Citigroup Issues Pessimistic Forecast for FedEx (NYSE:FDX) Stock Price

Key Points

• Citigroup has lowered its price target for FedEx stock from $278.00 to $275.00, maintaining a "buy" rating, indicating a potential upside of 21.37% from the stock's previous close.
• Several analysts have also adjusted their price targets for FedEx, with some firms reducing targets down to as low as $249.00, emphasizing a mixed sentiment among analysts about the company's stock performance.
• FedEx's latest quarterly earnings report showed a profit of $6.07 per share, surpassing expectations, and highlighting the company's strong revenue growth amidst price target downgrades.

FedEx (NYSE:FDX - Get Free Report) had its price objective decreased by investment analysts at Citigroup from $278.00 to $275.00 in a report released on Monday,Benzinga reports. The firm presently has a "buy" rating on the shipping service provider's stock. Citigroup's price objective would suggest a potential upside of 21.37% from the stock's previous close.

A number of other research analysts have also commented on FDX. UBS Group decreased their price target on shares of FedEx from $311.00 to $297.00 and set a "buy" rating on the stock in a research note on Wednesday, June 25th. Sanford C. Bernstein cut their price objective on FedEx from $282.00 to $249.00 and set a "market perform" rating for the company in a report on Friday, June 13th. Raymond James Financial reaffirmed an "outperform" rating and set a $260.00 price objective (down from $275.00) on shares of FedEx in a research report on Wednesday, June 25th. BMO Capital Markets decreased their price target on shares of FedEx from $275.00 to $260.00 and set a "market perform" rating on the stock in a research report on Monday, May 19th. Finally, TD Cowen decreased their price objective on FedEx from $310.00 to $269.00 and set a "buy" rating on the stock in a research report on Wednesday, June 25th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $283.13.

FedEx Trading Down 0.3%

FedEx stock traded down $0.67 during midday trading on Monday, reaching $226.59. The stock had a trading volume of 427,030 shares, compared to its average volume of 1,988,989. FedEx has a twelve month low of $194.29 and a twelve month high of $308.53. The stock has a market capitalization of $53.45 billion, a PE ratio of 13.43, a price-to-earnings-growth ratio of 1.18 and a beta of 1.30. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.15 and a current ratio of 1.19. The stock's 50-day simple moving average is $229.41 and its 200 day simple moving average is $231.53.

FedEx (NYSE:FDX - Get Free Report) last released its quarterly earnings results on Tuesday, June 24th. The shipping service provider reported $6.07 earnings per share for the quarter, beating analysts' consensus estimates of $5.98 by $0.09. The company had revenue of $22.20 billion for the quarter, compared to analysts' expectations of $21.86 billion. FedEx had a return on equity of 16.34% and a net margin of 4.65%. During the same quarter in the previous year, the company posted $5.41 earnings per share. Analysts expect that FedEx will post 19.14 EPS for the current year.

Insider Activity at FedEx

In other FedEx news, Director R Brad Martin sold 2,123 shares of the company's stock in a transaction on Monday, July 7th. The shares were sold at an average price of $241.75, for a total value of $513,235.25. Following the sale, the director directly owned 8,935 shares of the company's stock, valued at approximately $2,160,036.25. This represents a 19.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Marvin R. Ellison sold 3,610 shares of FedEx stock in a transaction that occurred on Wednesday, July 9th. The stock was sold at an average price of $236.94, for a total value of $855,353.40. Following the transaction, the director owned 7,720 shares in the company, valued at approximately $1,829,176.80. The trade was a 31.86% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 9,343 shares of company stock worth $2,228,816 in the last quarter. 8.87% of the stock is owned by company insiders.

Institutional Trading of FedEx

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FDX. Golden State Wealth Management LLC raised its position in shares of FedEx by 21.1% in the 1st quarter. Golden State Wealth Management LLC now owns 362 shares of the shipping service provider's stock worth $88,000 after acquiring an additional 63 shares in the last quarter. NBC Securities Inc. bought a new position in FedEx during the first quarter valued at $147,000. Farther Finance Advisors LLC boosted its position in FedEx by 27.6% during the first quarter. Farther Finance Advisors LLC now owns 2,223 shares of the shipping service provider's stock worth $538,000 after purchasing an additional 481 shares during the period. Parvin Asset Management LLC purchased a new stake in shares of FedEx during the fourth quarter worth $281,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH grew its stake in FedEx by 6.1% during the first quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 160,596 shares of the shipping service provider's stock valued at $39,150,000 after acquiring an additional 9,216 shares in the last quarter. Institutional investors and hedge funds 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.

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