Truist Financial Issues Pessimistic Forecast for FedEx (NYSE:FDX) Stock Price

FedEx (NYSE:FDX) had its price objective cut by investment analysts at Truist Financial from $365.00 to $350.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the shipping service provider’s stock. Truist Financial’s target price indicates a potential upside of 20.96% from the company’s current price.

FDX has been the subject of a number of other research reports. TD Cowen dropped their price objective on shares of FedEx from $426.00 to $354.00 in a report on Wednesday, June 24th. Raymond James Financial set a $330.00 price target on shares of FedEx in a research report on Friday, August 28th. Evercore raised their price target on shares of FedEx from $350.00 to $351.00 in a research note on Monday, September 28th. Citigroup reissued a “cautious” rating on shares of FedEx in a research note on Wednesday. Finally, Stifel Nicolaus decreased their price objective on FedEx from $442.00 to $326.00 and set a “buy” rating for the company in a report on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $354.08.

FedEx Price Performance

FDX stock traded up $0.32 during trading on Wednesday, reaching $289.35. 302,822 shares of the company were exchanged, compared to its average volume of 2,050,305. The company has a 50-day moving average of $312.61 and a two-hundred day moving average of $337.54. The company has a market capitalization of $68.48 billion, a price-to-earnings ratio of 15.63, a P/E/G ratio of 1.54 and a beta of 1.28. FedEx has a twelve month low of $179.69 and a twelve month high of $345.36. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.48 and a quick ratio of 1.44.

FedEx (NYSE:FDX) last announced its quarterly earnings results on Tuesday, July 21st. The shipping service provider reported $5.88 earnings per share (EPS) for the quarter. The company had revenue of $23.26 billion during the quarter. FedEx had a net margin of 4.68% and a return on equity of 16.49%. As a group, equities analysts predict that FedEx will post 17.53 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in FDX. Ferguson Wellman Capital Management Inc. raised its position in shares of FedEx by 3.2% during the first quarter. Ferguson Wellman Capital Management Inc. now owns 830 shares of the shipping service provider’s stock valued at $296,000 after buying an additional 26 shares during the last quarter. Whipplewood Advisors LLC boosted its position in FedEx by 9.9% in the first quarter. Whipplewood Advisors LLC now owns 333 shares of the shipping service provider’s stock valued at $119,000 after buying an additional 30 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC grew its stake in FedEx by 11.9% during the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 283 shares of the shipping service provider’s stock worth $101,000 after buying an additional 30 shares during the last quarter. Avior Wealth Management LLC grew its position in FedEx by 2.6% during the 2nd quarter. Avior Wealth Management LLC now owns 1,361 shares of the shipping service provider’s stock worth $426,000 after acquiring an additional 34 shares during the last quarter. Finally, CLG LLC raised its holdings in shares of FedEx by 3.8% in the first quarter. CLG LLC now owns 952 shares of the shipping service provider’s stock valued at $339,000 after buying an additional 35 shares during the last quarter. 84.47% of the stock is owned by institutional investors and hedge funds.

FedEx Company Profile

FedEx Corporation is a global transportation, e-commerce and business services company headquartered in Memphis, Tennessee. Through its operating companies, FedEx provides time-definite express delivery, ground shipping, freight transportation, and logistics services for businesses, government organizations and consumers.

The company’s services include domestic and international parcel delivery, less-than-truckload freight transportation, supply chain management, customs and trade assistance, warehousing, fulfillment and other logistics solutions.