JPMorgan Chase & Co. Cuts FedEx (NYSE:FDX) Price Target to $350.00

FedEx (NYSE:FDX) had its price target decreased by JPMorgan Chase & Co. from $359.00 to $350.00 in a research note released on Friday, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the shipping service provider’s stock.

Several other analysts have also commented on the stock. Bernstein Bank lifted their price objective on shares of FedEx from $305.00 to $337.00 and gave the stock an overweight rating in a research report on Friday. Evercore ISI dropped their price objective on FedEx from $335.00 to $318.00 and set an outperform rating on the stock in a research note on Friday. Argus raised their target price on FedEx from $325.00 to $335.00 and gave the stock a buy rating in a research report on Thursday, June 27th. Stifel Nicolaus reaffirmed a buy rating and set a $327.00 price target (up previously from $303.00) on shares of FedEx in a research report on Wednesday, June 26th. Finally, Wells Fargo & Company lifted their price objective on FedEx from $275.00 to $300.00 and gave the stock an equal weight rating in a report on Wednesday, June 26th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $314.74.

FedEx Trading Up 1.6 %

NYSE:FDX opened at $258.82 on Friday. FedEx has a 52 week low of $224.69 and a 52 week high of $313.84. The firm has a 50-day moving average price of $291.50 and a two-hundred day moving average price of $275.28. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.32 and a current ratio of 1.36. The firm has a market cap of $63.69 billion, a price-to-earnings ratio of 15.02, a price-to-earnings-growth ratio of 1.03 and a beta of 1.17.

FedEx (NYSE:FDX) last issued its quarterly earnings results on Thursday, September 19th. The shipping service provider reported $3.60 EPS for the quarter, missing analysts’ consensus estimates of $4.82 by ($1.22). FedEx had a return on equity of 16.70% and a net margin of 4.94%. The business had revenue of $21.58 billion for the quarter, compared to the consensus estimate of $21.87 billion. During the same quarter last year, the business posted $4.55 earnings per share. The business’s revenue was down .5% compared to the same quarter last year. On average, equities analysts expect that FedEx will post 20.82 earnings per share for the current fiscal year.

FedEx Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 9th will be issued a $1.38 dividend. This represents a $5.52 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date of this dividend is Monday, September 9th. FedEx’s payout ratio is 32.04%.

Insider Transactions at FedEx

In other FedEx news, EVP Robert B. Carter sold 16,010 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $294.48, for a total value of $4,714,624.80. Following the completion of the sale, the executive vice president now owns 59,884 shares of the company’s stock, valued at $17,634,640.32. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other FedEx news, CEO Sriram Krishnasamy sold 8,421 shares of the stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $310.14, for a total transaction of $2,611,688.94. Following the completion of the sale, the chief executive officer now owns 12,246 shares of the company’s stock, valued at approximately $3,797,974.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Robert B. Carter sold 16,010 shares of the firm’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $294.48, for a total transaction of $4,714,624.80. Following the completion of the sale, the executive vice president now directly owns 59,884 shares in the company, valued at approximately $17,634,640.32. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,944 shares of company stock valued at $9,882,355. Insiders own 8.73% of the company’s stock.

Institutional Trading of FedEx

A number of institutional investors have recently modified their holdings of FDX. Fortis Group Advisors LLC raised its position in FedEx by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 100 shares of the shipping service provider’s stock valued at $25,000 after purchasing an additional 50 shares during the last quarter. Scarborough Advisors LLC purchased a new position in shares of FedEx during the fourth quarter valued at approximately $25,000. Central Valley Advisors LLC bought a new position in shares of FedEx during the second quarter valued at approximately $39,000. Security National Bank purchased a new stake in FedEx in the fourth quarter worth $44,000. Finally, Abound Wealth Management boosted its holdings in FedEx by 175.9% in the second quarter. Abound Wealth Management now owns 149 shares of the shipping service provider’s stock valued at $45,000 after acquiring an additional 95 shares in the last quarter. 84.47% of the stock is currently owned by hedge funds and other 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.