FedEx (NYSE:FDX) Given New $374.00 Price Target at Citigroup

Key Points

• Citigroup raised its FedEx price target from $373 to $374 while maintaining a “Buy” rating, implying 17.2% upside from the stock’s reported $319.11 price.
• Analyst sentiment remains generally positive: MarketBeat lists FedEx at an average “Moderate Buy” rating with a consensus price target of $365.88, though some firms recently lowered targets or maintained hold ratings.
• FedEx reported quarterly adjusted earnings of $3.74 per share, beating estimates by $0.40, while revenue rose 12.3% year over year to $22.93 billion. The stock gained 1.9% in Monday trading.

FedEx (NYSE:FDX - Get Free Report) had its target price boosted by Citigroup from $373.00 to $374.00 in a research note issued on Monday, Benzinga reports. The firm currently has a "buy" rating on the shipping service provider's stock. Citigroup's price target suggests a potential upside of 17.20% from the company's current price.

A number of other equities research analysts have also issued reports on the company. Weiss Ratings lowered FedEx from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday. Stephens upgraded FedEx to a "strong-buy" rating in a research report on Wednesday, July 8th. Truist Financial dropped their price objective on FedEx from $365.00 to $350.00 and set a "buy" rating for the company in a research note on Wednesday, October 7th. Sanford C. Bernstein set a $377.00 target price on FedEx in a research report on Monday, October 26th. Finally, Evercore lifted their target price on FedEx from $350.00 to $351.00 in a research note on Monday, September 28th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $365.88.

FedEx Stock Up 1.9%

FedEx stock traded up $5.83 during trading hours on Monday, hitting $319.11. The stock had a trading volume of 866,512 shares, compared to its average volume of 1,985,290. The stock's 50-day moving average price is $304.30 and its 200-day moving average price is $337.14. The stock has a market capitalization of $74.73 billion, a P/E ratio of 19.63, a price-to-earnings-growth ratio of 1.26 and a beta of 1.27. FedEx has a 12-month low of $199.86 and a 12-month high of $345.36. The company has a quick ratio of 1.29, a current ratio of 1.33 and a debt-to-equity ratio of 0.50.

FedEx (NYSE:FDX - Get Free Report) last released its quarterly earnings data on Wednesday, October 28th. The shipping service provider reported $3.74 EPS for the quarter, topping the consensus estimate of $3.34 by $0.40. The company had revenue of $22.93 billion during the quarter, compared to the consensus estimate of $22.73 billion. FedEx had a return on equity of 15.53% and a net margin of 4.09%. FedEx's revenue for the quarter was up 12.3% on a year-over-year basis. During the same period last year, the company earned $3.83 EPS. Equities research analysts anticipate that FedEx will post 18.28 EPS for the current fiscal year.

Insider Activity

In other news, EVP Tracy Brightman sold 26,611 shares of FedEx stock in a transaction on Friday, October 30th. The stock was sold at an average price of $316.68, for a total value of $8,427,171.48. Following the transaction, the executive vice president directly owned 12,245 shares in the company, valued at approximately $3,877,746.60. This trade represents a 68.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.65% of the company's stock.

Institutional Investors Weigh In On FedEx

Large investors have recently modified their holdings of the business. Pathway Financial Advisers LLC acquired a new stake in shares of FedEx during the third quarter worth about $27,000. Covestor Ltd increased its holdings in FedEx by 26.7% in the 3rd quarter. Covestor Ltd now owns 351 shares of the shipping service provider's stock worth $100,000 after buying an additional 74 shares during the period. Richardson Financial Services Inc. acquired a new position in FedEx in the 3rd quarter worth approximately $62,000. Ascent Group LLC raised its position in FedEx by 53.3% during the 3rd quarter. Ascent Group LLC now owns 2,872 shares of the shipping service provider's stock worth $819,000 after buying an additional 999 shares during the last quarter. Finally, Team Financial Group LLC purchased a new position in FedEx during the 3rd quarter worth approximately $29,000. Hedge funds and other institutional investors own 84.47% of the company's stock.

FedEx Company Profile

FedEx Corporation NYSE: FDX is a global transportation, e-commerce and business services company headquartered in Memphis, Tennessee. Through its operating companies, FedEx provides time-definite express delivery, ground shipping, freight transportation, customs brokerage, logistics and supply chain services for businesses, governments and consumers.

The company's services include domestic and international package delivery, less-than-truckload freight transportation, warehousing, fulfillment, supply chain management and specialized logistics solutions.

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