FedEx (NYSE:FDX) Given New $296.00 Price Target at JPMorgan Chase & Co.

FedEx (NYSE:FDX) had its price objective trimmed by JPMorgan Chase & Co. from $301.00 to $296.00 in a report issued on Friday, Benzinga reports. The firm currently has a neutral rating on the shipping service provider’s stock.

FDX has been the topic of several other reports. UBS Group dropped their price objective on shares of FedEx from $340.00 to $333.00 and set a buy rating on the stock in a report on Tuesday, May 21st. BMO Capital Markets upped their price objective on shares of FedEx from $290.00 to $310.00 and gave the company a market perform rating in a report on Friday, March 22nd. TD Cowen upped their price objective on shares of FedEx from $293.00 to $320.00 and gave the company an outperform rating in a report on Friday, March 22nd. Stifel Nicolaus dropped their price target on shares of FedEx from $306.00 to $303.00 and set a buy rating on the stock in a research report on Wednesday, April 3rd. Finally, BNP Paribas restated an underperform rating and set a $250.00 price target on shares of FedEx in a research report on Wednesday, March 27th. One analyst has rated the stock with a sell rating, seven have given a hold rating and eighteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus target price of $300.74.

FedEx Trading Down 0.7 %

Shares of FedEx stock opened at $247.59 on Friday. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 0.76. FedEx has a 12-month low of $213.80 and a 12-month high of $291.27. The firm has a market capitalization of $60.93 billion, a price-to-earnings ratio of 14.28, a PEG ratio of 1.03 and a beta of 1.23. The firm’s 50 day simple moving average is $266.70 and its two-hundred day simple moving average is $256.89.

FedEx (NYSE:FDX) last issued its quarterly earnings results on Thursday, March 21st. The shipping service provider reported $3.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.49 by $0.37. FedEx had a net margin of 5.02% and a return on equity of 16.60%. The business had revenue of $21.70 billion for the quarter, compared to analyst estimates of $21.95 billion. During the same quarter in the prior year, the business posted $3.41 EPS. FedEx’s revenue for the quarter was down 2.1% compared to the same quarter last year. Analysts predict that FedEx will post 17.69 EPS for the current year.

FedEx declared that its board has approved a stock repurchase program on Thursday, March 21st that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the shipping service provider to reacquire up to 7.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other news, Chairman Frederick W. Smith sold 113,400 shares of the company’s stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $274.30, for a total value of $31,105,620.00. Following the completion of the transaction, the chairman now owns 14,505,844 shares in the company, valued at approximately $3,978,953,009.20. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, Chairman Frederick W. Smith sold 113,400 shares of the company’s stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $274.30, for a total value of $31,105,620.00. Following the completion of the sale, the chairman now owns 14,505,844 shares in the company, valued at approximately $3,978,953,009.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Tracy B. Brightman sold 2,550 shares of the company’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $275.69, for a total transaction of $703,009.50. Following the transaction, the executive vice president now owns 6,294 shares of the company’s stock, valued at approximately $1,735,192.86. The disclosure for this sale can be found here. Insiders sold 136,668 shares of company stock worth $37,758,773 in the last 90 days. Corporate insiders own 8.73% of the company’s stock.

Hedge Funds Weigh In On FedEx

Institutional investors and hedge funds have recently made changes to their positions in the stock. Fidelis Capital Partners LLC grew its stake in FedEx by 4.1% in the 1st quarter. Fidelis Capital Partners LLC now owns 982 shares of the shipping service provider’s stock valued at $285,000 after acquiring an additional 39 shares during the last quarter. KRS Capital Management LLC grew its stake in FedEx by 4.1% in the 4th quarter. KRS Capital Management LLC now owns 1,041 shares of the shipping service provider’s stock valued at $263,000 after acquiring an additional 41 shares during the last quarter. Zullo Investment Group Inc. grew its stake in FedEx by 0.7% in the 4th quarter. Zullo Investment Group Inc. now owns 5,721 shares of the shipping service provider’s stock valued at $1,447,000 after acquiring an additional 42 shares during the last quarter. Regent Peak Wealth Advisors LLC boosted its stake in shares of FedEx by 3.5% during the 1st quarter. Regent Peak Wealth Advisors LLC now owns 1,274 shares of the shipping service provider’s stock worth $369,000 after purchasing an additional 43 shares during the last quarter. Finally, Toth Financial Advisory Corp boosted its stake in shares of FedEx by 18.0% during the 4th quarter. Toth Financial Advisory Corp now owns 288 shares of the shipping service provider’s stock worth $73,000 after purchasing an additional 44 shares during 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.