FedEx Co. (FDX) Sets New 1-Year High on Better-Than-Expected Earnings
Shares of FedEx Co. (NYSE:FDX) hit a new 52-week high during mid-day trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $173.40 and last traded at $172.60, with a volume of 3,214,352 shares traded. The stock had previously closed at $162.65.
The shipping service provider reported $2.90 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.81 by $0.09. The company had revenue of $14.70 billion for the quarter. FedEx had a return on equity of 20.62% and a net margin of 3.61%. The firm’s revenue for the quarter was up 19.5% compared to the same quarter last year. During the same period in the previous year, the business earned $2.42 earnings per share.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Monday, September 12th will be paid a $0.40 dividend. The ex-dividend date is Thursday, September 8th. This represents a $1.60 annualized dividend and a dividend yield of 0.98%. FedEx’s payout ratio is presently 24.84%.
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FDX has been the topic of several recent analyst reports. Zacks Investment Research cut FedEx from a “buy” rating to a “hold” rating in a research note on Monday, May 30th. Barclays PLC set a $205.00 price objective on FedEx and gave the company a “buy” rating in a research report on Monday. Royal Bank Of Canada lifted their price objective on FedEx from $158.00 to $174.00 and gave the company a “sector perform” rating in a research report on Wednesday, June 22nd. Deutsche Bank AG lifted their price objective on FedEx from $190.00 to $198.00 and gave the company a “buy” rating in a research report on Thursday, June 23rd. Finally, Credit Suisse Group AG reaffirmed a “buy” rating on shares of FedEx in a research report on Thursday, June 16th. Nine equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $175.85.
In other news, EVP Robert B. Carter sold 5,000 shares of the business’s stock in a transaction on Thursday, August 11th. The shares were sold at an average price of $164.51, for a total transaction of $822,550.00. Following the completion of the sale, the executive vice president now owns 53,399 shares of the company’s stock, valued at approximately $8,784,669.49. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director John A. Edwardson sold 2,882 shares of the business’s stock in a transaction on Friday, August 5th. The shares were sold at an average price of $162.63, for a total transaction of $468,699.66. Following the sale, the director now directly owns 29,090 shares of the company’s stock, valued at approximately $4,730,906.70. The disclosure for this sale can be found here. Insiders own 8.67% of the company’s stock.
Large investors have recently modified their holdings of the stock. Quadrant Capital Group LLC increased its position in shares of FedEx by 0.9% in the second quarter. Quadrant Capital Group LLC now owns 1,623 shares of the shipping service provider’s stock valued at $238,000 after buying an additional 15 shares in the last quarter. Moody National Bank Trust Division increased its position in shares of FedEx by 0.3% in the second quarter. Moody National Bank Trust Division now owns 4,592 shares of the shipping service provider’s stock valued at $697,000 after buying an additional 15 shares in the last quarter. Courier Capital Corp increased its position in shares of FedEx by 0.5% in the second quarter. Courier Capital Corp now owns 4,642 shares of the shipping service provider’s stock valued at $705,000 after buying an additional 25 shares in the last quarter. AMG National Trust Bank increased its position in shares of FedEx by 0.3% in the second quarter. AMG National Trust Bank now owns 7,826 shares of the shipping service provider’s stock valued at $1,188,000 after buying an additional 26 shares in the last quarter. Finally, Bangor Savings Bank increased its position in shares of FedEx by 0.4% in the second quarter. Bangor Savings Bank now owns 7,788 shares of the shipping service provider’s stock valued at $1,182,000 after buying an additional 28 shares in the last quarter. 73.78% of the stock is owned by hedge funds and other institutional investors.
The firm has a 50-day moving average of $164.16 and a 200 day moving average of $161.10. The stock has a market capitalization of $45.70 billion, a P/E ratio of 26.44 and a beta of 1.35.
FedEx Corporation (FedEx) provides a portfolio of transportation, e-commerce and business services through companies competing collectively, operating independently and managed collaboratively, under the FedEx brand. The Company’s segments include FedEx Express, TNT Express, FedEx Ground, FedEx Freight and FedEx Services.
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