FedEx (NYSE:FDX) Price Target Cut to $350.00 by Analysts at Barclays

FedEx (NYSE:FDX) had its price objective reduced by investment analysts at Barclays from $365.00 to $350.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an “overweight” rating on the shipping service provider’s stock. Barclays‘s price objective suggests a potential upside of 52.02% from the company’s current price.

Several other equities research analysts have also weighed in on FDX. Truist Financial initiated coverage on FedEx in a research report on Thursday, March 13th. They set a “buy” rating and a $305.00 price target on the stock. Piper Sandler lowered shares of FedEx to a “neutral” rating in a report on Monday, February 3rd. TD Cowen dropped their target price on FedEx from $337.00 to $310.00 and set a “buy” rating on the stock in a research report on Friday. Oppenheimer reissued a “market perform” rating on shares of FedEx in a research report on Friday. Finally, Citigroup decreased their target price on FedEx from $347.00 to $317.00 and set a “buy” rating on the stock in a research note on Tuesday. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $301.60.

FedEx Price Performance

FedEx stock traded down $15.98 during mid-day trading on Friday, hitting $230.23. 5,959,103 shares of the company traded hands, compared to its average volume of 1,752,274. The stock has a fifty day moving average price of $260.76 and a 200-day moving average price of $273.11. FedEx has a one year low of $217.22 and a one year high of $313.84. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.19 and a current ratio of 1.23. The stock has a market cap of $55.45 billion, a price-to-earnings ratio of 14.67, a price-to-earnings-growth ratio of 1.11 and a beta of 1.23.

FedEx (NYSE:FDX) last announced its quarterly earnings results on Thursday, March 20th. The shipping service provider reported $4.51 EPS for the quarter, missing analysts’ consensus estimates of $4.56 by ($0.05). FedEx had a return on equity of 15.59% and a net margin of 4.45%. The company had revenue of $22.16 billion during the quarter, compared to analysts’ expectations of $21.96 billion. During the same period last year, the firm earned $3.86 earnings per share. FedEx’s revenue for the quarter was up 1.9% on a year-over-year basis. On average, equities analysts predict that FedEx will post 19.14 earnings per share for the current fiscal year.

Insider Activity

In other FedEx news, Director Amy B. Lane acquired 333 shares of the company’s stock in a transaction on Thursday, December 26th. The shares were bought at an average cost of $276.06 per share, for a total transaction of $91,927.98. Following the acquisition, the director now directly owns 333 shares of the company’s stock, valued at $91,927.98. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Susan C. Schwab sold 3,980 shares of FedEx stock in a transaction that occurred on Tuesday, January 14th. The shares were sold at an average price of $276.45, for a total value of $1,100,271.00. Following the completion of the transaction, the director now owns 8,904 shares of the company’s stock, valued at approximately $2,461,510.80. The trade was a 30.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 8.87% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in FDX. United Bank bought a new stake in shares of FedEx in the 3rd quarter worth about $615,000. Quest Partners LLC bought a new stake in FedEx during the 3rd quarter worth approximately $123,000. Pathstone Holdings LLC lifted its holdings in shares of FedEx by 2.1% in the third quarter. Pathstone Holdings LLC now owns 28,592 shares of the shipping service provider’s stock valued at $7,827,000 after purchasing an additional 586 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in FedEx during the third quarter valued at approximately $2,611,000. Finally, PNC Financial Services Group Inc. raised its stake in FedEx by 0.3% in the third quarter. PNC Financial Services Group Inc. now owns 76,897 shares of the shipping service provider’s stock valued at $21,045,000 after buying an additional 259 shares during the period. Institutional investors and hedge funds own 84.47% of the company’s stock.

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.