FedEx (NYSE:FDX - Get Rating) issued an update on its first quarter 2023 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $3.44-$3.44 for the period, compared to the consensus 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.
FedEx Stock Performance
FDX opened at $149.99 on Thursday. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.42 and a quick ratio of 1.38. The company has a market capitalization of $39.03 billion, a price-to-earnings ratio of 11.08, a P/E/G ratio of 0.78 and a beta of 1.21. The business's 50-day moving average price is $210.12 and its two-hundred day moving average price is $214.59. FedEx has a 1 year low of $141.92 and a 1 year high of $266.79.
FedEx (NYSE:FDX - Get Rating) last announced its earnings results on Thursday, September 22nd. The shipping service provider reported $3.44 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $5.14 by ($1.70). FedEx had a net margin of 3.79% and a return on equity of 20.95%. The firm had revenue of $23.20 billion during the quarter, compared to analyst estimates of $23.78 billion. During the same period in the prior year, the business posted $4.37 EPS. The firm's quarterly revenue was up 5.4% compared to the same quarter last year. Equities analysts expect that FedEx will post 15.45 EPS for the current fiscal year.
FedEx Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Friday, September 2nd will be issued a dividend of $1.15 per share. This represents a $4.60 annualized dividend and a yield of 3.07%. The ex-dividend date of this dividend is Thursday, September 1st. FedEx's payout ratio is 33.97%.
Analysts Set New Price Targets
FDX has been the subject of a number of recent research reports. Stifel Nicolaus downgraded shares of FedEx from a buy rating to a hold rating and reduced their price objective for the stock from $288.00 to $195.00 in a research note on Friday, September 16th. Wells Fargo & Company reduced their price target on FedEx from $269.00 to $199.00 and set an overweight rating for the company in a research report on Friday, September 16th. JPMorgan Chase & Co. set a $192.00 price target on FedEx in a research report on Friday, September 23rd. Barclays cut their price objective on FedEx from $320.00 to $240.00 and set an overweight rating for the company in a report on Monday, September 19th. Finally, Morgan Stanley lowered their target price on shares of FedEx from $250.00 to $125.00 and set an equal weight rating on the stock in a report on Tuesday. Ten research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $215.50.
Insider Transactions at FedEx
In other news, Director R Brad Martin bought 1,500 shares of the company's stock in a transaction dated Monday, September 26th. The stock was bought at an average price of $143.41 per share, with a total value of $215,115.00. Following the completion of the acquisition, the director now owns 750 shares of the company's stock, valued at $107,557.50. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, EVP Robert B. Carter sold 12,310 shares of the stock in a transaction that occurred on Friday, July 8th. The stock was sold at an average price of $230.61, for a total transaction of $2,838,809.10. Following the sale, the executive vice president now owns 54,916 shares of the company's stock, valued at $12,664,178.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director R Brad Martin acquired 1,500 shares of the company's stock in a transaction on Monday, September 26th. The stock was bought at an average cost of $143.41 per share, with a total value of $215,115.00. Following the completion of the acquisition, the director now directly owns 750 shares in the company, valued at $107,557.50. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 48,810 shares of company stock worth $11,199,898. Company insiders own 8.62% of the company's stock.
Institutional Inflows and Outflows
A number of hedge funds have recently modified their holdings of the stock. Centaurus Financial Inc. lifted its position in FedEx by 13.3% during the first quarter. Centaurus Financial Inc. now owns 1,775 shares of the shipping service provider's stock worth $411,000 after purchasing an additional 209 shares during the period. Private Advisory Group LLC acquired a new position in shares of FedEx in the 1st quarter valued at approximately $409,000. Gamco Investors INC. ET AL lifted its holdings in shares of FedEx by 29.5% during the 1st quarter. Gamco Investors INC. ET AL now owns 1,643 shares of the shipping service provider's stock worth $380,000 after acquiring an additional 374 shares during the period. KB Financial Partners LLC boosted its position in shares of FedEx by 13.8% during the 1st quarter. KB Financial Partners LLC now owns 1,265 shares of the shipping service provider's stock worth $293,000 after acquiring an additional 153 shares in the last quarter. Finally, Jaffetilchin Investment Partners LLC increased its stake in FedEx by 23.7% in the first quarter. Jaffetilchin Investment Partners LLC now owns 1,387 shares of the shipping service provider's stock valued at $289,000 after acquiring an additional 266 shares during the last quarter. Institutional investors own 71.62% of the company's stock.
FedEx Company Profile
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.
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