FedEx Corp. (NYSE:FDX) was upgraded by research analysts at Vetr from a "buy" rating to a "strong-buy" rating in a report issued on Tuesday, MarketBeat.com reports. The brokerage currently has a $179.94 price target on the shipping service provider's stock. Vetr's target price suggests a potential upside of 13.04% from the stock's previous close.
Other hedge funds and institutional investors recently modified their holdings of the company. Prentiss Smith & Co. Inc. increased its position in shares of FedEx Corp. by 59.1% in the second quarter. Prentiss Smith & Co. Inc. now owns 42,090 shares of the shipping service provider's stock valued at $6,388,000 after buying an additional 15,633 shares during the period.
Grandfield & Dodd LLC increased its position in shares of FedEx Corp. by 5.0% in the second quarter. Grandfield & Dodd LLC now owns 78,590 shares of the shipping service provider's stock valued at $11,929,000 after buying an additional 3,733 shares during the period.
Compass Capital Management Inc. increased its position in shares of FedEx Corp. by 1.3% in the second quarter. Compass Capital Management Inc. now owns 125,766 shares of the shipping service provider's stock valued at $19,089,000 after buying an additional 1,582 shares during the period.
Advisory Services Network LLC increased its position in shares of FedEx Corp. by 3.3% in the second quarter. Advisory Services Network LLC now owns 2,210 shares of the shipping service provider's stock valued at $335,000 after buying an additional 71 shares during the period.
Finally, CG Asset Management LLC increased its position in shares of FedEx Corp. by 111.3% in the second quarter. CG Asset Management LLC now owns 6,076 shares of the shipping service provider's stock valued at $922,000 after buying an additional 3,200 shares during the period.
Shares of FedEx Corp. traded down 1.53% on Tuesday, reaching $159.18. 854,634 shares of the company's stock traded hands. FedEx Corp. has a 52 week low of $119.71 and a 52 week high of $173.00. The company's 50-day moving average is $157.87 and its 200-day moving average is $153.29. The firm has a market capitalization of $42.27 billion and a P/E ratio of 24.45.
FedEx Corp. last posted its quarterly earnings results on Tuesday, June 21st. The shipping service provider reported $3.30 EPS for the quarter, topping the consensus estimate of $3.28 by $0.02. The company had revenue of $12.98 billion for the quarter. The business's revenue for the quarter was up 7.1% compared to the same quarter last year.
During the same period in the prior year, the company posted $2.66 EPS. Equities research analysts anticipate that FedEx Corp. will post $11.94 earnings per share for the current fiscal year.
In other news, CEO Michael L. Ducker sold 5,000 shares of the company's stock in a transaction dated Friday, July 22nd. The shares were sold at an average price of $158.43, for a total value of $792,150.00.
Following the sale, the chief executive officer now owns 56,265 shares of the company's stock, valued at approximately $8,914,063.95. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.
Several other research firms have also recently commented on FDX. Oppenheimer Holdings Inc. restated a "buy" rating on shares of FedEx Corp. in a report on Monday, June 6th. Credit Suisse restated a "buy" rating on shares of FedEx Corp. in a report on Thursday, June 16th. Robert W. Baird restated a "buy" rating and set a $176.00 price target on shares of FedEx Corp. in a report on Thursday, June 23rd.
Zacks Investment Research cut shares of FedEx Corp. from a "buy" rating to a "hold" rating in a report on Monday, May 30th. Finally, Bank of America Corp restated a "buy" rating on shares of FedEx Corp. in a report on Thursday, June 16th. Ten investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of "Buy" and an average price target of $174.75.
Company
FedEx Corporation provides a portfolio of transportation, e-commerce and business services under the FedEx brand. The Company offers its services through companies constituting four business segments: FedEx Express, FedEx Ground, FedEx Freight and FedEx Services. FedEx Express offers a range of domestic and international shipping services for delivery of packages and freight.