FedEx (NYSE:FDX) Upgraded at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of FedEx (NYSE:FDX) from a neutral rating to an overweight rating in a research note released on Wednesday morning, Marketbeat reports. JPMorgan Chase & Co. currently has $359.00 price target on the shipping service provider’s stock, up from their prior price target of $296.00.

Several other analysts have also weighed in on the stock. BMO Capital Markets lifted their target price on shares of FedEx from $290.00 to $310.00 and gave the company a market perform rating in a research report on Friday, March 22nd. Wells Fargo & Company raised FedEx to a hold rating in a report on Tuesday, June 18th. Evercore ISI decreased their price target on FedEx from $351.00 to $318.00 and set an outperform rating on the stock in a research note on Monday, June 24th. Barclays increased their price objective on FedEx from $310.00 to $350.00 and gave the stock an overweight rating in a research note on Friday, March 22nd. Finally, TD Cowen boosted their target price on shares of FedEx from $293.00 to $320.00 and gave the company an outperform rating in a research note on Friday, March 22nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and nineteen have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of Moderate Buy and an average price target of $314.00.

FedEx Stock Up 1.5 %

NYSE FDX opened at $299.84 on Wednesday. FedEx has a twelve month low of $224.69 and a twelve month high of $302.41. The stock has a market cap of $73.78 billion, a PE ratio of 17.40, a PEG ratio of 1.06 and a beta of 1.16. The firm has a 50-day simple moving average of $258.10 and a 200 day simple moving average of $256.48. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.26 and a current ratio of 1.36.

FedEx (NYSE:FDX) last released its quarterly earnings data on Tuesday, June 25th. The shipping service provider reported $5.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.34 by $0.07. FedEx had a return on equity of 16.70% and a net margin of 4.94%. The business had revenue of $22.11 billion for the quarter, compared to analysts’ expectations of $22.04 billion. During the same period in the previous year, the business posted $4.94 earnings per share. FedEx’s quarterly revenue was up .8% on a year-over-year basis. On average, research analysts forecast that FedEx will post 20.53 EPS for the current year.

FedEx declared that its Board of Directors has initiated a stock buyback plan on Thursday, March 21st that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the shipping service provider to repurchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

FedEx Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 9th. Stockholders of record on Monday, June 24th will be given a dividend of $1.38 per share. The ex-dividend date is Monday, June 24th. This represents a $5.52 dividend on an annualized basis and a dividend yield of 1.84%. This is a positive change from FedEx’s previous quarterly dividend of $1.26. FedEx’s dividend payout ratio (DPR) is currently 32.04%.

Insider Buying and Selling

In other FedEx news, Director Paul S. Walsh sold 2,535 shares of FedEx 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 owns 14,745 shares of the company’s stock, valued at $4,345,646.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other FedEx news, Chairman Frederick W. Smith sold 113,400 shares of the business’s stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $274.30, for a total value of $31,105,620.00. Following 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 document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Paul S. Walsh sold 2,535 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $294.72, for a total transaction of $747,115.20. Following the transaction, 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. In the last three months, insiders sold 119,810 shares of company stock valued at $32,924,413. 8.73% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in FDX. Fortis Group Advisors LLC boosted its stake in shares of FedEx by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 100 shares of the shipping service provider’s stock worth $25,000 after buying an additional 50 shares during the last quarter. Scarborough Advisors LLC acquired a new position in shares of FedEx during the 4th quarter worth approximately $25,000. Financial Management Professionals Inc. raised its stake in shares of FedEx by 143.2% during the 4th quarter. Financial Management Professionals Inc. now owns 107 shares of the shipping service provider’s stock worth $27,000 after purchasing an additional 63 shares in the last quarter. Private Wealth Management Group LLC acquired a new stake in shares of FedEx in the 4th quarter valued at approximately $28,000. Finally, Rakuten Securities Inc. bought a new position in shares of FedEx in the fourth quarter valued at $30,000. Institutional investors and hedge funds 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.