Citigroup Cuts FedEx (FDX) Price Target to $275.00

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

A number of other equities analysts have also commented on FDX. Morgan Stanley set a $240.00 price target on shares of FedEx and gave the stock a hold rating in a report on Monday, October 22nd. Bank of America decreased their price target on shares of FedEx from $310.00 to $304.00 and set a buy rating on the stock in a report on Tuesday, September 18th. Zacks Investment Research raised shares of FedEx from a sell rating to a hold rating in a report on Friday, September 7th. JPMorgan Chase & Co. reissued a buy rating and issued a $286.00 price target on shares of FedEx in a report on Friday, October 12th. 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 report on Tuesday, September 18th. Three analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. The company currently has an average rating of Buy and an average target price of $284.86.

Shares of NYSE:FDX traded down $2.38 during trading on Friday, reaching $221.66. The company had a trading volume of 1,808,286 shares, compared to its average volume of 1,829,742. The firm has a market capitalization of $58.41 billion, a price-to-earnings ratio of 13.62, a PEG ratio of 1.00 and a beta of 1.36. FedEx has a 12 month low of $207.90 and a 12 month high of $274.66. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.32 and a quick ratio of 1.26.

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

In related news, Director John A. Edwardson sold 1,160 shares of the stock in a transaction on Wednesday, September 19th. The shares were sold at an average price of $242.35, for a total transaction of $281,126.00. Following the transaction, the director now owns 32,800 shares of the company’s stock, valued at approximately $7,949,080. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Susan Patricia Griffith bought 1,000 shares of FedEx stock in a transaction that occurred on Wednesday, October 17th. The shares were acquired 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. 8.45% of the stock is currently owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in FDX. Bank of Montreal Can purchased a new stake in FedEx during the 2nd quarter valued at $216,966,000. PNC Financial Services Group Inc. boosted its position in FedEx by 209.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 419,755 shares of the shipping service provider’s stock valued at $95,309,000 after buying an additional 284,134 shares during the period. Assenagon Asset Management S.A. purchased a new stake in FedEx during the 2nd quarter valued at $62,966,000. Chevy Chase Trust Holdings Inc. purchased a new stake in FedEx during the 2nd quarter valued at $58,442,000. Finally, Cornerstone Wealth Management LLC boosted its position in FedEx by 23,047.7% during the 2nd quarter. Cornerstone Wealth Management LLC now owns 240,736 shares of the shipping service provider’s stock valued at $1,049,000 after buying an additional 239,696 shares during the period. 72.91% of the stock is currently owned by 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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