Bank of America Issues Pessimistic Forecast for FedEx (NYSE:FDX) Stock Price

FedEx (NYSE:FDX - Get Free Report) had its target price reduced by research analysts at Bank of America from $270.00 to $245.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the shipping service provider's stock. Bank of America's target price would suggest a potential upside of 11.42% from the company's previous close.

Several other equities research analysts have also recently commented on the company. Barclays decreased their target price on FedEx from $330.00 to $320.00 and set an "overweight" rating for the company in a research note on Wednesday. Oppenheimer reaffirmed a "market perform" rating on shares of FedEx in a research note on Friday, March 21st. BMO Capital Markets decreased their target price on FedEx from $275.00 to $260.00 and set a "market perform" rating for the company in a research note on Monday, May 19th. Jefferies Financial Group raised FedEx from a "hold" rating to a "buy" rating and decreased their target price for the stock from $300.00 to $275.00 in a research note on Monday, March 24th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on FedEx in a research note on Friday, March 7th. They set a "buy" rating and a $337.00 target price for the company. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, FedEx has a consensus rating of "Moderate Buy" and an average price target of $285.75.

FedEx Trading Down 4.2%

Shares of FDX traded down $9.63 during mid-day trading on Wednesday, reaching $219.88. 5,525,111 shares of the company were exchanged, compared to its average volume of 1,882,224. FedEx has a 52 week low of $194.30 and a 52 week high of $313.84. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.19 and a current ratio of 1.24. The stock has a market capitalization of $52.68 billion, a PE ratio of 13.81, a PEG ratio of 1.15 and a beta of 1.35. The business has a 50 day simple moving average of $219.11 and a two-hundred day simple moving average of $243.86.

FedEx (NYSE:FDX - Get Free Report) last issued its quarterly earnings data on Tuesday, June 24th. The shipping service provider reported $6.07 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.98 by $0.09. FedEx had a return on equity of 16.00% and a net margin of 4.46%. The company had revenue of $22.20 billion during the quarter, compared to the consensus estimate of $21.86 billion. During the same period last year, the company earned $5.41 earnings per share. On average, analysts predict that FedEx will post 19.14 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, COO John Alan Smith sold 6,155 shares of the company's stock in a transaction that occurred on Thursday, March 27th. The stock was sold at an average price of $243.55, for a total value of $1,499,050.25. Following the completion of the transaction, the chief operating officer now directly owns 23,347 shares of the company's stock, valued at $5,686,161.85. This represents a 20.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 8.87% of the company's stock.

Hedge Funds Weigh In On FedEx

Several institutional investors have recently modified their holdings of the business. Swedbank AB boosted its position in FedEx by 0.4% in the first quarter. Swedbank AB now owns 111,881 shares of the shipping service provider's stock worth $27,274,000 after purchasing an additional 455 shares during the last quarter. Modern Wealth Management LLC boosted its position in FedEx by 7.7% in the first quarter. Modern Wealth Management LLC now owns 1,898 shares of the shipping service provider's stock worth $463,000 after purchasing an additional 135 shares during the last quarter. Strs Ohio purchased a new position in FedEx in the first quarter worth $64,242,000. Wealth Management Associates Inc. boosted its position in FedEx by 13.6% in the first quarter. Wealth Management Associates Inc. now owns 1,725 shares of the shipping service provider's stock worth $421,000 after purchasing an additional 206 shares during the last quarter. Finally, Jacobi Capital Management LLC boosted its position in FedEx by 2.7% in the first quarter. Jacobi Capital Management LLC now owns 3,854 shares of the shipping service provider's stock worth $940,000 after purchasing an additional 102 shares during the last quarter. 84.47% of the stock is owned by institutional investors.

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.

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