FedEx (NYSE:FDX) Issues Quarterly Earnings Results, Beats Expectations By $0.74 EPS

FedEx (NYSE:FDX – Get Rating) announced its quarterly earnings data on Thursday. The shipping service provider reported $3.41 EPS for the quarter, beating the consensus estimate of $2.67 by $0.74, RTT News reports. The business had revenue of $22.17 billion during the quarter, compared to analyst estimates of $22.74 billion. FedEx had a return on equity of 19.17% and a net margin of 3.54%. The company’s revenue for the quarter was down 6.2% on a year-over-year basis. During the same quarter last year, the firm posted $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 Trading Up 8.0 %

FDX stock traded up $16.26 during mid-day trading on Friday, hitting $220.31. 12,660,474 shares of the company were exchanged, compared to its average volume of 2,076,000. FedEx has a 12-month low of $141.92 and a 12-month high of $248.76. The firm has a market capitalization of $55.61 billion, a P/E ratio of 17.31, a PEG ratio of 1.22 and a beta of 1.31. The business has a fifty day simple moving average of $201.14 and a 200-day simple moving average of $181.63. The company has a quick ratio of 1.25, a current ratio of 1.30 and a debt-to-equity ratio of 0.83.

FedEx Announces Dividend

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 issued a $1.15 dividend. The ex-dividend date is Friday, March 10th. This represents a $4.60 annualized dividend and a yield of 2.09%. FedEx’s dividend payout ratio (DPR) is currently 36.14%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FDX. StockNews.com initiated coverage on FedEx in a research report on Thursday. They issued a “hold” rating for the company. JPMorgan Chase & Co. boosted their price target on FedEx from $199.00 to $233.00 in a research note on Friday. Wells Fargo & Company lifted their price objective on FedEx from $225.00 to $240.00 and gave the stock an “equal weight” rating in a report on Friday. Citigroup raised their price target on shares of FedEx from $250.00 to $275.00 and gave the company a “buy” rating in a report on Friday. Finally, Susquehanna boosted their price objective on shares of FedEx from $170.00 to $225.00 in a report on Friday. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, FedEx presently has a consensus rating of “Moderate Buy” and an average price target of $230.75.

Insider Activity

In other FedEx news, Director Amy B. Lane bought 280 shares of the business’s stock in a transaction that occurred on Tuesday, January 3rd. The shares were purchased at an average cost of $175.83 per share, with a total value of $49,232.40. Following the purchase, the director now directly owns 1,529 shares in the company, valued at $268,844.07. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 8.62% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. RB Capital Management LLC increased its position in shares of FedEx by 3.3% in the first quarter. RB Capital Management LLC now owns 1,951 shares of the shipping service provider’s stock valued at $451,000 after buying an additional 63 shares in the last quarter. AMI Investment Management Inc. raised its position in FedEx by 43.9% during the first quarter. AMI Investment Management Inc. now owns 15,385 shares of the shipping service provider’s stock worth $3,560,000 after acquiring an additional 4,693 shares during the last quarter. Moors & Cabot Inc. lifted its holdings 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 purchasing an additional 2,153 shares in the last quarter. Baird Financial Group Inc. grew 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 purchasing an additional 10,731 shares during the last quarter. Finally, Loomis Sayles & Co. L P increased its stake in 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 purchasing an additional 332 shares during the last quarter. Institutional investors and hedge funds own 72.02% of the company’s stock.

About FedEx

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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.