen’s price objective would suggest a potential upside of 30.62% from the company’s previous close.

Other equities analysts have also recently issued research reports about the stock. The Goldman Sachs Group boosted their price target on shares of FedEx from $291.00 to $324.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. JPMorgan Chase & Co. upgraded shares of FedEx from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $296.00 to $359.00 in a report on Wednesday. BNP Paribas restated an “underperform” rating and issued a $250.00 price objective on shares of FedEx in a report on Wednesday, March 27th. Morgan Stanley upped their price objective on shares of FedEx from $210.00 to $215.00 and gave the stock an “equal weight” rating in a report on Wednesday. Finally, Barclays upped their price objective on shares of 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 issued a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $308.25.

FedEx Stock Performance

Shares of NYSE:FDX opened at $256.46 on Wednesday. The company has a market cap of $63.11 billion, a price-to-earnings ratio of 14.79, a price-to-earnings-growth ratio of 0.93 and a beta of 1.16. The company has a 50-day moving average price of $256.13 and a 200-day moving average price 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 has a 12 month low of $224.69 and a 12 month high of $291.27.

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

FedEx declared that its board has approved a stock repurchase 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 buy up to 7.6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

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

Hedge Funds Weigh In On FedEx

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FDX. Sentry LLC purchased a new stake in shares of FedEx during the 4th quarter worth approximately $1,811,748,000. Norges Bank purchased a new stake in FedEx during the fourth quarter valued at $700,291,000. Capital International Investors lifted its position in FedEx by 32.5% during the first quarter. Capital International Investors now owns 8,831,084 shares of the shipping service provider’s stock valued at $2,558,718,000 after purchasing an additional 2,163,622 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of FedEx by 5.6% in the 1st quarter. Vanguard Group Inc. now owns 19,868,165 shares of the shipping service provider’s stock worth $5,756,602,000 after buying an additional 1,056,061 shares in the last quarter. Finally, Putnam Investments LLC increased its holdings in shares of FedEx by 38.1% in the 4th quarter. Putnam Investments LLC now owns 2,893,781 shares of the shipping service provider’s stock worth $732,040,000 after buying an additional 798,084 shares during the last quarter. 84.47% of the stock is owned by institutional investors.

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.