FedEx (NYSE:FDX) Price Target Cut to $245.00 by Analysts at Bank of America

FedEx (NYSE:FDX) had its price objective lowered by investment analysts at Bank of America from $270.00 to $245.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the shipping service provider’s stock. Bank of America‘s price target indicates a potential upside of 10.87% from the stock’s current price.

FDX has been the subject of a number of other research reports. Stifel Nicolaus reduced their price objective on FedEx from $354.00 to $329.00 and set a “buy” rating for the company in a research report on Tuesday. Oppenheimer reaffirmed a “market perform” rating on shares of FedEx in a research report on Friday, March 21st. Susquehanna boosted their price target on shares of FedEx from $290.00 to $295.00 and gave the company a “positive” rating in a report on Wednesday. Truist Financial reduced 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. Finally, Raymond James Financial reissued an “outperform” rating and issued a $260.00 target price (down previously from $275.00) on shares of FedEx in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $285.17.

FedEx Trading Down 0.5%

Shares of FDX stock opened at $220.99 on Wednesday. The firm has a market capitalization of $52.95 billion, a P/E ratio of 13.09, a price-to-earnings-growth ratio of 1.13 and a beta of 1.35. FedEx has a 1 year low of $194.30 and a 1 year high of $313.84. The firm’s fifty day simple moving average is $219.75 and its 200 day simple moving average is $243.30. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.68.

FedEx (NYSE:FDX) last posted its quarterly earnings data on Tuesday, June 24th. The shipping service provider reported $6.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.98 by $0.09. FedEx had a net margin of 4.65% and a return on equity of 16.34%. The company had revenue of $22.20 billion for the quarter, compared to the consensus estimate of $21.86 billion. During the same quarter in the previous year, the firm posted $5.41 EPS. As a group, sell-side analysts predict that FedEx will post 19.14 EPS for the current year.

Hedge Funds Weigh In On FedEx

A number of institutional investors have recently modified their holdings of the stock. Regal Investment Advisors LLC increased its holdings in shares of FedEx by 2.4% in the fourth quarter. Regal Investment Advisors LLC now owns 1,604 shares of the shipping service provider’s stock valued at $451,000 after purchasing an additional 38 shares in the last quarter. Aviso Financial Inc. boosted its position in FedEx by 1.2% in the 4th quarter. Aviso Financial Inc. now owns 3,400 shares of the shipping service provider’s stock valued at $957,000 after buying an additional 40 shares during the last quarter. Garner Asset Management Corp increased its stake in shares of FedEx by 0.7% in the 4th quarter. Garner Asset Management Corp now owns 5,897 shares of the shipping service provider’s stock valued at $1,659,000 after buying an additional 41 shares during the period. Curi RMB Capital LLC raised its position in shares of FedEx by 1.3% during the fourth quarter. Curi RMB Capital LLC now owns 3,615 shares of the shipping service provider’s stock worth $1,017,000 after acquiring an additional 47 shares during the last quarter. Finally, Aaron Wealth Advisors LLC lifted its stake in shares of FedEx by 2.6% during the first quarter. Aaron Wealth Advisors LLC now owns 1,875 shares of the shipping service provider’s stock valued at $457,000 after acquiring an additional 48 shares during the period. 84.47% of the stock is owned by 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.