FedEx Hits New 52-Week High After Analyst Upgrade (FDX)
Shares of FedEx (NYSE:FDX) reached a new 52-week high during mid-day trading on Tuesday after Oppenheimer raised their price target on the stock from $161.00 to $168.00, AmericanBankingNews.com reports. Oppenheimer currently has an outperform rating on the stock. FedEx traded as high as $152.73 and last traded at $152.38, with a volume of 546,269 shares. The stock had previously closed at $151.38.
FDX has been the subject of a number of other recent research reports. Analysts at Barclays raised their price target on shares of FedEx from $140.00 to $150.00 in a research note on Friday, June 20th. They now have an “equal weight” rating on the stock. Separately, analysts at S&P Equity Research upgraded shares of FedEx to a “strong-buy” rating in a research note on Thursday, June 19th. Finally, analysts at Deutsche Bank raised their price target on shares of FedEx from $176.00 to $178.00 in a research note on Thursday, June 19th. They now have a “buy” rating on the stock. Eleven analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the stock. FedEx presently has an average rating of “Buy” and a consensus price target of $148.14.
The stock’s 50-day moving average is $143.4 and its 200-day moving average is $138.0. The company has a market cap of $45.193 billion and a P/E ratio of 22.43. FedEx also saw a significant decline in short interest in June. As of June 13th, there was short interest totalling 4,145,682 shares, a decline of 29.3% from the May 30th total of 5,862,379 shares. Based on an average daily trading volume, of 1,458,357 shares, the short-interest ratio is presently 2.8 days. Currently, 1.5% of the company’s stock are sold short.
FedEx (NYSE:FDX) last posted its quarterly earnings results on Wednesday, June 18th. The company reported $2.46 EPS for the quarter, beating the Thomson Reuters consensus estimate of $2.36 by $0.10. The company had revenue of $11.80 billion for the quarter, compared to the consensus estimate of $11.66 billion. During the same quarter in the prior year, the company posted $2.13 earnings per share. The company’s quarterly revenue was up 3.5% on a year-over-year basis. Analysts expect that FedEx will post $8.81 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, July 3rd. Shareholders of record on Thursday, June 19th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.53%. The ex-dividend date is Tuesday, June 17th. This is a positive change from FedEx’s previous quarterly dividend of $0.15.
FedEx Corporation (NYSE:FDX) is a holding company.
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