FedEx (NYSE:FDX) Given New $272.00 Price Target at Bank of America

FedEx (NYSE:FDX) had its target price decreased by analysts at Bank of America from $295.00 to $272.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the shipping service provider’s stock. Bank of America‘s price objective suggests a potential upside of 18.13% from the company’s previous close.

A number of other equities research analysts have also issued reports on FDX. Raymond James lowered FedEx from an “outperform” rating to a “market perform” rating in a research note on Monday, February 3rd. Stifel Nicolaus lowered their target price on FedEx from $364.00 to $354.00 and set a “buy” rating for the company in a research note on Friday. Citigroup lowered their target price on FedEx from $347.00 to $317.00 and set a “buy” rating for the company in a research note on Tuesday, March 18th. Stephens lowered their target price on FedEx from $350.00 to $345.00 and set an “overweight” rating for the company in a research note on Friday, December 20th. Finally, Truist Financial initiated coverage on FedEx in a research note on Thursday, March 13th. They issued a “buy” rating and a $305.00 target price for the company. Two research analysts have rated the stock with a sell rating, eight have assigned 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.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $301.67.

FedEx Stock Down 6.5 %

Shares of NYSE:FDX opened at $230.25 on Friday. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 0.73. FedEx has a 52-week low of $217.22 and a 52-week high of $313.84. The stock’s fifty day simple moving average is $259.95 and its 200-day simple moving average is $272.49. The company has a market capitalization of $55.46 billion, a P/E ratio of 14.68, a P/E/G ratio of 1.11 and a beta of 1.23.

FedEx (NYSE:FDX) last released its earnings results on Thursday, March 20th. The shipping service provider reported $4.51 EPS for the quarter, missing the consensus estimate of $4.56 by ($0.05). The business had revenue of $22.16 billion during the quarter, compared to analyst estimates of $21.96 billion. FedEx had a net margin of 4.45% and a return on equity of 15.59%. The business’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.86 earnings per share. As a group, equities research analysts forecast that FedEx will post 19.14 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Richard W. Smith sold 2,576 shares of the stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $276.93, for a total value of $713,371.68. Following the transaction, the chief executive officer now owns 111,886 shares of the company’s stock, valued at $30,984,589.98. This represents a 2.25 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Susan C. Schwab sold 3,980 shares of the stock in a transaction on Tuesday, January 14th. The shares were sold at an average price of $276.45, for a total value of $1,100,271.00. Following the completion of the transaction, the director now directly owns 8,904 shares in the company, valued at approximately $2,461,510.80. This trade represents a 30.89 % decrease in their position. The disclosure for this sale can be found here. 8.87% of the stock is owned by corporate insiders.

Institutional Trading of FedEx

Several hedge funds have recently added to or reduced their stakes in the business. 111 Capital acquired a new stake in FedEx during the 4th quarter worth $508,000. Wealth Enhancement Advisory Services LLC increased its holdings in FedEx by 69.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 76,477 shares of the shipping service provider’s stock worth $21,515,000 after purchasing an additional 31,376 shares in the last quarter. NorthCrest Asset Manangement LLC increased its holdings in FedEx by 2.6% during the 4th quarter. NorthCrest Asset Manangement LLC now owns 19,524 shares of the shipping service provider’s stock worth $5,493,000 after purchasing an additional 491 shares in the last quarter. Lansforsakringar Fondforvaltning AB publ bought a new position in FedEx during the 4th quarter worth about $44,690,000. Finally, Northstar Financial Companies Inc. bought a new position in FedEx during the 4th quarter worth about $393,000. Institutional investors and hedge funds 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.