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

FedEx (NYSE:FDX) had its target price dropped by stock analysts at TD Cowen from $337.00 to $310.00 in a report released on Friday, Marketbeat reports. The firm presently has a “buy” rating on the shipping service provider’s stock. TD Cowen’s price target would suggest a potential upside of 34.64% from the company’s previous close.

FDX has been the subject of a number of other reports. Wells Fargo & Company dropped their price target on shares of FedEx from $320.00 to $275.00 and set an “equal weight” rating for the company in a research note on Thursday, March 6th. Raymond James lowered shares of FedEx from an “outperform” rating to a “market perform” rating in a report on Monday, February 3rd. Loop Capital lowered shares of FedEx from a “hold” rating to a “sell” rating and decreased their price objective for the company from $283.00 to $221.00 in a report on Friday. Truist Financial assumed coverage on shares of FedEx in a report on Thursday, March 13th. They set a “buy” rating and a $305.00 price objective for the company. Finally, Piper Sandler lowered shares of FedEx to a “neutral” rating in a report on Monday, February 3rd. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $301.67.

FedEx Price Performance

FDX stock opened at $230.25 on Friday. FedEx has a 12 month low of $217.22 and a 12 month high of $313.84. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 0.73. The company has a 50-day moving average price of $259.95 and a 200 day moving average price of $272.49. The stock has a market cap of $55.46 billion, a PE ratio of 14.68, a P/E/G ratio of 1.11 and a beta of 1.23.

FedEx (NYSE:FDX) last released its quarterly earnings results on Thursday, March 20th. The shipping service provider reported $4.51 EPS for the quarter, missing analysts’ consensus estimates of $4.56 by ($0.05). FedEx had a return on equity of 15.59% and a net margin of 4.45%. The firm had revenue of $22.16 billion for the quarter, compared to analysts’ expectations of $21.96 billion. During the same period in the prior year, the firm posted $3.86 earnings per share. FedEx’s revenue for the quarter was up 1.9% on a year-over-year basis. Equities research analysts anticipate that FedEx will post 19.14 earnings per share for the current year.

Insiders Place Their Bets

In other FedEx news, CEO Richard W. Smith sold 2,576 shares of the business’s stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $276.93, for a total transaction of $713,371.68. Following the sale, the chief executive officer now owns 111,886 shares of the company’s stock, valued at approximately $30,984,589.98. The trade was a 2.25 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Susan C. Schwab sold 3,980 shares of the business’s stock in a transaction that occurred on Tuesday, January 14th. The stock was sold at an average price of $276.45, for a total transaction of $1,100,271.00. Following the sale, the director now directly owns 8,904 shares in the company, valued at approximately $2,461,510.80. This represents a 30.89 % decrease in their position. The disclosure for this sale can be found here. 8.87% of the stock is owned by insiders.

Institutional Trading of FedEx

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in shares of FedEx by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 20,199,506 shares of the shipping service provider’s stock worth $5,682,727,000 after acquiring an additional 56,236 shares during the period. Dodge & Cox raised its holdings in shares of FedEx by 5.6% during the fourth quarter. Dodge & Cox now owns 13,889,624 shares of the shipping service provider’s stock worth $3,907,568,000 after purchasing an additional 734,268 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of FedEx by 2.3% during the fourth quarter. Geode Capital Management LLC now owns 4,798,797 shares of the shipping service provider’s stock worth $1,350,686,000 after purchasing an additional 109,006 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of FedEx by 8.1% during the fourth quarter. Franklin Resources Inc. now owns 4,298,646 shares of the shipping service provider’s stock worth $1,209,338,000 after purchasing an additional 323,115 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in shares of FedEx by 4.1% during the fourth quarter. Invesco Ltd. now owns 3,221,004 shares of the shipping service provider’s stock worth $906,165,000 after purchasing an additional 127,044 shares during the last quarter. Hedge funds and other institutional investors own 84.47% of the company’s stock.

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.