FedEx (NYSE:FDX) Updates FY 2023 Earnings Guidance

FedEx (NYSE:FDX – Get Rating) issued an update on its FY 2023 earnings guidance on Thursday morning. The company provided earnings per share guidance of $22.50-$24.50 for the period, compared to the consensus earnings per share estimate of $22.41. The company issued revenue guidance of -.

FDX stock traded down $0.89 during midday trading on Thursday, reaching $228.13. 4,241,363 shares of the company’s stock traded hands, compared to its average volume of 2,537,653. The company has a 50-day moving average price of $211.98 and a two-hundred day moving average price of $227.23. The firm has a market capitalization of $59.13 billion, a PE ratio of 11.97, a price-to-earnings-growth ratio of 0.85 and a beta of 1.31. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.35 and a current ratio of 1.39. FedEx has a 52 week low of $192.82 and a 52 week high of $304.59.

The company also recently declared a quarterly dividend, which will be paid on Monday, July 11th. Stockholders of record on Monday, June 27th will be given a dividend of $1.15 per share. This is a positive change from FedEx’s previous quarterly dividend of $0.75. This represents a $4.60 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date is Friday, June 24th. FedEx’s payout ratio is 15.75%.

Several research analysts recently issued reports on the stock. Barclays set a $320.00 target price on shares of FedEx in a research report on Wednesday, June 15th. Sanford C. Bernstein set a $333.00 target price on shares of FedEx in a research report on Friday, March 11th. Wells Fargo & Company cut their target price on shares of FedEx from $314.00 to $277.00 and set an overweight rating for the company in a research report on Friday, March 18th. JPMorgan Chase & Co. cut their target price on shares of FedEx from $297.00 to $282.00 and set an overweight rating for the company in a research report on Friday, March 18th. Finally, Morgan Stanley cut their target price on shares of FedEx from $250.00 to $245.00 and set an equal weight rating for the company in a research report on Thursday, June 2nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $298.30.

In related news, Director Paul S. Walsh sold 3,720 shares of the stock in a transaction dated Thursday, April 14th. The shares were sold at an average price of $206.42, for a total value of $767,882.40. Following the completion of the transaction, the director now directly owns 14,000 shares of the company’s stock, valued at $2,889,880. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 8.16% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Global Wealth Management Investment Advisory Inc. purchased a new stake in shares of FedEx during the first quarter valued at approximately $35,000. Worth Asset Management LLC purchased a new stake in shares of FedEx during the first quarter valued at approximately $41,000. Loomis Sayles & Co. L P grew its holdings in shares of FedEx by 553.3% during the first quarter. Loomis Sayles & Co. L P now owns 392 shares of the shipping service provider’s stock valued at $91,000 after buying an additional 332 shares during the last quarter. Covestor Ltd grew its holdings in shares of FedEx by 77.7% during the first quarter. Covestor Ltd now owns 636 shares of the shipping service provider’s stock valued at $147,000 after buying an additional 278 shares during the last quarter. Finally, Zions Bancorporation N.A. grew its holdings in shares of FedEx by 96.5% during the first quarter. Zions Bancorporation N.A. now owns 853 shares of the shipping service provider’s stock valued at $197,000 after buying an additional 419 shares during the last quarter. 79.92% of the stock is owned by institutional investors and hedge funds.

About FedEx (Get Rating)

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 e-commerce technology and e-commerce transportation solutions.

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