FedEx (NYSE:FDX) Price Target Cut to $350.00

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

A number of other brokerages have also commented on FDX. Robert W. Baird decreased their price objective on FedEx from $340.00 to $320.00 and set an outperform rating on the stock in a report on Friday. HSBC downgraded shares of FedEx from a buy rating to a hold rating and set a $300.00 price target on the stock. in a research note on Friday. Stifel Nicolaus reiterated a buy rating and issued a $327.00 price objective (up previously from $303.00) on shares of FedEx in a research note on Wednesday, June 26th. Bernstein Bank boosted their price objective on shares of FedEx from $305.00 to $337.00 and gave the company an overweight rating in a report on Friday. Finally, Stephens reaffirmed an overweight rating and set a $325.00 target price on shares of FedEx in a report on Wednesday, June 26th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat, the company has an average rating of Moderate Buy and an average target price of $314.74.

FedEx Trading Up 1.6 %

Shares of FedEx stock opened at $258.82 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. The business has a fifty day simple moving average of $291.50 and a two-hundred day simple moving average of $275.28. FedEx has a 1 year low of $224.69 and a 1 year high of $313.84. The company has a market capitalization of $63.69 billion, a price-to-earnings ratio of 15.02, 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 EPS for the quarter, missing the consensus estimate of $4.82 by ($1.22). The company had revenue of $21.58 billion for the quarter, compared to the consensus estimate of $21.87 billion. FedEx had a return on equity of 16.70% and a net margin of 4.94%. The business’s quarterly revenue was down .5% on a year-over-year basis. During the same period in the previous year, the firm posted $4.55 EPS. Research analysts forecast that FedEx will post 20.82 EPS for the current year.

FedEx Dividend Announcement

The business 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 2.13%. The ex-dividend date is Monday, September 9th. FedEx’s payout ratio is presently 32.04%.

Insider Activity at FedEx

In related news, Director Paul S. Walsh sold 2,535 shares of the business’s stock in a transaction 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 owns 14,745 shares in the company, valued at $4,345,646.40. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, EVP Robert B. Carter sold 16,010 shares of the stock in a transaction on Friday, June 28th. The shares were sold at an average price of $294.48, for a total transaction of $4,714,624.80. Following the transaction, the executive vice president now directly owns 59,884 shares of the company’s stock, valued at $17,634,640.32. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Paul S. Walsh sold 2,535 shares of FedEx stock in a transaction on Friday, June 28th. The shares were 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 of the company’s stock, valued at $4,345,646.40. The disclosure for this sale can be found here. Insiders have sold 32,944 shares of company stock worth $9,882,355 over the last ninety days. Insiders own 8.73% of the company’s stock.

Institutional Trading of FedEx

Several large investors have recently made changes to their positions in FDX. Fortis Group Advisors LLC grew its position in FedEx by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 100 shares of the shipping service provider’s stock valued at $25,000 after purchasing an additional 50 shares during the period. Scarborough Advisors LLC bought a new position in shares of FedEx in the fourth quarter valued at $25,000. Central Valley Advisors LLC acquired a new position in shares of FedEx during the second quarter valued at about $39,000. Security National Bank bought a new stake in shares of FedEx during the fourth quarter worth about $44,000. Finally, Abound Wealth Management raised its holdings in shares of FedEx by 175.9% in the 2nd quarter. Abound Wealth Management now owns 149 shares of the shipping service provider’s stock worth $45,000 after acquiring an additional 95 shares during the last quarter. 84.47% of the stock is currently 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.