FedEx (NYSE:FDX – Get Rating) issued an update on its first quarter 2023 earnings guidance on Thursday. The company provided EPS guidance of $3.44-$3.44 for the period, compared to the consensus EPS estimate of $5.14. The company issued revenue guidance of $23.20 billion-$23.20 billion, compared to the consensus revenue estimate of $23.58 billion. FedEx also updated its Q2 2023 guidance to $2.75- EPS.
Analyst Ratings Changes
Several equities research analysts have recently weighed in on FDX shares. Credit Suisse Group lowered their target price on shares of FedEx from $246.00 to $236.00 and set an outperform rating on the stock in a report on Friday, September 23rd. Evercore ISI dropped their price objective on shares of FedEx from $243.00 to $225.00 and set an outperform rating for the company in a report on Friday, September 23rd. Morgan Stanley reduced their target price on FedEx from $250.00 to $125.00 and set an equal weight rating on the stock in a report on Tuesday, September 27th. KeyCorp lifted their price objective on FedEx from $300.00 to $325.00 and gave the company an overweight rating in a research report on Thursday, June 30th. Finally, Cowen decreased their target price on FedEx from $230.00 to $185.00 in a report on Friday, September 23rd. Ten research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $215.50.
FedEx Price Performance
Shares of NYSE FDX opened at $156.87 on Thursday. The company has a fifty day moving average price of $202.77 and a 200 day moving average price of $212.24. The firm has a market cap of $40.82 billion, a PE ratio of 11.59, a PEG ratio of 0.87 and a beta of 1.31. The company has a current ratio of 1.42, a quick ratio of 1.38 and a debt-to-equity ratio of 0.79. FedEx has a 1-year low of $141.92 and a 1-year high of $266.79.
FedEx (NYSE:FDX – Get Rating) last announced its quarterly earnings data on Thursday, September 22nd. The shipping service provider reported $3.44 earnings per share for the quarter, missing the consensus estimate of $5.14 by ($1.70). The company had revenue of $23.20 billion during the quarter, compared to the consensus estimate of $23.78 billion. FedEx had a net margin of 3.79% and a return on equity of 20.95%. FedEx’s revenue was up 5.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.37 EPS. Research analysts predict that FedEx will post 15.2 earnings per share for the current fiscal year.
FedEx Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Friday, September 2nd were issued a dividend of $1.15 per share. This represents a $4.60 dividend on an annualized basis and a dividend yield of 2.93%. The ex-dividend date was Thursday, September 1st. FedEx’s payout ratio is presently 33.97%.
Insider Activity at FedEx
In other news, EVP Robert B. Carter sold 12,310 shares of the firm’s stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $224.67, for a total transaction of $2,765,687.70. Following the completion of the sale, the executive vice president now owns 54,916 shares in the company, valued at approximately $12,337,977.72. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other FedEx news, EVP Jill Brannon sold 5,620 shares of the firm’s stock in a transaction on Friday, August 5th. The stock was sold at an average price of $237.00, for a total transaction of $1,331,940.00. Following the transaction, the executive vice president now owns 8,113 shares in the company, valued at approximately $1,922,781. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Robert B. Carter sold 12,310 shares of the company’s stock in a transaction on Tuesday, July 26th. The shares were sold at an average price of $224.67, for a total value of $2,765,687.70. Following the sale, the executive vice president now owns 54,916 shares of the company’s stock, valued at $12,337,977.72. The disclosure for this sale can be found here. In the last quarter, insiders have sold 48,810 shares of company stock worth $11,199,898. Company insiders own 8.62% of the company’s stock.
Institutional Investors Weigh In On FedEx
A number of large investors have recently bought and sold shares of FDX. Global Wealth Management Investment Advisory Inc. bought a new position in FedEx in the first quarter valued at about $35,000. Worth Asset Management LLC acquired a new position in shares of FedEx in the first quarter valued at approximately $41,000. Loomis Sayles & Co. L P raised its holdings in FedEx by 553.3% in the 1st quarter. Loomis Sayles & Co. L P now owns 392 shares of the shipping service provider’s stock valued at $91,000 after buying an additional 332 shares during the last quarter. Covestor Ltd boosted its position in FedEx by 77.7% during the 1st quarter. Covestor Ltd now owns 636 shares of the shipping service provider’s stock worth $147,000 after buying an additional 278 shares during the period. Finally, Zions Bancorporation N.A. increased its position in FedEx by 96.5% in the 1st quarter. Zions Bancorporation N.A. now owns 853 shares of the shipping service provider’s stock valued at $197,000 after acquiring an additional 419 shares during the period. 71.62% 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. The company’s FedEx Express segment offers express transportation, small-package ground delivery, and freight transportation services; time-critical transportation services; and cross-border enablement, technology, and e-commerce transportation solutions.
See Also
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