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

FedEx (NYSE:FDX) had its target price lifted by equities research analysts at Evercore from $350.00 to $351.00 in a research report issued on Monday. Evercore’s price objective suggests a potential upside of 22.06% from the company’s current price.

FDX has been the subject of a number of other research reports. Citizens Jmp began coverage on FedEx in a report on Wednesday, July 15th. They issued a “market outperform” rating and a $375.00 target price for the company. Sanford C. Bernstein set a $397.00 price objective on FedEx in a research note on Wednesday, June 24th. UBS Group dropped their price objective on shares of FedEx from $445.00 to $350.00 and set a “buy” rating for the company in a report on Wednesday, June 24th. Raymond James Financial set a $330.00 target price on shares of FedEx in a report on Friday, August 28th. Finally, BMO Capital Markets reaffirmed a “market perform” rating on shares of FedEx in a research note on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $354.72.

FedEx Stock Performance

Shares of FedEx stock opened at $287.57 on Monday. The company’s 50 day moving average price is $315.30 and its two-hundred day moving average price is $339.79. The firm has a market capitalization of $68.06 billion, a P/E ratio of 15.54, a P/E/G ratio of 1.54 and a beta of 1.32. FedEx has a fifty-two week low of $179.69 and a fifty-two week high of $345.36. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.48 and a quick ratio of 1.44.

FedEx (NYSE:FDX) last announced its quarterly earnings results on Tuesday, July 21st. The shipping service provider reported $5.88 earnings per share (EPS) for the quarter. FedEx had a net margin of 4.68% and a return on equity of 16.49%. The company had revenue of $23.26 billion during the quarter. On average, equities analysts forecast that FedEx will post 17.55 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. QRG Capital Management Inc. lifted its stake in FedEx by 16.5% in the second quarter. QRG Capital Management Inc. now owns 31,373 shares of the shipping service provider’s stock valued at $9,824,000 after buying an additional 4,439 shares during the period. Envestnet Portfolio Solutions Inc. grew its holdings in FedEx by 5.8% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 10,163 shares of the shipping service provider’s stock worth $3,182,000 after purchasing an additional 558 shares during the period. Andra AP fonden raised its holdings in shares of FedEx by 55.5% during the second quarter. Andra AP fonden now owns 69,318 shares of the shipping service provider’s stock valued at $21,706,000 after purchasing an additional 24,740 shares during the period. Bullseye Investment Management LLC bought a new position in shares of FedEx during the 2nd quarter worth about $55,000. Finally, Core Capital Management & Research inc. bought a new stake in FedEx in the 2nd quarter valued at about $71,000. 84.47% of the stock is owned by institutional investors and hedge funds.

About FedEx

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.