FedEx (NYSE:FDX) Announces Earnings Results, Beats Expectations By $0.69 EPS

Posted by ABMN Staff on Mar 17th, 2023

FedEx (NYSE:FDX – Get Rating) released its quarterly earnings results on Thursday. The shipping service provider reported $3.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.72 by $0.69, RTT News reports. The company had revenue of $22.17 billion for the quarter, compared to the consensus estimate of $22.74 billion. FedEx had a net margin of 3.54% and a return on equity of 19.17%. FedEx’s revenue was down 6.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.59 earnings per share. FedEx updated its FY23 guidance to $13.80-14.40 EPS and its FY 2023 guidance to $14.60-$15.20 EPS.

FedEx Stock Performance

Shares of FedEx stock opened at $204.05 on Friday. The firm has a market capitalization of $51.50 billion, a P/E ratio of 16.03, a PEG ratio of 1.22 and a beta of 1.31. The company has a quick ratio of 1.25, a current ratio of 1.30 and a debt-to-equity ratio of 0.83. The company has a 50 day moving average price of $200.45 and a 200 day moving average price of $181.61. FedEx has a 52 week low of $141.92 and a 52 week high of $248.76.

FedEx Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 3rd. Investors of record on Monday, March 13th will be given a $1.15 dividend. This represents a $4.60 annualized dividend and a dividend yield of 2.25%. The ex-dividend date is Friday, March 10th. FedEx’s payout ratio is currently 36.14%.

Analyst Upgrades and Downgrades

FDX has been the topic of several recent analyst reports. Jefferies Financial Group increased their target price on shares of FedEx from $170.00 to $175.00 and gave the company a “hold” rating in a research note on Thursday, December 22nd. Barclays set a $240.00 target price on shares of FedEx in a research note on Monday, January 2nd. Deutsche Bank Aktiengesellschaft increased their target price on shares of FedEx from $190.00 to $217.00 in a research note on Monday, November 28th. Wells Fargo & Company increased their target price on shares of FedEx from $185.00 to $225.00 in a research note on Friday, March 10th. Finally, BMO Capital Markets increased their target price on shares of FedEx from $180.00 to $210.00 and gave the company a “market perform” rating in a research note on Monday. Ten equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $212.00.

Insider Activity at FedEx

In related news, Director Amy B. Lane acquired 280 shares of the firm’s stock in a transaction that occurred on Tuesday, January 3rd. The stock was purchased at an average cost of $175.83 per share, with a total value of $49,232.40. Following the transaction, the director now directly owns 1,529 shares of the company’s stock, valued at approximately $268,844.07. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 8.62% of the stock is currently owned by insiders.

Hedge Funds Weigh In On FedEx

Institutional investors have recently bought and sold shares of the business. Global Wealth Management Investment Advisory Inc. purchased a new position in FedEx during the 1st quarter worth approximately $35,000. Resurgent Financial Advisors LLC purchased a new position in FedEx during the 4th quarter worth approximately $41,000. Worth Asset Management LLC purchased a new position in FedEx during the 1st quarter worth approximately $41,000. Industrial Alliance Investment Management Inc. acquired a new stake in shares of FedEx during the 4th quarter worth approximately $52,000. Finally, Loomis Sayles & Co. L P grew its stake in shares of FedEx by 553.3% during the 1st quarter. Loomis Sayles & Co. L P now owns 392 shares of the shipping service provider’s stock worth $91,000 after purchasing an additional 332 shares during the period. 72.02% of the stock is owned by hedge funds and other institutional investors.

FedEx Company Profile

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FedEx Corp. provides a broad portfolio of transportation, e-commerce and business services under the FedEx brand. It operates through the following segments: FedEx Express, FedEx Ground, FedEx Freight, FedEx Services, and Corporate, Other & Eliminations. The FedEx Express segment consists of domestic and international shipping services for delivery of packages and freight.