FedEx (NYSE:FDX) Issues Q2 2023 Earnings Guidance

FedEx (NYSE:FDXGet Rating) updated its second quarter 2023 earnings guidance on Thursday. The company provided EPS guidance of $2.75- for the period, compared to the consensus EPS estimate of $5.48. The company issued revenue guidance of $23.50 billion-$24.00 billion, compared to the consensus revenue estimate of $24.86 billion. FedEx also updated its Q1 2023 guidance to $3.44-$3.44 EPS.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Stifel Nicolaus cut shares of FedEx from a buy rating to a hold rating and lowered their price objective for the company from $288.00 to $195.00 in a research report on Friday, September 16th. Wells Fargo & Company reduced their target price on shares of FedEx from $269.00 to $199.00 and set an overweight rating for the company in a research note on Friday, September 16th. Deutsche Bank Aktiengesellschaft set a $320.00 target price on shares of FedEx in a research note on Monday. BMO Capital Markets reduced their target price on shares of FedEx from $215.00 to $190.00 in a research note on Friday. Finally, JPMorgan Chase & Co. lowered shares of 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 research note on Friday, September 16th. Ten equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $228.96.

FedEx Stock Down 3.7 %

NYSE 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. FedEx has a 1-year low of $150.34 and a 1-year high of $266.79. The company has a 50 day moving average of $216.15 and a 200-day moving average of $216.44. 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.

FedEx (NYSE:FDXGet Rating) last announced its quarterly earnings data 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). FedEx had a net margin of 4.09% and a return on equity of 22.29%. The firm had revenue of $23.20 billion for the quarter, compared to analyst estimates of $23.78 billion. During the same quarter in the prior year, the firm earned $4.37 earnings per share. The firm’s revenue for the quarter was up 5.4% on a year-over-year basis. On average, equities research analysts expect that FedEx will post 16.55 earnings per share for the current fiscal year.

FedEx Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders 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 dividend on an annualized basis and a dividend yield of 3.09%. FedEx’s payout ratio is presently 32.17%.

Insiders Place Their Bets

In other FedEx news, EVP Brie Carere sold 11,235 shares of the business’s stock in a transaction on Friday, August 12th. The shares were sold at an average price of $228.85, for a total transaction of $2,571,129.75. Following the sale, the executive vice president now owns 16,366 shares of the company’s stock, valued at $3,745,359.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, EVP Robert B. Carter sold 12,310 shares of the business’s stock in a transaction on 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 sale, the executive vice president now owns 54,916 shares of the company’s stock, valued at $12,664,178.76. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Brie Carere sold 11,235 shares of the business’s stock in a transaction on Friday, August 12th. The stock was sold at an average price of $228.85, for a total transaction of $2,571,129.75. Following the completion of the sale, the executive vice president now directly owns 16,366 shares in the company, valued at approximately $3,745,359.10. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 48,810 shares of company stock valued at $11,199,898. 8.62% of the stock is currently owned by insiders.

Institutional Trading of FedEx

A number of institutional investors have recently bought and sold shares of the company. Laraway Financial Advisors Inc boosted its position in FedEx by 2.0% during the first quarter. Laraway Financial Advisors Inc now owns 2,490 shares of the shipping service provider’s stock valued at $575,000 after acquiring an additional 50 shares during the last quarter. RB Capital Management LLC raised its holdings in shares of FedEx by 3.3% during the first quarter. RB Capital Management LLC now owns 1,951 shares of the shipping service provider’s stock valued at $451,000 after purchasing an additional 63 shares during the period. Kinneret Advisory LLC raised its holdings in shares of FedEx by 2.3% during the first quarter. Kinneret Advisory LLC now owns 2,821 shares of the shipping service provider’s stock valued at $655,000 after purchasing an additional 63 shares during the period. Wimmer Associates 1 LLC raised its holdings in shares of FedEx by 1.4% during the first quarter. Wimmer Associates 1 LLC now owns 4,711 shares of the shipping service provider’s stock valued at $1,090,000 after purchasing an additional 65 shares during the period. Finally, Wealthfront Advisers LLC raised its holdings in shares of FedEx by 0.5% during the first quarter. Wealthfront Advisers LLC now owns 12,682 shares of the shipping service provider’s stock valued at $2,934,000 after purchasing an additional 67 shares during the period. Institutional investors own 71.62% of the company’s stock.

About FedEx

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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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