Citigroup Lowers FedEx (NYSE:FDX) Price Target to $259.00

FedEx (NYSE:FDX) had its target price dropped by Citigroup from $267.00 to $259.00 in a report released on Wednesday, MarketBeat reports. The brokerage currently has a “buy” rating on the shipping service provider’s stock. Citigroup’s price objective would suggest a potential upside of 17.20% from the company’s previous close.

FDX has been the subject of a number of other reports. BMO Capital Markets decreased their price objective on FedEx from $275.00 to $260.00 and set a “market perform” rating for the company in a report on Monday, May 19th. Susquehanna increased their price target on FedEx from $290.00 to $295.00 and gave the company a “positive” rating in a research note on Wednesday. Stephens reaffirmed an “overweight” rating and issued a $300.00 price objective on shares of FedEx in a research note on Tuesday, May 20th. Bank of America reduced their target price on FedEx from $272.00 to $270.00 and set a “buy” rating on the stock in a report on Tuesday, May 13th. Finally, Jefferies Financial Group upgraded shares of FedEx from a “hold” rating to a “buy” rating and dropped their price target for the stock from $300.00 to $275.00 in a research report on Monday, March 24th. Two analysts have rated the stock with a sell rating, ten have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, FedEx currently has a consensus rating of “Moderate Buy” and an average price target of $285.17.

FedEx Stock Performance

FedEx stock opened at $220.99 on Wednesday. The stock has a market cap of $52.95 billion, a PE ratio of 13.09, a P/E/G ratio of 1.13 and a beta of 1.35. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.68. The business’s 50-day moving average price is $219.75 and its two-hundred day moving average price is $243.30. FedEx has a 12-month low of $194.30 and a 12-month high of $313.84.

FedEx (NYSE:FDX) last issued its earnings results on Tuesday, June 24th. The shipping service provider reported $6.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.98 by $0.09. The business had revenue of $22.20 billion during the quarter, compared to analysts’ expectations of $21.86 billion. FedEx had a return on equity of 16.34% and a net margin of 4.65%. During the same quarter in the prior year, the firm earned $5.41 EPS. As a group, analysts expect that FedEx will post 19.14 earnings per share for the current fiscal year.

Institutional Investors Weigh In On FedEx

Hedge funds have recently made changes to their positions in the business. Norges Bank purchased a new stake in FedEx during the fourth quarter worth about $807,352,000. Nuveen LLC bought a new position in shares of FedEx during the 1st quarter valued at approximately $314,650,000. Raymond James Financial Inc. purchased a new stake in shares of FedEx during the 4th quarter worth approximately $234,028,000. Dodge & Cox raised its holdings in shares of FedEx by 5.6% in the 4th quarter. Dodge & Cox now owns 13,889,624 shares of the shipping service provider’s stock worth $3,907,568,000 after purchasing an additional 734,268 shares during the period. Finally, ACR Alpine Capital Research LLC boosted its holdings in FedEx by 85.9% in the 1st quarter. ACR Alpine Capital Research LLC now owns 1,585,033 shares of the shipping service provider’s stock worth $386,399,000 after buying an additional 732,266 shares during the period. 84.47% of the stock is currently owned by institutional investors.

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.