FedEx (NYSE:FDX) Stock Rating Upgraded by JPMorgan Chase & Co.

FedEx (NYSE:FDX) was upgraded by research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a report released on Wednesday, Marketbeat.com reports. The firm presently has a $359.00 price target on the shipping service provider’s stock, up from their prior price target of $296.00. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 21.50% from the stock’s previous close.

A number of other research analysts have also commented on FDX. Evercore ISI decreased their price target on shares of FedEx from $351.00 to $318.00 and set an “outperform” rating on the stock in a research note on Monday. Wells Fargo & Company upgraded FedEx to a “hold” rating in a research note on Tuesday, June 18th. Barclays boosted their price target on FedEx from $310.00 to $350.00 and gave the company an “overweight” rating in a research note on Friday, March 22nd. Oppenheimer reissued a “market perform” rating on shares of FedEx in a report on Friday, March 22nd. Finally, The Goldman Sachs Group upped their price target on shares of FedEx from $291.00 to $324.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and nineteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $314.00.

FedEx Price Performance

Shares of NYSE FDX opened at $295.47 on Wednesday. FedEx has a twelve month low of $224.69 and a twelve month high of $296.86. The company has a market cap of $72.71 billion, a PE ratio of 17.15, a price-to-earnings-growth ratio of 0.93 and a beta of 1.16. The business’s 50 day moving average price is $256.80 and its two-hundred day moving average price is $256.00. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 0.76.

FedEx (NYSE:FDX) last posted its quarterly earnings results on Tuesday, June 25th. The shipping service provider reported $5.41 earnings per share for the quarter, beating analysts’ consensus estimates of $5.34 by $0.07. FedEx had a return on equity of 16.86% and a net margin of 4.94%. The business had revenue of $22.11 billion for the quarter, compared to analysts’ expectations of $22.04 billion. During the same quarter in the prior year, the business earned $4.94 EPS. The firm’s revenue for the quarter was up .8% on a year-over-year basis. On average, analysts predict that FedEx will post 20.26 EPS for the current year.

FedEx announced that its board has authorized a stock buyback plan on Thursday, March 21st that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the shipping service provider to reacquire up to 7.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other news, Chairman Frederick W. Smith sold 113,400 shares of FedEx stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $274.30, for a total transaction of $31,105,620.00. Following the sale, the chairman now directly owns 14,505,844 shares of the company’s stock, valued at $3,978,953,009.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Tracy B. Brightman sold 2,550 shares of the stock in a transaction on Monday, April 8th. The stock was sold at an average price of $275.69, for a total value of $703,009.50. Following the completion of the sale, the executive vice president now directly owns 6,294 shares in the company, valued at $1,735,192.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Frederick W. Smith sold 113,400 shares of FedEx stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $274.30, for a total value of $31,105,620.00. Following the transaction, the chairman now directly owns 14,505,844 shares in the company, valued at $3,978,953,009.20. The disclosure for this sale can be found here. Insiders sold a total of 117,275 shares of company stock valued at $32,177,298 in the last 90 days. Corporate insiders own 8.73% of the company’s stock.

Hedge Funds Weigh In On FedEx

A number of hedge funds have recently made changes to their positions in the stock. Crossmark Global Holdings Inc. lifted its stake in shares of FedEx by 20.9% in the 4th quarter. Crossmark Global Holdings Inc. now owns 29,246 shares of the shipping service provider’s stock valued at $7,398,000 after purchasing an additional 5,055 shares during the period. Western Wealth Management LLC grew its position in shares of FedEx by 10.0% during the 4th quarter. Western Wealth Management LLC now owns 3,655 shares of the shipping service provider’s stock worth $925,000 after buying an additional 333 shares during the period. Trust Point Inc. bought a new stake in shares of FedEx in the 4th quarter valued at $282,000. Planned Solutions Inc. acquired a new position in shares of FedEx during the 4th quarter valued at $32,000. Finally, EFG Asset Management North America Corp. boosted its stake in FedEx by 173.2% during the fourth quarter. EFG Asset Management North America Corp. now owns 7,620 shares of the shipping service provider’s stock worth $1,928,000 after acquiring an additional 4,831 shares in the last quarter. 84.47% of the stock is currently owned by 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.