FedEx (NYSE:FDX) Given New $350.00 Price Target at JPMorgan Chase & Co.

FedEx (NYSE:FDX) had its price objective reduced by JPMorgan Chase & Co. from $359.00 to $350.00 in a report published on Friday morning, Benzinga reports. They currently have an overweight rating on the shipping service provider’s stock.

FDX has been the subject of several other research reports. UBS Group dropped their price objective on FedEx from $333.00 to $311.00 and set a buy rating for the company in a report on Friday. Evercore ISI cut their price target on shares of FedEx from $335.00 to $318.00 and set an outperform rating on the stock in a report on Friday. Wells Fargo & Company upped their price objective on shares of FedEx from $275.00 to $300.00 and gave the stock an equal weight rating in a report on Wednesday, June 26th. The Goldman Sachs Group cut their target price on shares of FedEx from $333.00 to $332.00 in a research note on Friday. Finally, Daiwa America downgraded shares of FedEx from a moderate buy rating to a hold rating in a research note on Wednesday, September 11th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat.com, FedEx has a consensus rating of Moderate Buy and a consensus price target of $312.84.

FedEx Stock Down 15.2 %

Shares of FedEx stock opened at $254.63 on Friday. The company’s 50 day moving average price is $292.43 and its 200-day moving average price is $274.85. FedEx has a 52-week low of $224.69 and a 52-week high of $313.84. 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 stock has a market capitalization of $62.66 billion, a price-to-earnings ratio of 14.78, a P/E/G ratio of 1.03 and a beta of 1.17.

FedEx (NYSE:FDX) last released its quarterly earnings data on Thursday, September 19th. The shipping service provider reported $3.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.82 by ($1.22). The firm had revenue of $21.58 billion during the quarter, compared to analysts’ expectations of $21.87 billion. FedEx had a net margin of 4.94% and a return on equity of 16.70%. FedEx’s revenue was down .5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $4.55 EPS. Equities research analysts forecast that FedEx will post 20.82 EPS for the current year.

FedEx Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 9th will be paid a $1.38 dividend. The ex-dividend date of this dividend is Monday, September 9th. This represents a $5.52 dividend on an annualized basis and a dividend yield of 2.17%. FedEx’s dividend payout ratio (DPR) is currently 32.04%.

Insider Buying and Selling

In other FedEx news, CAO Guy M. Erwin II sold 116 shares of the firm’s stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $299.24, for a total value of $34,711.84. Following the transaction, the chief accounting officer now directly owns 930 shares of the company’s stock, valued at $278,293.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other FedEx news, Director Paul S. Walsh sold 2,535 shares of the stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $294.72, for a total value of $747,115.20. Following the transaction, the director now directly owns 14,745 shares in the company, valued at $4,345,646.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Guy M. Erwin II sold 116 shares of the business’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $299.24, for a total transaction of $34,711.84. Following the sale, the chief accounting officer now directly owns 930 shares of the company’s stock, valued at approximately $278,293.20. The disclosure for this sale can be found here. Insiders sold 32,944 shares of company stock valued at $9,882,355 over the last 90 days. Company insiders own 8.73% of the company’s stock.

Hedge Funds Weigh In On FedEx

Institutional investors and hedge funds have recently bought and sold shares of the stock. Fortis Group Advisors LLC lifted its position in shares of 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 buying an additional 50 shares in the last quarter. Scarborough Advisors LLC bought a new position in shares of FedEx in the fourth quarter worth approximately $25,000. Central Valley Advisors LLC purchased a new stake in shares of FedEx in the second quarter worth $39,000. Security National Bank bought a new stake in shares of FedEx during the 4th quarter valued at $44,000. Finally, Abound Wealth Management lifted its stake in shares of FedEx by 175.9% during the 2nd quarter. Abound Wealth Management now owns 149 shares of the shipping service provider’s stock valued at $45,000 after buying 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.