FedEx (NYSE:FDX) Issues Earnings Results

FedEx (NYSE:FDXGet Free Report) issued its earnings results on Thursday. The shipping service provider reported $3.86 earnings per share for the quarter, beating analysts’ consensus estimates of $3.49 by $0.37, Briefing.com reports. FedEx had a net margin of 5.02% and a return on equity of 16.59%. The firm had revenue of $21.70 billion for the quarter, compared to analyst estimates of $21.95 billion. During the same quarter last year, the business posted $3.41 earnings per share. The company’s quarterly revenue was down 2.1% on a year-over-year basis. FedEx updated its FY24 guidance to $17.25-18.25 EPS and its FY 2024 guidance to 17.250-18.250 EPS.

FedEx Trading Up 7.4 %

FDX opened at $284.32 on Friday. FedEx has a 1-year low of $213.80 and a 1-year high of $291.27. The company has a current ratio of 1.34, a quick ratio of 1.30 and a debt-to-equity ratio of 0.75. The company has a market cap of $71.05 billion, a P/E ratio of 16.40, a price-to-earnings-growth ratio of 1.36 and a beta of 1.20. The company has a fifty day moving average price of $247.18 and a two-hundred day moving average price of $251.68.

FedEx Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Shareholders of record on Monday, March 11th will be paid a $1.26 dividend. This represents a $5.04 annualized dividend and a yield of 1.77%. The ex-dividend date of this dividend is Friday, March 8th. FedEx’s dividend payout ratio (DPR) is currently 29.07%.

Insider Buying and Selling at FedEx

In related news, EVP John W. Dietrich purchased 1,000 shares of the firm’s stock in a transaction on Thursday, December 28th. The stock was purchased at an average cost of $252.02 per share, with a total value of $252,020.00. Following the completion of the purchase, the executive vice president now owns 4,745 shares in the company, valued at approximately $1,195,834.90. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director Amy B. Lane purchased 200 shares of the firm’s stock in a transaction on Tuesday, December 26th. The stock was purchased at an average cost of $253.22 per share, with a total value of $50,644.00. Following the completion of the purchase, the director now owns 3,304 shares in the company, valued at approximately $836,638.88. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP John W. Dietrich bought 1,000 shares of the firm’s stock in a transaction dated Thursday, December 28th. The shares were acquired at an average cost of $252.02 per share, with a total value of $252,020.00. Following the completion of the transaction, the executive vice president now owns 4,745 shares of the company’s stock, valued at $1,195,834.90. The disclosure for this purchase can be found here. Insiders own 8.73% of the company’s stock.

Institutional Investors Weigh In On FedEx

Several hedge funds and other institutional investors have recently made changes to their positions in FDX. Sentry LLC bought a new stake in shares of FedEx during the fourth quarter worth about $1,811,748,000. Norges Bank bought a new stake in shares of FedEx during the fourth quarter worth about $700,291,000. Mizuho Markets Americas LLC bought a new stake in shares of FedEx during the third quarter worth about $496,611,000. FMR LLC increased its position in shares of FedEx by 29.1% during the third quarter. FMR LLC now owns 4,063,938 shares of the shipping service provider’s stock worth $1,076,619,000 after acquiring an additional 916,555 shares in the last quarter. Finally, Capital International Investors increased its position in shares of FedEx by 15.2% during the fourth quarter. Capital International Investors now owns 6,667,462 shares of the shipping service provider’s stock worth $1,686,738,000 after acquiring an additional 880,894 shares in the last quarter. 73.61% of the stock is owned by institutional investors.

FedEx announced that its board has authorized a stock repurchase plan on Thursday, March 21st that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the shipping service provider to purchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on FDX. Melius upgraded shares of FedEx from a “hold” rating to a “buy” rating in a research report on Monday, January 8th. TD Cowen raised their target price on shares of FedEx from $293.00 to $320.00 and gave the company an “outperform” rating in a research report on Friday. Oppenheimer reiterated a “market perform” rating on shares of FedEx in a report on Friday. Stephens cut their price target on shares of FedEx from $330.00 to $320.00 and set an “overweight” rating on the stock in a report on Wednesday, December 20th. Finally, BMO Capital Markets lifted their price target on shares of FedEx from $290.00 to $310.00 and gave the stock a “market perform” rating in a report on Friday. Seven equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. According to MarketBeat, FedEx has an average rating of “Moderate Buy” and a consensus price target of $299.41.

Check Out Our Latest Stock Analysis on FedEx

FedEx Company Profile

(Get Free Report)

FedEx Corporation provides transportation, e-commerce, and business services in the United States and internationally. It operates through FedEx Express, FedEx Ground, FedEx Freight, and FedEx Services segments. The FedEx Express segment offers express transportation, small-package ground delivery, and freight transportation services; and time-critical transportation services.

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Earnings History for FedEx (NYSE:FDX)

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