FedEx (NYSE:FDX) Price Target Cut to $318.00 by Analysts at Evercore ISI

FedEx (NYSE:FDX) had its target price cut by analysts at Evercore ISI from $351.00 to $318.00 in a report released on Monday, Benzinga reports. The firm currently has an “outperform” rating on the shipping service provider’s stock. Evercore ISI’s target price would indicate a potential upside of 24.18% from the company’s previous close.

Several other equities research analysts also recently issued reports on FDX. Wells Fargo & Company upgraded FedEx to a “hold” rating in a report on Tuesday, June 18th. Oppenheimer reiterated a “market perform” rating on shares of FedEx in a research report on Friday, March 22nd. The Goldman Sachs Group lifted their target price on FedEx from $291.00 to $324.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. TD Cowen lifted their target price on FedEx from $293.00 to $320.00 and gave the stock an “outperform” rating in a research report on Friday, March 22nd. Finally, UBS Group decreased their target price on FedEx from $340.00 to $333.00 and set a “buy” rating for the company in a research report on Tuesday, May 21st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat, FedEx has a consensus rating of “Moderate Buy” and an average target price of $303.88.

FedEx Stock Up 1.0 %

Shares of NYSE:FDX traded up $2.43 during mid-day trading on Monday, hitting $256.09. 284,617 shares of the company traded hands, compared to its average volume of 1,790,408. The firm has a market cap of $63.02 billion, a P/E ratio of 14.77, a PEG ratio of 0.92 and a beta of 1.16. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.26 and a current ratio of 1.31. FedEx has a 52-week low of $224.69 and a 52-week high of $291.27. The firm’s 50 day simple moving average is $256.50 and its 200 day simple moving average is $255.91.

FedEx (NYSE:FDX) last posted its quarterly earnings data on Thursday, March 21st. The shipping service provider reported $3.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.49 by $0.37. FedEx had a return on equity of 16.60% and a net margin of 5.02%. The company had revenue of $21.70 billion for the quarter, compared to the consensus estimate of $21.95 billion. During the same period in the previous year, the business earned $3.41 EPS. FedEx’s revenue for the quarter was down 2.1% compared to the same quarter last year. On average, equities analysts anticipate that FedEx will post 17.76 EPS for the current year.

FedEx declared that its board has authorized a stock repurchase plan on Thursday, March 21st that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the shipping service provider to purchase up to 7.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling at FedEx

In other FedEx news, Chairman Frederick W. Smith sold 113,400 shares of the business’s stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $274.30, for a total value of $31,105,620.00. Following the transaction, the chairman now owns 14,505,844 shares in the company, valued at $3,978,953,009.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Chairman Frederick W. Smith sold 113,400 shares of the stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $274.30, for a total value of $31,105,620.00. Following the completion of the transaction, the chairman now directly owns 14,505,844 shares of the company’s stock, valued at approximately $3,978,953,009.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Sriram Krishnasamy sold 354 shares of the stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $289.19, for a total value of $102,373.26. Following the completion of the transaction, the chief executive officer now directly owns 11,147 shares of the company’s stock, valued at $3,223,600.93. The disclosure for this sale can be found here. Insiders have sold 136,668 shares of company stock worth $37,758,773 over the last 90 days. 8.73% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On FedEx

Hedge funds and other institutional investors have recently bought and sold shares of the business. Crossmark Global Holdings Inc. increased its stake in shares of FedEx by 20.9% in the 4th quarter. Crossmark Global Holdings Inc. now owns 29,246 shares of the shipping service provider’s stock valued at $7,398,000 after buying an additional 5,055 shares during the period. Western Wealth Management LLC increased its stake in shares of FedEx by 10.0% in the 4th quarter. Western Wealth Management LLC now owns 3,655 shares of the shipping service provider’s stock valued at $925,000 after buying an additional 333 shares during the period. Trust Point Inc. acquired a new stake in shares of FedEx in the 4th quarter valued at $282,000. Planned Solutions Inc. acquired a new stake in shares of FedEx in the 4th quarter valued at $32,000. Finally, EFG Asset Management North America Corp. increased its stake in shares of FedEx by 173.2% in the 4th quarter. EFG Asset Management North America Corp. now owns 7,620 shares of the shipping service provider’s stock valued at $1,928,000 after buying an additional 4,831 shares during the period. 84.47% of the stock is owned by institutional investors and hedge funds.

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.