JPMorgan Chase & Co. Raises FedEx (NYSE:FDX) Price Target to $370.00

FedEx (NYSE:FDX) had its target price raised by JPMorgan Chase & Co. from $366.00 to $370.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the shipping service provider’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 34.19% from the company’s current price.

FDX has been the subject of several other reports. Daiwa America lowered FedEx from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, September 11th. BMO Capital Markets dropped their price target on FedEx from $325.00 to $300.00 and set a “market perform” rating for the company in a research report on Friday, September 20th. Sanford C. Bernstein lowered shares of FedEx from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $337.00 to $316.00 in a report on Tuesday, December 3rd. Bernstein Bank raised their price target on shares of FedEx from $305.00 to $337.00 and gave the stock an “overweight” rating in a research note on Friday, September 20th. Finally, Stephens reiterated an “overweight” rating and issued a $350.00 price objective on shares of FedEx in a report on Friday, September 20th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and nineteen have issued a buy rating to the company. According to MarketBeat, FedEx has an average rating of “Moderate Buy” and a consensus target price of $324.88.

FedEx Stock Down 0.1 %

FDX opened at $275.73 on Friday. The company has a fifty day moving average of $282.71 and a two-hundred day moving average of $282.10. The stock has a market capitalization of $67.37 billion, a price-to-earnings ratio of 17.01, a PEG ratio of 1.17 and a beta of 1.18. FedEx has a fifty-two week low of $234.45 and a fifty-two week high of $313.84. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.24 and a current ratio of 1.28.

FedEx (NYSE:FDX) last posted its quarterly earnings data on Thursday, December 19th. The shipping service provider reported $4.05 earnings per share for the quarter, topping analysts’ consensus estimates of $3.88 by $0.17. FedEx had a net margin of 4.62% and a return on equity of 15.61%. The company had revenue of $22 billion during the quarter, compared to analysts’ expectations of $22.14 billion. During the same period in the prior year, the business posted $3.99 earnings per share. The firm’s revenue for the quarter was down .7% on a year-over-year basis. On average, research analysts expect that FedEx will post 19.59 earnings per share for the current year.

Hedge Funds Weigh In On FedEx

Several institutional investors have recently bought and sold shares of the company. Evermay Wealth Management LLC boosted its stake in shares of FedEx by 72.7% in the third quarter. Evermay Wealth Management LLC now owns 95 shares of the shipping service provider’s stock valued at $26,000 after purchasing an additional 40 shares during the period. Highline Wealth Partners LLC purchased a new position in FedEx in the 3rd quarter valued at approximately $31,000. Abound Wealth Management grew its stake in shares of FedEx by 175.9% in the second quarter. Abound Wealth Management now owns 149 shares of the shipping service provider’s stock worth $45,000 after acquiring an additional 95 shares in the last quarter. Harbor Capital Advisors Inc. purchased a new stake in shares of FedEx during the third quarter worth $47,000. Finally, Sachetta LLC raised its stake in shares of FedEx by 29.1% in the second quarter. Sachetta LLC now owns 164 shares of the shipping service provider’s stock valued at $49,000 after acquiring an additional 37 shares in the last quarter. 84.47% of the stock is owned by institutional investors and hedge funds.

About FedEx

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.