Citigroup Trims FedEx (FDX) Target Price to $275.00

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FedEx (NYSE:FDX) had its price objective lowered by Citigroup from $304.00 to $275.00 in a report issued on Friday. The brokerage currently has a buy rating on the shipping service provider’s stock.

Several other research analysts have also commented on the stock. Morgan Stanley set a $240.00 price objective on shares of FedEx and gave the stock a hold rating in a report on Monday, October 22nd. JPMorgan Chase & Co. reiterated a buy rating and issued a $286.00 price target on shares of FedEx in a research note on Friday, October 12th. Berenberg Bank initiated coverage on shares of FedEx in a research note on Friday, September 21st. They issued a buy rating and a $300.00 price target for the company. Bank of America decreased their price target on shares of FedEx from $310.00 to $304.00 and set a buy rating for the company in a research note on Tuesday, September 18th. Finally, Robert W. Baird increased their price target on shares of FedEx from $265.00 to $270.00 and gave the stock an outperform rating in a research note on Tuesday, September 18th. Three research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. FedEx currently has a consensus rating of Buy and an average price target of $284.86.

FDX traded up $1.97 during trading on Friday, hitting $223.63. 31,211 shares of the stock traded hands, compared to its average volume of 1,844,132. The stock has a market capitalization of $58.41 billion, a P/E ratio of 14.60, a PEG ratio of 1.00 and a beta of 1.36. The company has a quick ratio of 1.26, a current ratio of 1.32 and a debt-to-equity ratio of 0.79. FedEx has a 12-month low of $207.90 and a 12-month high of $274.66.

FedEx (NYSE:FDX) last announced its quarterly earnings results on Monday, September 17th. The shipping service provider reported $3.46 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $3.78 by ($0.32). FedEx had a net margin of 7.16% and a return on equity of 23.71%. The firm had revenue of $17.05 billion for the quarter, compared to analysts’ expectations of $16.88 billion. During the same period in the previous year, the company earned $2.65 EPS. The company’s quarterly revenue was up 11.5% on a year-over-year basis. Sell-side analysts expect that FedEx will post 17.35 EPS for the current fiscal year.

In other news, Director John A. Edwardson sold 1,160 shares of the firm’s stock in a transaction dated Wednesday, September 19th. The shares were sold at an average price of $242.35, for a total transaction of $281,126.00. Following the sale, the director now owns 32,800 shares of the company’s stock, valued at approximately $7,949,080. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Susan Patricia Griffith purchased 1,000 shares of the company’s stock in a transaction dated Wednesday, October 17th. The shares were bought at an average cost of $225.16 per share, for a total transaction of $225,160.00. The disclosure for this purchase can be found here. 8.50% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. boosted its holdings in shares of FedEx by 0.9% in the second quarter. BlackRock Inc. now owns 15,172,550 shares of the shipping service provider’s stock worth $3,445,080,000 after buying an additional 134,397 shares during the last quarter. FMR LLC raised its position in shares of FedEx by 4.5% during the second quarter. FMR LLC now owns 4,582,932 shares of the shipping service provider’s stock valued at $1,040,600,000 after buying an additional 197,188 shares during the last quarter. Morgan Stanley raised its position in shares of FedEx by 3.7% during the second quarter. Morgan Stanley now owns 1,577,356 shares of the shipping service provider’s stock valued at $358,156,000 after buying an additional 56,831 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of FedEx by 0.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,481,717 shares of the shipping service provider’s stock valued at $336,439,000 after buying an additional 8,792 shares during the last quarter. Finally, Bank of Montreal Can raised its position in shares of FedEx by 8.5% during the third quarter. Bank of Montreal Can now owns 1,036,861 shares of the shipping service provider’s stock valued at $249,665,000 after buying an additional 81,315 shares during the last quarter. 72.79% of the stock is currently owned by hedge funds and other institutional investors.

About FedEx

FedEx Corporation provides transportation, e-commerce, and business services worldwide. The company's FedEx Express segment offers shipping services for delivery of packages and freight. Its FedEx Ground segment provides business and residential money-back guaranteed ground package delivery services; and consolidates and delivers low-weight and less time-sensitive business-to-consumer packages.

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