FedEx (NYSE:FDX) Given New $399.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan lowered its FedEx price target slightly from $400 to $399 while maintaining an “overweight” rating, implying approximately 37.83% upside from the stock’s $289.48 price.
• Analyst sentiment remains positive overall, with MarketBeat assigning FedEx a “Moderate Buy” consensus rating and an average price target of $354.68.
• FedEx shares traded below their 50-day and 200-day moving averages, while institutional investors held approximately 84.47% of the company’s stock.

FedEx (NYSE:FDX - Get Free Report) had its price target dropped by JPMorgan Chase & Co. from $400.00 to $399.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has an "overweight" rating on the shipping service provider's stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 37.83% from the company's current price.

FDX has been the topic of several other research reports. Citizens Jmp started coverage on shares of FedEx in a report on Wednesday, July 15th. They set a "market outperform" rating and a $375.00 price target on the stock. Evercore increased their price target on FedEx from $350.00 to $351.00 in a research note on Monday, September 28th. BNP Paribas Exane lifted their price objective on shares of FedEx from $269.80 to $300.00 and gave the stock a "neutral" rating in a research note on Wednesday, September 30th. Truist Financial dropped their target price on FedEx from $425.00 to $365.00 and set a "buy" rating for the company in a report on Thursday, June 25th. Finally, Citigroup initiated coverage on shares of FedEx in a research report on Wednesday, July 15th. They issued an "outperform" rating on the stock. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, FedEx has an average rating of "Moderate Buy" and an average price target of $354.68.

FedEx Stock Performance

FDX stock traded down $0.88 during trading on Monday, reaching $289.48. The stock had a trading volume of 518,748 shares, compared to its average volume of 2,057,697. The stock's 50 day moving average is $313.51 and its two-hundred day moving average is $338.42. The firm has a market cap of $68.51 billion, a PE ratio of 15.62, a PEG ratio of 1.55 and a beta of 1.28. FedEx has a 52 week low of $179.69 and a 52 week high of $345.36. The company has a current ratio of 1.48, a quick ratio of 1.44 and a debt-to-equity ratio of 0.74.

FedEx (NYSE:FDX - Get Free Report) last issued its quarterly earnings data on Tuesday, July 21st. The shipping service provider reported $5.88 earnings per share for the quarter. The firm had revenue of $23.26 billion for the quarter. FedEx had a net margin of 4.68% and a return on equity of 16.49%. As a group, equities analysts anticipate that FedEx will post 17.53 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. purchased a new position in FedEx in the 2nd quarter worth $6,508,103,000. Primecap Management Co. CA purchased a new stake in FedEx in the 2nd quarter worth approximately $2,554,138,000. Franklin Resources Inc. boosted its holdings in FedEx by 6.6% during the fourth quarter. Franklin Resources Inc. now owns 5,133,231 shares of the shipping service provider's stock worth $1,482,785,000 after buying an additional 318,293 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of FedEx by 2.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,630,669 shares of the shipping service provider's stock valued at $936,688,000 after acquiring an additional 52,963 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in FedEx by 6.3% in the first quarter. Bank of New York Mellon Corp now owns 2,134,672 shares of the shipping service provider's stock valued at $760,328,000 after purchasing an additional 125,950 shares during the period. Hedge funds and other institutional investors own 84.47% of the company's stock.

FedEx Company Profile

FedEx Corporation is a global transportation, e-commerce and business services company headquartered in Memphis, Tennessee. Through its operating companies, FedEx provides time-definite express delivery, ground shipping, freight transportation, and logistics services for businesses, government organizations and consumers.

The company's services include domestic and international parcel delivery, less-than-truckload freight transportation, supply chain management, customs and trade assistance, warehousing, fulfillment and other logistics solutions.

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