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

FedEx (NYSE:FDX) had its price objective increased by JPMorgan Chase & Co. from $366.00 to $370.00 in a research report sent to investors on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the shipping service provider’s stock.

Several other brokerages also recently issued reports on FDX. Barclays upped their target price on shares of FedEx from $350.00 to $365.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Hsbc Global Res downgraded FedEx from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 20th. Bernstein Bank boosted their price target on FedEx from $305.00 to $337.00 and gave the stock an “overweight” rating in a research note on Friday, September 20th. BMO Capital Markets lowered their price target on FedEx from $325.00 to $300.00 and set a “market perform” rating on the stock in a report 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 investment analysts have rated the stock with a sell rating, eight have given a hold rating and nineteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $324.88.

FedEx Stock Performance

FedEx stock opened at $275.73 on Friday. The stock’s 50 day moving average is $282.71 and its 200 day moving average is $281.85. The company has a market capitalization of $67.37 billion, a P/E ratio of 17.01, a PEG ratio of 1.17 and a beta of 1.18. FedEx has a twelve month low of $234.45 and a twelve month high of $313.84. The company has a quick ratio of 1.24, a current ratio of 1.28 and a debt-to-equity ratio of 0.72.

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

FedEx Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Monday, December 9th will be paid a $1.38 dividend. This represents a $5.52 annualized dividend and a dividend yield of 2.00%. The ex-dividend date is Monday, December 9th. FedEx’s dividend payout ratio (DPR) is currently 34.05%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in FDX. International Assets Investment Management LLC lifted its holdings in FedEx by 473.8% during the third quarter. International Assets Investment Management LLC now owns 784,691 shares of the shipping service provider’s stock valued at $2,147,540,000 after purchasing an additional 647,926 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of FedEx by 34.6% during the 2nd quarter. Ameriprise Financial Inc. now owns 2,248,137 shares of the shipping service provider’s stock valued at $674,336,000 after purchasing an additional 578,350 shares during the period. Franklin Resources Inc. lifted its stake in shares of FedEx by 8.6% during the 3rd quarter. Franklin Resources Inc. now owns 3,975,531 shares of the shipping service provider’s stock valued at $1,042,050,000 after buying an additional 314,380 shares in the last quarter. World Investment Advisors LLC boosted its holdings in FedEx by 2,163.7% in the 3rd quarter. World Investment Advisors LLC now owns 192,441 shares of the shipping service provider’s stock worth $52,667,000 after buying an additional 183,940 shares during the period. Finally, Ceredex Value Advisors LLC increased its stake in FedEx by 77.8% in the 3rd quarter. Ceredex Value Advisors LLC now owns 368,107 shares of the shipping service provider’s stock worth $101,022,000 after buying an additional 161,022 shares in the last quarter. 84.47% of the stock is currently owned by institutional investors.

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.