FedEx (NYSE:FDX) PT Lowered to $345.00

FedEx (NYSE:FDX) had its price objective cut by Bank of America from $347.00 to $345.00 in a research note issued to investors on Wednesday, 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 14.85% from the stock’s current price.

FDX has been the subject of several other reports. Robert W. Baird reiterated an “outperform” rating and set a $340.00 target price on shares of FedEx in a report on Friday, September 13th. Morgan Stanley increased their target price on FedEx from $210.00 to $215.00 and gave the stock an “equal weight” rating in a research note on Wednesday, June 26th. Raymond James lowered their price target on FedEx from $325.00 to $300.00 and set an “outperform” rating for the company in a research report on Monday, June 24th. UBS Group cut their price objective on shares of FedEx from $340.00 to $333.00 and set a “buy” rating on the stock in a research report on Tuesday, May 21st. Finally, Wells Fargo & Company lifted their target price on shares of FedEx from $275.00 to $300.00 and gave the stock an “equal weight” rating in a report on Wednesday, June 26th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and nineteen have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $314.58.

FedEx Price Performance

Shares of NYSE FDX opened at $300.39 on Wednesday. FedEx has a 1 year low of $224.69 and a 1 year high of $313.84. The stock has a market capitalization of $73.92 billion, a P/E ratio of 17.43, a P/E/G ratio of 1.03 and a beta of 1.17. The company’s 50-day moving average is $293.32 and its 200 day moving average is $274.80. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.36 and a quick ratio of 1.32.

FedEx (NYSE:FDX) last posted its earnings results on Tuesday, June 25th. The shipping service provider reported $5.41 earnings per share for the quarter, topping analysts’ consensus estimates of $5.34 by $0.07. The firm had revenue of $22.11 billion for the quarter, compared to the consensus estimate of $22.04 billion. FedEx had a return on equity of 16.70% and a net margin of 4.94%. The business’s revenue for the quarter was up .8% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.94 EPS. On average, sell-side analysts expect that FedEx will post 20.82 earnings per share for the current year.

Insider Transactions at FedEx

In related news, EVP Robert B. Carter sold 16,010 shares of the firm’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $294.48, for a total value of $4,714,624.80. Following the transaction, the executive vice president now directly owns 59,884 shares of the company’s stock, valued at approximately $17,634,640.32. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CAO Guy M. Erwin II sold 116 shares of the stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $299.24, for a total value of $34,711.84. Following the completion of the sale, the chief accounting officer now directly owns 930 shares of the company’s stock, valued at approximately $278,293.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Robert B. Carter sold 16,010 shares of FedEx stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $294.48, for a total transaction of $4,714,624.80. Following the transaction, the executive vice president now directly owns 59,884 shares in the company, valued at approximately $17,634,640.32. The disclosure for this sale can be found here. Insiders have sold 32,944 shares of company stock worth $9,882,355 in the last 90 days. 8.73% of the stock is currently owned by insiders.

Institutional Trading of FedEx

Hedge funds and other institutional investors have recently modified their holdings of the company. Scarborough Advisors LLC bought a new position in FedEx in the 4th quarter worth $25,000. Fortis Group Advisors LLC boosted its stake in shares of FedEx by 100.0% in the fourth quarter. Fortis Group Advisors LLC now owns 100 shares of the shipping service provider’s stock worth $25,000 after acquiring an additional 50 shares during the period. Sachetta LLC bought a new stake in FedEx during the 4th quarter valued at approximately $32,000. Central Valley Advisors LLC bought a new stake in FedEx during the 2nd quarter valued at approximately $39,000. Finally, Abound Wealth Management boosted its stake in FedEx by 175.9% in the 2nd quarter. Abound Wealth Management now owns 149 shares of the shipping service provider’s stock worth $45,000 after purchasing an additional 95 shares during the period. 84.47% of the stock is owned by hedge funds and other 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.