Bank of America Lowers FedEx (NYSE:FDX) Price Target to $270.00

FedEx (NYSE:FDX) had its price target reduced by investment analysts at Bank of America from $272.00 to $270.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the shipping service provider’s stock. Bank of America‘s target price suggests a potential upside of 16.14% from the stock’s current price.

Several other brokerages have also issued reports on FDX. Wells Fargo & Company decreased their target price on FedEx from $260.00 to $220.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 22nd. JPMorgan Chase & Co. cut their target price on FedEx from $323.00 to $280.00 and set an “overweight” rating for the company in a research note on Friday, March 21st. TD Cowen dropped their price target on FedEx from $337.00 to $310.00 and set a “buy” rating for the company in a research report on Friday, March 21st. Stephens dropped their price target on FedEx from $320.00 to $300.00 and set an “overweight” rating for the company in a research report on Friday, March 21st. Finally, BMO Capital Markets dropped their target price on FedEx from $330.00 to $275.00 and set a “market perform” rating for the company in a research report on Friday, March 21st. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, FedEx currently has an average rating of “Moderate Buy” and a consensus price target of $297.63.

FedEx Trading Down 0.2%

FDX traded down $0.47 during trading on Tuesday, hitting $232.48. The company’s stock had a trading volume of 346,870 shares, compared to its average volume of 1,794,002. FedEx has a twelve month low of $194.30 and a twelve month high of $313.84. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 0.73. The stock’s fifty day moving average price is $224.34 and its 200-day moving average price is $257.64. The firm has a market capitalization of $55.70 billion, a P/E ratio of 14.82, a PEG ratio of 1.11 and a beta of 1.36.

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

Insider Activity

In related news, COO John Alan Smith sold 6,155 shares of FedEx stock in a transaction that occurred on Thursday, March 27th. The shares were sold at an average price of $243.55, for a total transaction of $1,499,050.25. Following the transaction, the chief operating officer now directly owns 23,347 shares of the company’s stock, valued at $5,686,161.85. This trade represents a 20.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 8.87% of the company’s stock.

Hedge Funds Weigh In On FedEx

Several institutional investors have recently bought and sold shares of the business. Transce3nd LLC purchased a new stake in shares of FedEx during the fourth quarter valued at $26,000. Peoples Financial Services CORP. acquired a new position in FedEx during the fourth quarter valued at $28,000. City Holding Co. acquired a new position in FedEx during the fourth quarter valued at $28,000. Kentucky Trust Co acquired a new position in FedEx during the fourth quarter valued at $28,000. Finally, Pilgrim Partners Asia Pte Ltd acquired a new position in FedEx during the fourth quarter valued at $28,000. 84.47% of the stock is owned by hedge funds and other institutional investors.

FedEx Company Profile

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.