Citigroup Forecasts Strong Price Appreciation for FedEx (NYSE:FDX) Stock

FedEx (NYSE:FDX) had its target price raised by analysts at Citigroup from $359.00 to $373.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the shipping service provider’s stock. Citigroup’s target price points to a potential upside of 28.90% from the company’s previous close.

Several other equities analysts have also recently issued reports on FDX. Evercore boosted their price objective on FedEx from $350.00 to $351.00 in a report on Monday, September 28th. Raymond James Financial set a $330.00 price target on FedEx in a research report on Friday, August 28th. Stephens raised FedEx to a “strong-buy” rating in a report on Wednesday, July 8th. TD Cowen lowered their price objective on FedEx from $426.00 to $354.00 in a research report on Wednesday, June 24th. Finally, Weiss Ratings cut shares of FedEx from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, September 2nd. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $354.64.

FedEx Stock Performance

NYSE FDX traded up $0.34 on Wednesday, hitting $289.37. 594,265 shares of the company’s stock traded hands, compared to its average volume of 2,051,571. The firm’s 50-day moving average price is $312.61 and its two-hundred day moving average price is $337.54. The firm has a market capitalization of $68.48 billion, a PE ratio of 15.61, a P/E/G ratio of 1.54 and a beta of 1.28. The company has a current ratio of 1.48, a quick ratio of 1.44 and a debt-to-equity ratio of 0.74. FedEx has a 1-year low of $179.69 and a 1-year high of $345.36.

FedEx (NYSE:FDX) last issued its earnings results on Tuesday, July 21st. The shipping service provider reported $5.88 earnings per share (EPS) for the quarter. The firm had revenue of $23.26 billion during the quarter. FedEx had a net margin of 4.68% and a return on equity of 16.49%. As a group, analysts expect that FedEx will post 17.53 EPS for the current year.

Hedge Funds Weigh In On FedEx

A number of large investors have recently added to or reduced their stakes in FDX. Ferguson Wellman Capital Management Inc. increased its holdings in shares of FedEx by 3.2% in the 1st quarter. Ferguson Wellman Capital Management Inc. now owns 830 shares of the shipping service provider’s stock valued at $296,000 after acquiring an additional 26 shares during the last quarter. Whipplewood Advisors LLC boosted its holdings in FedEx by 9.9% in the first quarter. Whipplewood Advisors LLC now owns 333 shares of the shipping service provider’s stock valued at $119,000 after purchasing an additional 30 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC raised its holdings in FedEx by 11.9% during the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 283 shares of the shipping service provider’s stock worth $101,000 after purchasing an additional 30 shares in the last quarter. Avior Wealth Management LLC lifted its position in shares of FedEx by 2.6% during the 2nd quarter. Avior Wealth Management LLC now owns 1,361 shares of the shipping service provider’s stock worth $426,000 after buying an additional 34 shares during the last quarter. Finally, CLG LLC grew its position in shares of FedEx by 3.8% in the 1st quarter. CLG LLC now owns 952 shares of the shipping service provider’s stock valued at $339,000 after buying an additional 35 shares during the last quarter. 84.47% of the stock is currently owned by institutional investors and hedge funds.

FedEx Company Profile

FedEx Corporation is a global transportation, e-commerce and business services company headquartered in Memphis, Tennessee. Through its operating companies, FedEx provides time-definite express delivery, ground shipping, freight transportation, and logistics services for businesses, government organizations and consumers.

The company’s services include domestic and international parcel delivery, less-than-truckload freight transportation, supply chain management, customs and trade assistance, warehousing, fulfillment and other logistics solutions.