FedEx (NYSE:FDX) Updates Q1 2023 Earnings Guidance

FedEx (NYSE:FDXGet Rating) issued an update on its first quarter 2023 earnings guidance on Thursday morning. The company provided earnings per share guidance of $3.44-$3.44 for the period, compared to the consensus earnings per share 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 guidance to $2.75 or greater EPS.

FedEx Stock Performance

FDX opened at $148.86 on Friday. The company has a current ratio of 1.43, a quick ratio of 1.38 and a debt-to-equity ratio of 0.81. The company has a market cap of $38.69 billion, a price-to-earnings ratio of 10.81, a PEG ratio of 0.73 and a beta of 1.21. The company’s 50 day moving average is $216.15 and its 200 day moving average is $216.44. FedEx has a 12-month low of $150.34 and a 12-month high of $266.79.

FedEx (NYSE:FDXGet Rating) last posted its quarterly earnings data 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 business had revenue of $23.20 billion during the quarter, compared to analysts’ expectations of $23.78 billion. FedEx had a return on equity of 22.29% and a net margin of 4.09%. The business’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same period in the previous year, the business posted $4.37 EPS. On average, equities research analysts predict that FedEx will post 16.55 EPS for the current year.

FedEx Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Friday, September 2nd will be issued a dividend of $1.15 per share. This represents a $4.60 annualized dividend and a yield of 3.09%. The ex-dividend date is Thursday, September 1st. FedEx’s dividend payout ratio is currently 32.17%.

Wall Street Analysts Forecast Growth

FDX has been the topic of several analyst reports. Bank Of America (Bofa) downgraded shares of FedEx from a buy rating to a neutral rating and lowered their price target for the company from $275.00 to $186.00 in a report on Friday, September 16th. Credit Suisse Group lowered their price target on shares of FedEx from $246.00 to $236.00 in a report on Friday. UBS Group reduced their price objective on shares of FedEx from $232.00 to $215.00 in a research report on Friday. BMO Capital Markets reduced their price objective on shares of FedEx from $215.00 to $190.00 in a research report on Friday. Finally, Wells Fargo & Company reduced their price objective on shares of FedEx from $269.00 to $199.00 and set an overweight rating on the stock in a research report on Friday, September 16th. Ten investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $228.96.

Insider Buying and Selling

In related news, EVP Robert B. Carter sold 12,310 shares of the company’s stock in a transaction dated Friday, July 8th. The shares were sold at an average price of $230.61, for a total value of $2,838,809.10. Following the completion of the sale, the executive vice president now directly owns 54,916 shares of the company’s stock, valued at $12,664,178.76. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other FedEx news, EVP Michael C. Lenz sold 7,335 shares of the stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $230.72, for a total transaction of $1,692,331.20. Following the completion of the sale, the executive vice president now directly owns 18,251 shares of the company’s stock, valued at $4,210,870.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Robert B. Carter sold 12,310 shares of the stock in a transaction dated Friday, July 8th. The shares were sold at an average price of $230.61, for a total transaction of $2,838,809.10. Following the sale, the executive vice president now directly owns 54,916 shares of the company’s stock, valued at $12,664,178.76. The disclosure for this sale can be found here. Insiders sold a total of 48,810 shares of company stock valued at $11,199,898 over the last three months. 8.62% of the stock is owned by company insiders.

Institutional Trading of FedEx

Hedge funds have recently modified their holdings of the company. Centaurus Financial Inc. lifted its position in shares of FedEx by 13.3% during the first quarter. Centaurus Financial Inc. now owns 1,775 shares of the shipping service provider’s stock valued at $411,000 after buying an additional 209 shares during the last quarter. Private Advisory Group LLC acquired a new position in shares of FedEx during the first quarter valued at about $409,000. Gamco Investors INC. ET AL increased its holdings in shares of FedEx by 29.5% during the first quarter. Gamco Investors INC. ET AL now owns 1,643 shares of the shipping service provider’s stock valued at $380,000 after acquiring an additional 374 shares in the last quarter. KB Financial Partners LLC increased its holdings in shares of FedEx by 13.8% during the first quarter. KB Financial Partners LLC now owns 1,265 shares of the shipping service provider’s stock valued at $293,000 after acquiring an additional 153 shares in the last quarter. Finally, Jaffetilchin Investment Partners LLC increased its holdings in shares of FedEx by 23.7% during the first quarter. Jaffetilchin Investment Partners LLC now owns 1,387 shares of the shipping service provider’s stock valued at $289,000 after acquiring an additional 266 shares in the last quarter. 71.62% of the stock is owned by hedge funds and other institutional investors.

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.

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Earnings History and Estimates for FedEx (NYSE:FDX)

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