FedEx (NYSE:FDX) Releases Q1 2023 Earnings Guidance

FedEx (NYSE:FDXGet Rating) updated its first quarter 2023 earnings guidance on Thursday. The company provided EPS guidance of $3.44-$3.44 for the period, compared to the consensus EPS 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 2023 guidance to $2.75- EPS.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Credit Suisse Group decreased their price target on shares of FedEx from $314.00 to $246.00 and set an outperform rating on the stock in a research note on Friday, September 16th. Stifel Nicolaus cut shares of FedEx from a buy rating to a hold rating and decreased their price target for the company from $288.00 to $195.00 in a research note on Friday, September 16th. Loop Capital cut shares of FedEx from a buy rating to a hold rating and decreased their price target for the company from $339.00 to $202.00 in a research note on Friday, September 16th. StockNews.com cut shares of FedEx from a buy rating to a hold rating in a research note on Monday. Finally, Barclays reduced their price objective on shares of FedEx from $320.00 to $240.00 and set an overweight rating on the stock in a research note on Monday. Eleven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, FedEx presently has an average rating of Moderate Buy and an average target price of $238.30.

FedEx Stock Down 2.6 %

FedEx stock opened at $153.25 on Thursday. The company has a market cap of $39.83 billion, a P/E ratio of 10.72, a price-to-earnings-growth ratio of 0.72 and a beta of 1.21. FedEx has a 1-year low of $153.25 and a 1-year high of $266.79. The company has a fifty day simple moving average of $217.35 and a 200 day simple moving average of $216.76. 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 (NYSE:FDXGet Rating) last announced its quarterly earnings data on Thursday, June 23rd. The shipping service provider reported $6.87 EPS for the quarter, missing analysts’ consensus estimates of $6.91 by ($0.04). FedEx had a net margin of 4.09% and a return on equity of 22.29%. The firm had revenue of $24.39 billion during the quarter, compared to the consensus estimate of $24.28 billion. During the same period last year, the business earned $5.01 EPS. Research analysts anticipate that FedEx will post 17.27 earnings per share for the current fiscal year.

FedEx Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Friday, September 2nd will be given a $1.15 dividend. This represents a $4.60 annualized dividend and a dividend yield of 3.00%. The ex-dividend date of this dividend is Thursday, September 1st. FedEx’s payout ratio is presently 32.17%.

Insider Activity

In other FedEx news, EVP Robert B. Carter sold 12,310 shares of the business’s stock in a transaction that occurred 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 sale, the executive vice president now directly owns 54,916 shares of the company’s stock, valued at approximately $12,337,977.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other FedEx news, Director Amy B. Lane acquired 607 shares of the stock in a transaction on Thursday, June 30th. The shares were purchased at an average price of $228.12 per share, for a total transaction of $138,468.84. Following the completion of the acquisition, the director now owns 686 shares in the company, valued at approximately $156,490.32. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Robert B. Carter sold 12,310 shares of the stock in a transaction dated 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 sale, the executive vice president now owns 54,916 shares of the company’s stock, valued at approximately $12,337,977.72. The disclosure for this sale can be found here. In the last ninety days, insiders sold 48,810 shares of company stock worth $11,199,898. 8.62% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On FedEx

Several institutional investors have recently added to or reduced their stakes in the stock. RB Capital Management LLC boosted its position in FedEx by 3.3% during the first quarter. RB Capital Management LLC now owns 1,951 shares of the shipping service provider’s stock worth $451,000 after purchasing an additional 63 shares during the period. AMI Investment Management Inc. boosted its position in shares of FedEx by 43.9% in the first quarter. AMI Investment Management Inc. now owns 15,385 shares of the shipping service provider’s stock valued at $3,560,000 after acquiring an additional 4,693 shares during the period. Moors & Cabot Inc. boosted its position in shares of FedEx by 101.5% in the first quarter. Moors & Cabot Inc. now owns 4,274 shares of the shipping service provider’s stock valued at $989,000 after acquiring an additional 2,153 shares during the period. Baird Financial Group Inc. boosted its position in shares of FedEx by 7.8% in the first quarter. Baird Financial Group Inc. now owns 148,735 shares of the shipping service provider’s stock valued at $34,408,000 after acquiring an additional 10,731 shares during the period. Finally, Loomis Sayles & Co. L P boosted its position in shares of FedEx by 553.3% in the first quarter. Loomis Sayles & Co. L P now owns 392 shares of the shipping service provider’s stock valued at $91,000 after acquiring an additional 332 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.

Further Reading

Earnings History and Estimates for FedEx (NYSE:FDX)

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