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

Key Points

• Truist Financial lowered FedEx’s price target from $365 to $350 while maintaining a “buy” rating, implying approximately 21% upside from the previous close.
• Analyst sentiment remains positive overall: FedEx has a “Moderate Buy” consensus rating and an average price target of $354.08, though recent targets and ratings have been mixed.
• FedEx shares rose 0.1% to $289.35, while institutional investors own 84.47% of the company; BlackRock and Primecap Management were among the firms that recently established significant positions.

FedEx (NYSE:FDX - Get Free Report) had its target price lowered by Truist Financial from $365.00 to $350.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a "buy" rating on the shipping service provider's stock. Truist Financial's price target suggests a potential upside of 20.96% from the company's previous close.

Several other equities research analysts have also recently commented on the stock. Evercore boosted their price target on shares of FedEx from $350.00 to $351.00 in a research report on Monday, September 28th. BMO Capital Markets reaffirmed a "market perform" rating on shares of FedEx in a research report on Wednesday, June 24th. JPMorgan Chase & Co. dropped their target price on FedEx from $400.00 to $399.00 and set an "overweight" rating on the stock in a report on Monday. Citigroup reissued a "cautious" rating on shares of FedEx in a research report on Wednesday. Finally, Stephens raised FedEx to a "strong-buy" rating in a report on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, FedEx presently has an average rating of "Moderate Buy" and an average price target of $354.08.

FedEx Stock Up 0.1%

NYSE:FDX traded up $0.32 during trading hours on Wednesday, reaching $289.35. 302,822 shares of the stock were exchanged, compared to its average volume of 2,050,305. The stock has a market cap of $68.48 billion, a PE ratio of 15.63, a PEG ratio of 1.54 and a beta of 1.28. FedEx has a twelve month low of $179.69 and a twelve month high of $345.36. The firm has a 50 day moving average of $312.61 and a 200 day moving average of $337.54. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.48 and a quick ratio of 1.44.

FedEx (NYSE:FDX - Get Free Report) last announced its quarterly earnings data on Tuesday, July 21st. The shipping service provider reported $5.88 EPS for the quarter. FedEx had a net margin of 4.68% and a return on equity of 16.49%. The business had revenue of $23.26 billion for the quarter. On average, equities analysts expect that FedEx will post 17.53 earnings per share for the current year.

Institutional Investors Weigh In On FedEx

A number of institutional investors have recently modified their holdings of FDX. BlackRock Inc. bought a new position in FedEx in the 2nd quarter valued at about $6,508,103,000. Primecap Management Co. CA bought a new position in FedEx in the second quarter valued at approximately $2,554,138,000. Bank of America Corp DE acquired a new position in FedEx during the second quarter valued at approximately $579,171,000. Bank of New York Mellon Corp bought a new stake in FedEx during the second quarter worth $466,943,000. Finally, Legal & General Group Plc acquired a new stake in shares of FedEx in the 2nd quarter valued at $448,121,000. Institutional investors own 84.47% of the company's stock.

About FedEx

FedEx Corporation 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, and logistics services for businesses, government organizations and consumers.

The company's services include domestic and international parcel delivery, less-than-truckload freight transportation, supply chain management, customs and trade assistance, warehousing, fulfillment and other logistics solutions.

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