FedEx (NYSE:FDX) Sets New 12-Month Low After Analyst Downgrade

FedEx Co. (NYSE:FDX)’s share price hit a new 52-week low on Wednesday after Citigroup lowered their price target on the stock from $305.00 to $267.00. Citigroup currently has a buy rating on the stock. FedEx traded as low as $194.34 and last traded at $195.76, with a volume of 65832 shares changing hands. The stock had previously closed at $198.07.

A number of other brokerages have also recently issued reports on FDX. Raymond James decreased their target price on FedEx from $320.00 to $290.00 and set an “outperform” rating for the company in a report on Friday, March 21st. UBS Group lowered their target price on FedEx from $350.00 to $331.00 and set a “buy” rating for the company in a research note on Friday, March 21st. Bank of America dropped their price target on shares of FedEx from $295.00 to $272.00 and set a “buy” rating on the stock in a research note on Friday, March 21st. Piper Sandler cut shares of FedEx to a “neutral” rating in a research report on Monday, February 3rd. Finally, Barclays dropped their target price on FedEx from $365.00 to $350.00 and set an “overweight” rating on the stock in a research report on Friday, March 21st. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $300.63.

Insider Buying and Selling

In related news, COO John Alan Smith sold 6,155 shares of the business’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 transaction of $1,499,050.25. Following the sale, the chief operating officer now owns 23,347 shares of the company’s stock, valued at $5,686,161.85. The trade was a 20.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Susan C. Schwab sold 3,980 shares of the stock in a transaction on Tuesday, January 14th. The shares were sold at an average price of $276.45, for a total value of $1,100,271.00. Following the transaction, the director now directly owns 8,904 shares of the company’s stock, valued at approximately $2,461,510.80. The trade was a 30.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 8.87% of the company’s stock.

Institutional Investors Weigh In On FedEx

A number of institutional investors and hedge funds have recently bought and sold shares of FDX. United Bank bought a new stake in FedEx during the third quarter worth approximately $615,000. Janus Henderson Group PLC boosted its stake in shares of FedEx by 1.9% during the 3rd quarter. Janus Henderson Group PLC now owns 26,612 shares of the shipping service provider’s stock worth $7,280,000 after acquiring an additional 500 shares in the last quarter. Morse Asset Management Inc bought a new stake in shares of FedEx during the 3rd quarter worth $465,000. Nomura Asset Management Co. Ltd. grew its holdings in shares of FedEx by 5.6% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 70,632 shares of the shipping service provider’s stock worth $19,331,000 after acquiring an additional 3,738 shares during the last quarter. Finally, LRI Investments LLC lifted its holdings in shares of FedEx by 45.9% during the third quarter. LRI Investments LLC now owns 664 shares of the shipping service provider’s stock valued at $194,000 after purchasing an additional 209 shares during the last quarter. 84.47% of the stock is owned by institutional investors and hedge funds.

FedEx Price Performance

The stock has a 50-day moving average of $247.73 and a two-hundred day moving average of $267.18. The firm has a market cap of $47.34 billion, a price-to-earnings ratio of 12.57, a price-to-earnings-growth ratio of 1.11 and a beta of 1.24. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 0.73.

FedEx (NYSE:FDX) last announced its earnings results on Thursday, March 20th. The shipping service provider reported $4.51 EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $21.96 billion. During the same quarter in the previous year, the business earned $3.86 earnings per share. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. On average, analysts anticipate that FedEx Co. will post 19.14 EPS for the current year.

FedEx Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Monday, March 10th were issued a $1.38 dividend. The ex-dividend date of this dividend was Monday, March 10th. This represents a $5.52 dividend on an annualized basis and a dividend yield of 2.79%. FedEx’s payout ratio is currently 34.63%.

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.