FedEx (NYSE:FDX) Releases Q2 Earnings Guidance

FedEx (NYSE:FDXGet Rating) updated its second quarter earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $2.75 or greater for the period, compared to the consensus estimate of $2.80. The company issued revenue guidance of $23.5-24.0 billion, compared to the consensus revenue estimate of $23.78 billion. FedEx also updated its Q1 2023 guidance to $3.44-$3.44 EPS.

Wall Street Analyst Weigh In

Several research firms recently issued reports on FDX. BMO Capital Markets decreased their price target on FedEx from $270.00 to $215.00 and set a market perform rating on the stock in a report on Friday, September 16th. Loop Capital cut FedEx from a buy rating to a hold rating and reduced their target price for the stock from $339.00 to $202.00 in a report on Friday, September 16th. Bank Of America (Bofa) cut FedEx from a buy rating to a neutral rating and reduced their target price for the stock from $275.00 to $186.00 in a report on Friday, September 16th. JPMorgan Chase & Co. cut FedEx from an overweight rating to a neutral rating and reduced their target price for the stock from $258.00 to $214.00 in a report on Friday, September 16th. Finally, Stephens raised their target price on FedEx from $285.00 to $295.00 and gave the stock an overweight rating in a report on Friday, June 24th. Eleven equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, FedEx currently has a consensus rating of Moderate Buy and an average target price of $238.30.

FedEx Stock Up 0.8 %

FedEx stock traded up $1.29 during midday trading on Thursday, reaching $154.54. The stock had a trading volume of 10,183,165 shares, compared to its average volume of 2,615,762. The firm’s fifty day simple moving average is $217.35 and its 200-day simple moving average is $216.76. FedEx has a 1-year low of $150.34 and a 1-year high of $266.79. The stock has a market capitalization of $40.17 billion, a P/E ratio of 10.55, a price-to-earnings-growth ratio of 0.72 and a beta of 1.21. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.38 and a current ratio of 1.43.

FedEx (NYSE:FDXGet Rating) last announced its earnings results on Thursday, September 22nd. The shipping service provider reported $3.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.14 by ($1.70). The firm had revenue of $23.20 billion during the quarter, compared to analyst estimates of $23.78 billion. FedEx had a net margin of 4.09% and a return on equity of 22.29%. The firm’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same period in the prior year, the business posted $4.37 EPS. As a group, analysts expect that FedEx will post 17.27 EPS for the current fiscal year.

FedEx Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Friday, September 2nd will be paid a dividend of $1.15 per share. The ex-dividend date of this dividend is Thursday, September 1st. This represents a $4.60 annualized dividend and a dividend yield of 2.98%. FedEx’s dividend payout ratio is currently 32.17%.

Insider Transactions at FedEx

In related news, EVP Robert B. Carter sold 12,310 shares of the business’s stock in a transaction on Tuesday, July 26th. The stock was sold at an average price of $224.67, for a total value of $2,765,687.70. Following the completion of the sale, the executive vice president now directly owns 54,916 shares in the company, valued at approximately $12,337,977.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Robert B. Carter sold 12,310 shares of the business’s stock in a transaction on Tuesday, July 26th. The stock was sold at an average price of $224.67, for a total value of $2,765,687.70. Following the completion of the sale, the executive vice president now directly owns 54,916 shares in the company, valued at approximately $12,337,977.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Amy B. Lane purchased 607 shares of FedEx stock in a transaction that occurred on Thursday, June 30th. The stock was purchased at an average price of $228.12 per share, with a total value of $138,468.84. Following the completion of the purchase, the director now directly owns 686 shares in the company, valued at $156,490.32. The disclosure for this purchase can be found here. In the last three months, insiders sold 48,810 shares of company stock worth $11,199,898. 8.62% of the stock is owned by company insiders.

Hedge Funds Weigh In On FedEx

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FDX. First Trust Advisors LP raised its holdings in FedEx by 45.8% in the 1st quarter. First Trust Advisors LP now owns 430,364 shares of the shipping service provider’s stock valued at $99,582,000 after acquiring an additional 135,109 shares in the last quarter. Weiss Multi Strategy Advisers LLC raised its holdings in shares of FedEx by 214.6% during the 1st quarter. Weiss Multi Strategy Advisers LLC now owns 151,997 shares of the shipping service provider’s stock worth $35,171,000 after buying an additional 103,684 shares in the last quarter. Eaton Vance Management raised its holdings in shares of FedEx by 24.4% during the 1st quarter. Eaton Vance Management now owns 518,464 shares of the shipping service provider’s stock worth $119,968,000 after buying an additional 101,748 shares in the last quarter. Lazard Asset Management LLC raised its holdings in shares of FedEx by 6.7% during the 1st quarter. Lazard Asset Management LLC now owns 1,275,892 shares of the shipping service provider’s stock worth $295,227,000 after buying an additional 80,535 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec acquired a new position in shares of FedEx during the 1st quarter worth $17,300,000. 71.62% of the stock is owned by institutional investors and hedge funds.

FedEx Company Profile

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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.

Further Reading

Earnings History and Estimates for FedEx (NYSE:FDX)

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