HSBC Cuts FedEx (NYSE:FDX) Price Target to $289.89

FedEx (NYSE:FDX) had its price objective reduced by HSBC from $360.00 to $289.89 in a research note issued to investors on Monday,MarketScreener reports. The brokerage presently has a “hold” rating on the shipping service provider’s stock. HSBC’s price objective would indicate a potential downside of 12.99% from the company’s current price.

FDX has been the topic of a number of other research reports. Stephens restated an “overweight” rating and set a $435.00 price target on shares of FedEx in a research report on Tuesday, April 14th. Citigroup began coverage on FedEx in a research report on Thursday, May 21st. They set a “buy” rating and a $443.00 price objective on the stock. Sanford C. Bernstein raised their price objective on FedEx from $457.00 to $470.00 and gave the company an “outperform” rating in a report on Thursday, April 9th. Zacks Research downgraded FedEx from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, March 18th. Finally, Argus upped their target price on FedEx from $350.00 to $400.00 and gave the stock a “buy” rating in a research note on Monday, April 6th. Eighteen investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, FedEx has a consensus rating of “Moderate Buy” and an average price target of $395.53.

FedEx Price Performance

FDX stock traded down $78.59 during midday trading on Monday, reaching $333.16. The company had a trading volume of 189,639 shares, compared to its average volume of 1,818,576. The firm has a 50-day moving average price of $376.41 and a 200-day moving average price of $338.62. The company has a market capitalization of $79.50 billion, a P/E ratio of 17.73, a P/E/G ratio of 1.57 and a beta of 1.28. FedEx has a 1 year low of $214.82 and a 1 year high of $413.87. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.47 and a quick ratio of 1.44.

FedEx (NYSE:FDX) last posted its quarterly earnings data on Thursday, March 19th. The shipping service provider reported $5.25 earnings per share for the quarter, beating the consensus estimate of $4.12 by $1.13. FedEx had a net margin of 4.88% and a return on equity of 16.76%. The firm had revenue of $24 billion for the quarter, compared to analysts’ expectations of $23.44 billion. During the same quarter last year, the company posted $4.51 EPS. The business’s quarterly revenue was up 8.3% on a year-over-year basis. On average, research analysts anticipate that FedEx will post 19.63 earnings per share for the current fiscal year.

Insider Buying and Selling

In other FedEx news, EVP Tracy B. Brightman sold 16,959 shares of the business’s stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $363.47, for a total value of $6,164,087.73. Following the completion of the sale, the executive vice president owned 11,052 shares in the company, valued at approximately $4,017,070.44. The trade was a 60.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Susan C. Schwab sold 5,795 shares of the stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $369.00, for a total value of $2,138,355.00. Following the sale, the director directly owned 10,038 shares of the company’s stock, valued at approximately $3,704,022. This trade represents a 36.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 48,104 shares of company stock worth $17,599,006. Insiders own 0.53% of the company’s stock.

Institutional Investors Weigh In On FedEx

Several institutional investors have recently added to or reduced their stakes in FDX. Ferguson Wellman Capital Management Inc. increased its position in shares of FedEx by 3.2% in the first quarter. Ferguson Wellman Capital Management Inc. now owns 830 shares of the shipping service provider’s stock valued at $296,000 after acquiring an additional 26 shares during the period. OneAscent Financial Services LLC boosted its holdings in shares of FedEx by 1.7% during the fourth quarter. OneAscent Financial Services LLC now owns 1,699 shares of the shipping service provider’s stock worth $491,000 after purchasing an additional 29 shares during the period. Whipplewood Advisors LLC grew its stake in shares of FedEx by 9.9% in the first quarter. Whipplewood Advisors LLC now owns 333 shares of the shipping service provider’s stock worth $119,000 after purchasing an additional 30 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC grew its stake in shares of FedEx by 11.9% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 283 shares of the shipping service provider’s stock worth $101,000 after purchasing an additional 30 shares during the last quarter. Finally, Arete Wealth Advisors LLC increased its holdings in FedEx by 1.7% during the 4th quarter. Arete Wealth Advisors LLC now owns 1,778 shares of the shipping service provider’s stock valued at $514,000 after purchasing an additional 30 shares during the period. Hedge funds and other institutional investors own 84.47% of the company’s stock.

FedEx Company Profile

FedEx Corporation (NYSE: FDX) is a global logistics and courier company headquartered in Memphis, Tennessee. Founded by Frederick W. Smith in 1971 and beginning operations in the early 1970s, the company pioneered overnight express shipping and has since expanded into a diversified portfolio of transportation, e-commerce and supply-chain services. FedEx operates an integrated air-and-ground network that moves parcels, freight and documents for businesses and consumers worldwide.

FedEx’s core operating segments include express parcel delivery via its FedEx Express division, domestic and residential parcel delivery through FedEx Ground, less-than-truckload (LTL) freight services, and logistics and supply-chain management solutions.