FedEx (NYSE:FDX) Releases Q2 Earnings Guidance

FedEx (NYSE:FDXGet Rating) issued an update on its second quarter earnings guidance on Thursday morning. The company provided EPS guidance of $2.75 or greater for the period, compared to the consensus EPS 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 have weighed in on FDX. Cowen lowered their target price on FedEx from $310.00 to $230.00 and set an outperform rating on the stock in a research note on Friday, September 16th. UBS Group dropped their price objective on shares of FedEx from $308.00 to $232.00 and set a buy rating on the stock in a research note on Friday, September 16th. Bank Of America (Bofa) lowered shares of FedEx from a buy rating to a neutral rating and decreased their target price for the company from $275.00 to $186.00 in a research note on Friday, September 16th. Berenberg Bank set a $200.00 price target on shares of FedEx in a research note on Tuesday. Finally, Loop Capital cut FedEx from a buy rating to a hold rating and reduced their price objective for the company from $339.00 to $202.00 in a research report on Friday, September 16th. Eleven analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $238.30.

FedEx Stock Performance

FDX stock traded up $1.29 during trading on Thursday, reaching $154.54. 10,183,165 shares of the stock were exchanged, compared to its average volume of 2,615,762. FedEx has a twelve month low of $150.34 and a twelve month high of $266.79. 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 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 stock has a 50 day simple moving average of $217.35 and a 200-day simple moving average of $216.76.

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

FedEx Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Friday, September 2nd will be given a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a yield of 2.98%. The ex-dividend date is Thursday, September 1st. FedEx’s dividend payout ratio (DPR) is 32.17%.

Insider Buying and Selling at FedEx

In other news, Director Vincenzo J. Vena purchased 900 shares of FedEx stock in a transaction on Wednesday, July 6th. The shares were purchased at an average cost of $230.04 per share, for a total transaction of $207,036.00. Following the completion of 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 SEC, which is available through this hyperlink. In other FedEx news, Director Vincenzo J. Vena acquired 900 shares of the business’s stock in a transaction 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 owns 1,325 shares in the company, valued at approximately $304,803. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Robert B. Carter sold 12,310 shares of the stock in a transaction on Friday, July 8th. The stock was sold at an average price of $230.61, for a total value of $2,838,809.10. Following the sale, the executive vice president now owns 54,916 shares in the company, valued at approximately $12,664,178.76. The disclosure for this sale can be found here. Over the last three months, insiders sold 48,810 shares of company stock valued at $11,199,898. 8.62% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On FedEx

A number of large investors have recently modified their holdings of the stock. Global Wealth Management Investment Advisory Inc. acquired a new position in shares of FedEx during the first quarter valued at $35,000. Worth Asset Management LLC bought a new stake in FedEx during the 1st quarter worth about $41,000. Loomis Sayles & Co. L P lifted 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 valued at $91,000 after purchasing an additional 332 shares during the period. Covestor Ltd boosted its stake in shares of FedEx by 77.7% in the 1st quarter. Covestor Ltd now owns 636 shares of the shipping service provider’s stock valued at $147,000 after purchasing an additional 278 shares during the last quarter. Finally, Zions Bancorporation N.A. grew its position in shares of FedEx by 96.5% during the 1st quarter. Zions Bancorporation N.A. now owns 853 shares of the shipping service provider’s stock worth $197,000 after buying an additional 419 shares during the period. 71.62% of the stock is currently 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.

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Earnings History and Estimates for FedEx (NYSE:FDX)

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