FedEx Corporation’s (FDX) Buy Rating Reiterated at Bank of America Corporation

FedEx Corporation (NYSE:FDX)‘s stock had its “buy” rating reaffirmed by analysts at Bank of America Corporation in a report issued on Wednesday. They presently have a $240.00 price target on the shipping service provider’s stock. Bank of America Corporation’s price objective points to a potential upside of 8.84% from the stock’s current price.

A number of other research firms have also weighed in on FDX. Stifel Nicolaus reissued a “hold” rating and issued a $221.00 target price (up previously from $216.00) on shares of FedEx Corporation in a research note on Wednesday. Cowen and Company reissued a “buy” rating and issued a $240.00 target price on shares of FedEx Corporation in a research note on Tuesday, July 11th. Loop Capital reissued a “buy” rating and issued a $234.00 target price on shares of FedEx Corporation in a research note on Tuesday, July 4th. Sanford C. Bernstein restated a “market perform” rating and set a $220.00 price target on shares of FedEx Corporation in a report on Monday, July 3rd. Finally, Oppenheimer Holdings, Inc. restated a “buy” rating and set a $229.00 price target on shares of FedEx Corporation in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and twenty-one have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $224.43.

FedEx Corporation (NYSE:FDX) traded up 2.08% during trading on Wednesday, hitting $220.50. The stock had a trading volume of 4,275,855 shares. FedEx Corporation has a one year low of $168.00 and a one year high of $222.71. The firm has a market capitalization of $59.15 billion, a P/E ratio of 19.92 and a beta of 1.28. The stock has a 50 day moving average of $210.17 and a 200 day moving average of $202.36.

FedEx Corporation (NYSE:FDX) last released its earnings results on Tuesday, September 19th. The shipping service provider reported $2.51 earnings per share for the quarter, missing analysts’ consensus estimates of $3.17 by ($0.66). FedEx Corporation had a net margin of 4.97% and a return on equity of 22.19%. The company had revenue of $15.30 billion during the quarter, compared to the consensus estimate of $15.35 billion. During the same period last year, the firm posted $2.90 EPS. The company’s revenue was up 4.1% on a year-over-year basis. Equities research analysts expect that FedEx Corporation will post $13.38 earnings per share for the current fiscal year.

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In related news, EVP Robert B. Carter sold 24,522 shares of the company’s stock in a transaction that occurred on Thursday, June 22nd. The stock was sold at an average price of $210.96, for a total value of $5,173,161.12. Following the transaction, the executive vice president now directly owns 68,556 shares of the company’s stock, valued at approximately $14,462,573.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kim Jabal sold 609 shares of the company’s stock in a transaction that occurred on Thursday, June 29th. The shares were sold at an average price of $216.13, for a total value of $131,623.17. Following the completion of the transaction, the director now directly owns 2,100 shares in the company, valued at $453,873. The disclosure for this sale can be found here. Insiders sold a total of 77,757 shares of company stock worth $16,447,426 in the last 90 days. 8.45% of the stock is currently owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in FDX. BlackRock Inc. lifted its position in FedEx Corporation by 1,912.1% in the 1st quarter. BlackRock Inc. now owns 14,823,307 shares of the shipping service provider’s stock valued at $2,892,768,000 after acquiring an additional 14,086,601 shares in the last quarter. Harbour Capital Advisors LLC lifted its position in FedEx Corporation by 21,011.5% in the 2nd quarter. Harbour Capital Advisors LLC now owns 1,424,815 shares of the shipping service provider’s stock valued at $6,556,000 after acquiring an additional 1,418,066 shares in the last quarter. Davis Selected Advisers lifted its position in FedEx Corporation by 265.4% in the 2nd quarter. Davis Selected Advisers now owns 1,684,618 shares of the shipping service provider’s stock valued at $366,118,000 after acquiring an additional 1,223,646 shares in the last quarter. Vanguard Group Inc. lifted its position in FedEx Corporation by 5.4% in the 1st quarter. Vanguard Group Inc. now owns 17,997,225 shares of the shipping service provider’s stock valued at $3,512,158,000 after acquiring an additional 918,896 shares in the last quarter. Finally, Pioneer Investment Management Inc. lifted its position in FedEx Corporation by 1,611.5% in the 1st quarter. Pioneer Investment Management Inc. now owns 870,646 shares of the shipping service provider’s stock valued at $169,906,000 after acquiring an additional 819,777 shares in the last quarter. 75.84% of the stock is currently owned by institutional investors and hedge funds.

About FedEx Corporation

FedEx Corporation (FedEx) provides a portfolio of transportation, e-commerce and business services through companies competing collectively, operating independently and managed collaboratively, under the FedEx brand. The Company’s segments include FedEx Express, TNT Express, FedEx Ground, FedEx Freight and FedEx Services.

Analyst Recommendations for FedEx Corporation (NYSE:FDX)

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