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

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

A number of other analysts also recently weighed in on FDX. UBS Group reduced their target price on shares of FedEx from $333.00 to $311.00 and set a buy rating on the stock in a report on Friday. Daiwa America downgraded FedEx from a moderate buy rating to a hold rating in a research report on Wednesday, September 11th. Stephens reiterated an overweight rating and issued a $325.00 target price on shares of FedEx in a report on Wednesday, June 26th. Wells Fargo & Company increased their price target on FedEx from $275.00 to $300.00 and gave the company an equal weight rating in a report on Wednesday, June 26th. Finally, Argus lifted their price objective on shares of FedEx from $325.00 to $335.00 and gave the stock a buy rating in a research note on Thursday, June 27th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $315.95.

FedEx Trading Down 15.2 %

Shares of FDX stock opened at $254.64 on Friday. The stock’s 50-day moving average price is $292.43 and its 200-day moving average price is $275.22. FedEx has a 12-month low of $224.69 and a 12-month high of $313.84. The stock has a market capitalization of $62.66 billion, a price-to-earnings ratio of 14.78, a price-to-earnings-growth ratio of 1.03 and a beta of 1.17. The company has a current ratio of 1.36, a quick ratio of 1.32 and a debt-to-equity ratio of 0.73.

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

FedEx Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 9th will be issued a dividend of $1.38 per share. This represents a $5.52 annualized dividend and a yield of 2.17%. The ex-dividend date of this dividend is Monday, September 9th. FedEx’s payout ratio is 32.04%.

Insider Activity

In other news, CEO Sriram Krishnasamy sold 8,421 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 12,246 shares in the company, valued at $3,797,974.44. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director Paul S. Walsh sold 2,535 shares of the company’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $294.72, for a total transaction of $747,115.20. Following the completion of the sale, the director now directly owns 14,745 shares in the company, valued at approximately $4,345,646.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sriram Krishnasamy sold 8,421 shares of FedEx stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $310.14, for a total value of $2,611,688.94. Following the completion of the transaction, the chief executive officer now owns 12,246 shares in the company, valued at approximately $3,797,974.44. The disclosure for this sale can be found here. In the last quarter, insiders sold 32,944 shares of company stock worth $9,882,355. 8.73% of the stock is currently owned by corporate insiders.

Institutional Trading of FedEx

Institutional investors have recently modified their holdings of the company. Newbridge Financial Services Group Inc. boosted its stake in FedEx by 93.7% in the second quarter. Newbridge Financial Services Group Inc. now owns 5,741 shares of the shipping service provider’s stock valued at $1,721,000 after acquiring an additional 2,777 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in FedEx during the 2nd quarter worth $10,018,000. Clearbridge Investments LLC increased its position in FedEx by 63.9% during the 2nd quarter. Clearbridge Investments LLC now owns 7,917 shares of the shipping service provider’s stock valued at $2,374,000 after buying an additional 3,087 shares in the last quarter. New Century Financial Group LLC raised its stake in FedEx by 148.7% in the second quarter. New Century Financial Group LLC now owns 5,293 shares of the shipping service provider’s stock valued at $1,587,000 after buying an additional 3,165 shares during the last quarter. Finally, Ariadne Wealth Management LP acquired a new stake in FedEx in the second quarter worth about $103,000. 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.