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

FedEx (NYSE:FDX) had its price objective decreased by analysts at Bank of America from $272.00 to $270.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the shipping service provider’s stock. Bank of America‘s price objective points to a potential upside of 16.14% from the stock’s previous close.

A number of other analysts also recently commented on the stock. Truist Financial cut their price objective on shares of FedEx from $305.00 to $275.00 and set a “buy” rating for the company in a report on Thursday, April 24th. Wells Fargo & Company cut their price objective on shares of FedEx from $260.00 to $220.00 and set an “equal weight” rating for the company in a report on Tuesday, April 22nd. TD Cowen cut their price objective on shares of FedEx from $337.00 to $310.00 and set a “buy” rating for the company in a report on Friday, March 21st. Stifel Nicolaus dropped their price target on shares of FedEx from $364.00 to $354.00 and set a “buy” rating for the company in a research note on Friday, March 21st. Finally, BMO Capital Markets dropped their price target on shares of FedEx from $330.00 to $275.00 and set a “market perform” rating for the company in a research note on Friday, March 21st. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $297.63.

FedEx Price Performance

Shares of FDX traded down $0.47 during mid-day trading on Tuesday, hitting $232.48. 346,870 shares of the company were exchanged, compared to its average volume of 1,794,002. FedEx has a 1-year low of $194.30 and a 1-year high of $313.84. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.19 and a current ratio of 1.23. The company has a 50 day moving average of $224.34 and a 200-day moving average of $257.64. The stock has a market cap of $55.70 billion, a price-to-earnings ratio of 14.82, a price-to-earnings-growth ratio of 1.11 and a beta of 1.36.

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

Insider Buying and Selling

In related news, COO John Alan Smith sold 6,155 shares of the company’s stock in a transaction on Thursday, March 27th. The stock was 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 owns 23,347 shares of the company’s stock, valued at $5,686,161.85. This represents a 20.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 8.87% of the stock is currently owned by corporate insiders.

Institutional Trading of FedEx

Large investors have recently bought and sold shares of the company. Transce3nd LLC acquired a new stake in FedEx in the fourth quarter valued at $26,000. Peoples Financial Services CORP. acquired a new stake in FedEx in the fourth quarter valued at $28,000. City Holding Co. acquired a new stake in shares of FedEx during the fourth quarter valued at $28,000. Kentucky Trust Co acquired a new stake in shares of FedEx during the fourth quarter valued at $28,000. Finally, Pilgrim Partners Asia Pte Ltd acquired a new stake in shares of FedEx during the fourth quarter valued at $28,000. Institutional investors and hedge funds own 84.47% of the company’s stock.

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.