Wells Fargo & Company Forecasts Strong Price Appreciation for FedEx (NYSE:FDX) Stock

FedEx (NYSE:FDX) had its target price hoisted by equities research analysts at Wells Fargo & Company from $220.00 to $235.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the shipping service provider’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 6.34% from the company’s current price.

FDX has been the topic of several other reports. Wall Street Zen downgraded FedEx from a “buy” rating to a “hold” rating in a research note on Friday, May 30th. Raymond James Financial dropped their price target on FedEx from $320.00 to $290.00 and set an “outperform” rating on the stock in a research note on Friday, March 21st. Deutsche Bank Aktiengesellschaft assumed coverage on shares of FedEx in a research report on Friday, March 7th. They set a “buy” rating and a $337.00 target price on the stock. JPMorgan Chase & Co. dropped their target price on shares of FedEx from $323.00 to $280.00 and set an “overweight” rating on the stock in a research report on Friday, March 21st. Finally, Loop Capital lowered shares of FedEx from a “hold” rating to a “sell” rating and dropped their price objective for the company from $283.00 to $221.00 in a report on Friday, March 21st. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $285.17.

FedEx Price Performance

FDX opened at $220.99 on Wednesday. The business’s 50-day moving average is $219.75 and its two-hundred day moving average is $243.30. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.19 and a quick ratio of 1.19. FedEx has a 1 year low of $194.30 and a 1 year high of $313.84. The firm has a market capitalization of $52.95 billion, a PE ratio of 13.09, a price-to-earnings-growth ratio of 1.13 and a beta of 1.35.

FedEx (NYSE:FDX) last released its quarterly earnings results on Tuesday, June 24th. The shipping service provider reported $6.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.98 by $0.09. FedEx had a net margin of 4.65% and a return on equity of 16.34%. The business had revenue of $22.20 billion for the quarter, compared to analyst estimates of $21.86 billion. During the same period in the previous year, the company earned $5.41 earnings per share. Research analysts anticipate that FedEx will post 19.14 earnings per share for the current fiscal year.

Hedge Funds Weigh In On FedEx

A number of hedge funds have recently bought and sold shares of the business. AG2R LA Mondiale Gestion D Actifs purchased a new position in FedEx during the first quarter worth approximately $2,153,000. Swedbank AB lifted its position in shares of FedEx by 0.4% during the 1st quarter. Swedbank AB now owns 111,881 shares of the shipping service provider’s stock valued at $27,274,000 after buying an additional 455 shares in the last quarter. Modern Wealth Management LLC lifted its position in shares of FedEx by 7.7% during the 1st quarter. Modern Wealth Management LLC now owns 1,898 shares of the shipping service provider’s stock valued at $463,000 after buying an additional 135 shares in the last quarter. Strs Ohio purchased a new position in shares of FedEx during the 1st quarter valued at approximately $64,242,000. Finally, Wealth Management Associates Inc. lifted its holdings in FedEx by 13.6% during the first quarter. Wealth Management Associates Inc. now owns 1,725 shares of the shipping service provider’s stock valued at $421,000 after purchasing an additional 206 shares in the last quarter. 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.