Bank of America Has Lowered Expectations for FedEx (NYSE:FDX) Stock Price

FedEx (NYSE:FDX - Free Report) had its price objective cut by Bank of America from $295.00 to $272.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have a buy rating on the shipping service provider's stock.

Several other equities analysts have also recently issued reports on the company. Wells Fargo & Company dropped their price target on FedEx from $320.00 to $275.00 and set an "equal weight" rating on the stock in a research report on Thursday, March 6th. BMO Capital Markets upped their price target on FedEx from $300.00 to $330.00 and gave the stock a "market perform" rating in a research note on Friday, December 20th. Truist Financial began coverage on shares of FedEx in a research report on Thursday, March 13th. They issued a "buy" rating and a $305.00 price objective on the stock. Stephens cut their price objective on shares of FedEx from $350.00 to $345.00 and set an "overweight" rating for the company in a research report on Friday, December 20th. Finally, Sanford C. Bernstein downgraded shares of FedEx from an "outperform" rating to a "market perform" rating and lowered their target price for the company from $337.00 to $316.00 in a report on Tuesday, December 3rd. Two analysts have rated the stock with a sell rating, eight have given a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $300.60.

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FedEx Stock Performance

FDX traded up $12.25 during trading on Friday, hitting $242.58. 2,129,709 shares of the stock were exchanged, compared to its average volume of 1,824,617. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 0.73. FedEx has a 1-year low of $217.22 and a 1-year high of $313.84. The stock has a fifty day moving average price of $259.95 and a two-hundred day moving average price of $272.35. The firm has a market capitalization of $58.43 billion, a P/E ratio of 15.46, a PEG ratio of 1.11 and a beta of 1.23.

FedEx (NYSE:FDX - Get Free Report) last released its quarterly earnings results 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). The business had revenue of $22.16 billion during the quarter, compared to analysts' expectations of $21.96 billion. FedEx had a net margin of 4.45% and a return on equity of 15.59%. The firm's revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter last year, the company earned $3.86 EPS. As a group, sell-side analysts predict that FedEx will post 19.14 earnings per share for the current year.

FedEx Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 10th will be paid a dividend of $1.38 per share. This represents a $5.52 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date is Monday, March 10th. FedEx's dividend payout ratio is currently 35.18%.

Insider Buying and Selling

In related news, Director Susan C. Schwab sold 3,980 shares of FedEx stock in a transaction on Tuesday, January 14th. The stock was sold at an average price of $276.45, for a total value of $1,100,271.00. Following the transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Amy B. Lane purchased 333 shares of the company's stock in a transaction on Thursday, December 26th. The shares were purchased at an average price of $276.06 per share, with a total value of $91,927.98. Following the completion of the purchase, the director now directly owns 333 shares of the company's stock, valued at $91,927.98. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 8.87% of the company's stock.

Institutional Trading of FedEx

Several large investors have recently added to or reduced their stakes in FDX. Citizens Financial Group Inc. RI boosted its position in shares of FedEx by 3.0% in the third quarter. Citizens Financial Group Inc. RI now owns 1,308 shares of the shipping service provider's stock worth $360,000 after buying an additional 38 shares during the period. Regal Investment Advisors LLC boosted its holdings in FedEx by 2.4% in the 4th quarter. Regal Investment Advisors LLC now owns 1,604 shares of the shipping service provider's stock worth $451,000 after acquiring an additional 38 shares during the period. Cetera Trust Company N.A grew its position in FedEx by 0.5% in the fourth quarter. Cetera Trust Company N.A now owns 7,925 shares of the shipping service provider's stock valued at $2,230,000 after acquiring an additional 40 shares in the last quarter. Griffin Asset Management Inc. raised its stake in shares of FedEx by 0.4% during the fourth quarter. Griffin Asset Management Inc. now owns 10,365 shares of the shipping service provider's stock valued at $2,916,000 after purchasing an additional 40 shares during the period. Finally, Aviso Financial Inc. boosted its stake in shares of FedEx by 1.2% in the fourth quarter. Aviso Financial Inc. now owns 3,400 shares of the shipping service provider's stock valued at $957,000 after purchasing an additional 40 shares during the period. 84.47% of the stock is currently owned by institutional investors and hedge funds.

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.