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

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

Other analysts also recently issued reports about the stock. Daiwa America downgraded shares of FedEx from a moderate buy rating to a hold rating in a research report on Wednesday, September 11th. Morgan Stanley cut shares of FedEx from an equal weight rating to an underweight rating and cut their price objective for the stock from $215.00 to $200.00 in a report on Friday. Robert W. Baird lowered their target price on shares of FedEx from $340.00 to $320.00 and set an outperform rating for the company in a report on Friday. Stifel Nicolaus restated a buy rating and issued a $327.00 price target (up previously from $303.00) on shares of FedEx in a research note on Wednesday, June 26th. Finally, Oppenheimer reiterated a market perform rating on shares of FedEx in a research note on Wednesday, June 26th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $315.95.

FedEx Price Performance

Shares of NYSE FDX opened at $254.64 on Friday. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.36 and a quick ratio of 1.32. FedEx has a 1 year low of $224.69 and a 1 year high of $313.84. The company’s 50-day moving average is $292.43 and its 200 day moving average is $275.22. The stock has a market capitalization of $62.66 billion, a P/E ratio of 14.78, a P/E/G ratio of 1.03 and a beta of 1.17.

FedEx (NYSE:FDX) last announced its earnings results 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 during the quarter, compared to the consensus estimate of $21.87 billion. During the same period in the prior year, the company posted $4.55 EPS. The firm’s revenue was down .5% on a year-over-year basis. On average, sell-side analysts expect that FedEx will post 20.82 earnings per share for the current year.

FedEx Announces Dividend

The firm also recently disclosed 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. This represents a $5.52 annualized dividend and a dividend yield of 2.17%. The ex-dividend date is Monday, September 9th. FedEx’s dividend payout ratio (DPR) is presently 32.04%.

Insider Activity at FedEx

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. In other news, EVP Robert B. Carter sold 16,010 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president now owns 59,884 shares of the company’s stock, valued at $17,634,640.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Paul S. Walsh sold 2,535 shares of FedEx stock in a transaction dated 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,944 shares of company stock worth $9,882,355. 8.73% of the stock is owned by company insiders.

Institutional Investors Weigh In On FedEx

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. SeaCrest Wealth Management LLC raised its position in shares of FedEx by 0.6% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 5,615 shares of the shipping service provider’s stock valued at $1,683,000 after purchasing an additional 34 shares during the period. LRI Investments LLC raised its holdings in FedEx by 8.6% during the second quarter. LRI Investments LLC now owns 455 shares of the shipping service provider’s stock valued at $137,000 after acquiring an additional 36 shares during the period. Ascent Wealth Partners LLC lifted its position in shares of FedEx by 0.5% in the second quarter. Ascent Wealth Partners LLC now owns 7,690 shares of the shipping service provider’s stock valued at $2,306,000 after acquiring an additional 36 shares in the last quarter. Detalus Advisors LLC boosted its stake in shares of FedEx by 2.4% in the second quarter. Detalus Advisors LLC now owns 1,602 shares of the shipping service provider’s stock worth $480,000 after acquiring an additional 37 shares during the period. Finally, Sachetta LLC grew its position in shares of FedEx by 29.1% during the second quarter. Sachetta LLC now owns 164 shares of the shipping service provider’s stock worth $49,000 after purchasing an additional 37 shares in the last quarter. Institutional investors own 84.47% of the company’s stock.

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.