JPMorgan Chase & Co. Cuts FedEx (NYSE:FDX) Price Target to $323.00

FedEx (NYSE:FDX) had its price objective lowered by JPMorgan Chase & Co. from $372.00 to $323.00 in a research report released on Monday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the shipping service provider’s stock.

A number of other analysts have also recently commented on the stock. Sanford C. Bernstein cut shares of FedEx from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $337.00 to $316.00 in a research note on Tuesday, December 3rd. Stifel Nicolaus lowered their target price on shares of FedEx from $368.00 to $364.00 and set a “buy” rating for the company in a research note on Thursday, January 23rd. Raymond James cut shares of FedEx from an “outperform” rating to a “market perform” rating in a research note on Monday, February 3rd. Piper Sandler cut shares of FedEx to a “neutral” rating in a research note on Monday, February 3rd. Finally, StockNews.com upgraded shares of FedEx from a “hold” rating to a “buy” rating in a research note on Friday, December 20th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $319.74.

FedEx Price Performance

FedEx stock opened at $250.64 on Monday. The firm has a 50-day moving average price of $267.66 and a 200-day moving average price of $276.69. The firm has a market capitalization of $60.37 billion, a PE ratio of 15.97, a price-to-earnings-growth ratio of 1.11 and a beta of 1.23. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 0.73. FedEx has a 12-month low of $242.92 and a 12-month high of $313.84.

FedEx (NYSE:FDX) last issued its quarterly earnings data on Thursday, December 19th. The shipping service provider reported $4.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.88 by $0.17. FedEx had a net margin of 4.45% and a return on equity of 15.59%. The firm had revenue of $22 billion for the quarter, compared to the consensus estimate of $22.14 billion. During the same quarter in the previous year, the firm earned $3.99 EPS. The company’s quarterly revenue was down .7% compared to the same quarter last year. As a group, equities research analysts forecast that FedEx will post 19.14 EPS for the current year.

FedEx Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 10th will be issued a dividend of $1.38 per share. This represents a $5.52 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date is Monday, March 10th. FedEx’s payout ratio is 35.18%.

Insider Transactions at FedEx

In other news, Director Susan C. Schwab sold 3,980 shares of the company’s stock in a transaction on Tuesday, January 14th. The shares were sold at an average price of $276.45, for a total transaction of $1,100,271.00. Following the completion of the sale, the director now owns 8,904 shares of the company’s stock, valued at $2,461,510.80. This represents a 30.89 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Richard W. Smith sold 2,576 shares of the company’s stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $276.93, for a total transaction of $713,371.68. Following the sale, the chief executive officer now directly owns 111,886 shares of the company’s stock, valued at $30,984,589.98. The trade was a 2.25 % decrease in their position. The disclosure for this sale can be found here. Insiders own 8.87% of the company’s stock.

Institutional Investors Weigh In On FedEx

Hedge funds have recently modified their holdings of the company. bLong Financial LLC acquired a new position in FedEx in the fourth quarter valued at about $391,000. Virtu Financial LLC acquired a new position in FedEx in the third quarter valued at about $3,405,000. Lodestone Wealth Management LLC acquired a new position in FedEx in the fourth quarter valued at about $461,000. Wedmont Private Capital lifted its position in FedEx by 4.1% in the fourth quarter. Wedmont Private Capital now owns 2,329 shares of the shipping service provider’s stock valued at $631,000 after buying an additional 91 shares during the last quarter. Finally, GFS Advisors LLC acquired a new position in FedEx in the fourth quarter valued at about $26,855,000. Hedge funds and other 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.