FedEx (NYSE:FDX) Given New $260.00 Price Target at Wells Fargo & Company

FedEx (NYSE:FDX) had its price objective cut by analysts at Wells Fargo & Company from $275.00 to $260.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has an “equal weight” rating on the shipping service provider’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 18.16% from the stock’s previous close.

Several other research analysts also recently commented on FDX. Piper Sandler downgraded shares of FedEx to a “neutral” rating in a research report on Monday, February 3rd. JPMorgan Chase & Co. lowered their price target on shares of FedEx from $372.00 to $323.00 and set an “overweight” rating for the company in a report on Monday, March 3rd. BMO Capital Markets lowered their price target on shares of FedEx from $330.00 to $275.00 and set a “market perform” rating for the company in a report on Friday. UBS Group upped their price target on shares of FedEx from $311.00 to $350.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Finally, Truist Financial initiated coverage on shares of FedEx in a report on Thursday, March 13th. They set a “buy” rating and a $305.00 price target for the company. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $304.68.

FedEx Stock Down 10.6 %

Shares of FDX opened at $220.04 on Friday. FedEx has a one year low of $217.49 and a one year high of $313.84. The company has a market cap of $53.00 billion, a P/E ratio of 13.99, a P/E/G ratio of 1.11 and a beta of 1.23. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.23 and a quick ratio of 1.19. The firm has a 50 day simple moving average of $260.76 and a two-hundred day simple moving average of $273.11.

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

Insider Buying and Selling

In other FedEx news, Director Susan C. Schwab sold 3,980 shares of the stock in a transaction dated 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 sale, the director now owns 8,904 shares in the company, valued at approximately $2,461,510.80. This trade represents a 30.89 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Richard W. Smith sold 2,576 shares of the stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $276.93, for a total transaction of $713,371.68. Following the completion of the sale, the chief executive officer now owns 111,886 shares of the company’s stock, valued at approximately $30,984,589.98. This trade represents a 2.25 % decrease in their position. The disclosure for this sale can be found here. 8.87% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On FedEx

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of FedEx by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 20,199,506 shares of the shipping service provider’s stock valued at $5,682,727,000 after acquiring an additional 56,236 shares during the period. Dodge & Cox grew its position in shares of FedEx by 5.6% during the 4th quarter. Dodge & Cox now owns 13,889,624 shares of the shipping service provider’s stock valued at $3,907,568,000 after acquiring an additional 734,268 shares during the period. Geode Capital Management LLC boosted its holdings in FedEx by 2.3% in the 4th quarter. Geode Capital Management LLC now owns 4,798,797 shares of the shipping service provider’s stock worth $1,350,686,000 after buying an additional 109,006 shares during the period. Franklin Resources Inc. boosted its holdings in FedEx by 8.1% in the 4th quarter. Franklin Resources Inc. now owns 4,298,646 shares of the shipping service provider’s stock worth $1,209,338,000 after buying an additional 323,115 shares during the period. Finally, Invesco Ltd. boosted its holdings in FedEx by 4.1% in the 4th quarter. Invesco Ltd. now owns 3,221,004 shares of the shipping service provider’s stock worth $906,165,000 after buying an additional 127,044 shares during the period. Hedge funds and other institutional investors own 84.47% of the company’s stock.

FedEx Company Profile

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.