FedEx (NYSE:FDX – Get Rating) issued an update on its second quarter earnings guidance on Thursday morning. 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.
FedEx Stock Performance
FedEx stock traded up $1.29 during mid-day trading on Thursday, reaching $154.54. 10,183,165 shares of the company traded hands, compared to its average volume of 2,615,762. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.43 and a quick ratio of 1.38. FedEx has a fifty-two week low of $150.34 and a fifty-two week high of $266.79. The company has a market capitalization of $40.17 billion, a price-to-earnings ratio of 10.55, a price-to-earnings-growth ratio of 0.72 and a beta of 1.21. The firm’s fifty day moving average is $217.35 and its two-hundred day moving average is $216.76.
FedEx (NYSE:FDX – Get Rating) last released its quarterly earnings data on Thursday, September 22nd. The shipping service provider reported $3.44 earnings per share for the quarter, missing analysts’ consensus estimates of $5.14 by ($1.70). The business had revenue of $23.20 billion during the quarter, compared to analyst estimates of $23.78 billion. FedEx had a return on equity of 22.29% and a net margin of 4.09%. The firm’s revenue was up 5.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.37 EPS. On average, equities research analysts expect that FedEx will post 17.27 earnings per share for the current fiscal year.
FedEx Dividend Announcement
Analysts Set New Price Targets
Several equities analysts have issued reports on FDX shares. Robert W. Baird decreased their price objective on shares of FedEx from $300.00 to $240.00 and set an outperform rating on the stock in a report on Friday, September 16th. The Goldman Sachs Group decreased their price target on shares of FedEx from $288.00 to $250.00 and set a buy rating on the stock in a research note on Friday, September 16th. Deutsche Bank Aktiengesellschaft set a $320.00 price target on shares of FedEx in a research note on Monday. KeyCorp raised their price target on shares of FedEx from $300.00 to $325.00 and gave the stock an overweight rating in a research note on Thursday, June 30th. Finally, Bank of America cut shares of FedEx from a buy rating to a neutral rating and cut their price objective for the stock from $275.00 to $186.00 in a research report on Friday, September 16th. Eleven investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $238.30.
Insider Activity at FedEx
In other FedEx news, Director Vincenzo J. Vena purchased 900 shares of FedEx stock in a transaction that occurred on Wednesday, July 6th. The stock was purchased at an average price of $230.04 per share, for a total transaction of $207,036.00. Following the transaction, the director now directly owns 1,325 shares in the company, valued at $304,803. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Vincenzo J. Vena acquired 900 shares of the company’s stock in a transaction on Wednesday, July 6th. The shares were bought at an average cost of $230.04 per share, with a total value of $207,036.00. Following the purchase, the director now owns 1,325 shares of the company’s stock, valued at approximately $304,803. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Robert B. Carter sold 12,310 shares of the business’s stock in a transaction on 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 transaction, the executive vice president now directly owns 54,916 shares in the company, valued at $12,337,977.72. The disclosure for this sale can be found here. Insiders sold a total of 48,810 shares of company stock worth $11,199,898 in the last 90 days. 8.62% of the stock is owned by insiders.
Institutional Investors Weigh In On FedEx
Institutional investors and hedge funds have recently made changes to their positions in the business. RB Capital Management LLC lifted its holdings in shares of FedEx by 3.3% during the 1st quarter. RB Capital Management LLC now owns 1,951 shares of the shipping service provider’s stock worth $451,000 after acquiring an additional 63 shares during the period. AMI Investment Management Inc. lifted its holdings in shares of FedEx by 43.9% during the 1st quarter. AMI Investment Management Inc. now owns 15,385 shares of the shipping service provider’s stock worth $3,560,000 after acquiring an additional 4,693 shares during the period. Moors & Cabot Inc. lifted its holdings in shares of FedEx by 101.5% during the 1st quarter. Moors & Cabot Inc. now owns 4,274 shares of the shipping service provider’s stock worth $989,000 after acquiring an additional 2,153 shares during the period. Baird Financial Group Inc. lifted its holdings in shares of FedEx by 7.8% during the 1st quarter. Baird Financial Group Inc. now owns 148,735 shares of the shipping service provider’s stock worth $34,408,000 after acquiring an additional 10,731 shares during the period. Finally, Loomis Sayles & Co. L P increased its position in FedEx by 553.3% during the 1st quarter. Loomis Sayles & Co. L P now owns 392 shares of the shipping service provider’s stock worth $91,000 after purchasing an additional 332 shares in the last quarter. 71.62% of the stock is currently owned by hedge funds and other institutional investors.
FedEx Company Profile
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.
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