FedEx (NYSE:FDX – Get Free Report) had its target price lowered by Truist Financial from $365.00 to $350.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the shipping service provider’s stock. Truist Financial’s price target suggests a potential upside of 20.96% from the company’s previous close.
Several other equities research analysts have also recently commented on the stock. Evercore boosted their price target on shares of FedEx from $350.00 to $351.00 in a research report on Monday, September 28th. BMO Capital Markets reaffirmed a “market perform” rating on shares of FedEx in a research report on Wednesday, June 24th. JPMorgan Chase & Co. dropped their target price on FedEx from $400.00 to $399.00 and set an “overweight” rating on the stock in a report on Monday. Citigroup reissued a “cautious” rating on shares of FedEx in a research report on Wednesday. Finally, Stephens raised FedEx to a “strong-buy” rating in a report on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, FedEx presently has an average rating of “Moderate Buy” and an average price target of $354.08.
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FedEx Stock Up 0.1%
FedEx (NYSE:FDX – Get Free Report) last announced its quarterly earnings data on Tuesday, July 21st. The shipping service provider reported $5.88 EPS for the quarter. FedEx had a net margin of 4.68% and a return on equity of 16.49%. The business had revenue of $23.26 billion for the quarter. On average, equities analysts expect that FedEx will post 17.53 earnings per share for the current year.
Institutional Investors Weigh In On FedEx
A number of institutional investors have recently modified their holdings of FDX. BlackRock Inc. bought a new position in FedEx in the 2nd quarter valued at about $6,508,103,000. Primecap Management Co. CA bought a new position in FedEx in the second quarter valued at approximately $2,554,138,000. Bank of America Corp DE acquired a new position in FedEx during the second quarter valued at approximately $579,171,000. Bank of New York Mellon Corp bought a new stake in FedEx during the second quarter worth $466,943,000. Finally, Legal & General Group Plc acquired a new stake in shares of FedEx in the 2nd quarter valued at $448,121,000. Institutional investors own 84.47% of the company’s stock.
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.
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