FedEx (NYSE:FDX) Releases FY24 Earnings Guidance
FedEx (NYSE:FDX – Get Free Report) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 17.00-18.50 for the period, compared to the consensus estimate of $18.20. The company issued revenue guidance of low single digit decline, compared to the consensus revenue estimate of $89.30 billion.
Analysts Set New Price Targets
Several brokerages have recently commented on FDX. Wells Fargo & Company increased their price objective on FedEx from $270.00 to $280.00 and gave the company an equal weight rating in a report on Thursday, September 21st. Barclays increased their price objective on FedEx from $280.00 to $300.00 and gave the company an overweight rating in a report on Friday, September 15th. StockNews.com raised FedEx from a buy rating to a strong-buy rating in a research report on Tuesday. Raymond James upped their target price on FedEx from $270.00 to $279.00 and gave the company an outperform rating in a research report on Thursday, September 21st. Finally, Evercore ISI upped their target price on FedEx from $275.00 to $276.00 and gave the company an outperform rating in a research report on Monday, September 18th. Seven investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, FedEx currently has a consensus rating of Moderate Buy and an average target price of $282.96.
FedEx Price Performance
Shares of FedEx stock traded down $1.92 on Tuesday, hitting $280.00. 5,612,158 shares of the company were exchanged, compared to its average volume of 1,935,318. The stock has a market capitalization of $70.40 billion, a price-to-earnings ratio of 17.16, a price-to-earnings-growth ratio of 1.29 and a beta of 1.32. The company has a 50-day moving average price of $253.43 and a 200 day moving average price of $253.45. FedEx has a 1-year low of $162.61 and a 1-year high of $285.53. The company has a quick ratio of 1.32, a current ratio of 1.37 and a debt-to-equity ratio of 0.76.
FedEx (NYSE:FDX – Get Free Report) last released its quarterly earnings data on Wednesday, September 20th. The shipping service provider reported $4.55 EPS for the quarter, beating analysts’ consensus estimates of $3.71 by $0.84. FedEx had a return on equity of 16.14% and a net margin of 4.71%. The firm had revenue of $21.68 billion for the quarter, compared to analysts’ expectations of $21.74 billion. During the same period in the prior year, the firm posted $3.44 earnings per share. The firm’s quarterly revenue was down 6.5% on a year-over-year basis. As a group, sell-side analysts predict that FedEx will post 18.19 earnings per share for the current fiscal year.
FedEx Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Monday, December 11th will be issued a $1.26 dividend. This represents a $5.04 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date is Friday, December 8th. FedEx’s dividend payout ratio is presently 30.73%.
Insider Activity at FedEx
In other FedEx news, VP Jennifer L. Johnson sold 13,348 shares of the business’s stock in a transaction that occurred on Friday, October 6th. The stock was sold at an average price of $258.25, for a total value of $3,447,121.00. Following the sale, the vice president now owns 3,428 shares of the company’s stock, valued at $885,281. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 8.73% of the stock is currently owned by insiders.
Institutional Trading of FedEx
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Salem Investment Counselors Inc. increased its position in shares of FedEx by 0.3% during the fourth quarter. Salem Investment Counselors Inc. now owns 16,651 shares of the shipping service provider’s stock worth $2,903,000 after acquiring an additional 47 shares during the period. Laraway Financial Advisors Inc increased its position in shares of FedEx by 2.0% during the first quarter. Laraway Financial Advisors Inc now owns 2,490 shares of the shipping service provider’s stock worth $575,000 after acquiring an additional 50 shares during the period. Clayton Partners LLC increased its position in shares of FedEx by 0.7% during the first quarter. Clayton Partners LLC now owns 8,372 shares of the shipping service provider’s stock worth $1,913,000 after acquiring an additional 59 shares during the period. RB Capital Management LLC increased its position in shares of FedEx by 3.3% during the first quarter. RB Capital Management LLC now owns 1,951 shares of the shipping service provider’s stock worth $451,000 after acquiring an additional 63 shares during the period. Finally, Kinneret Advisory LLC increased its position in shares of FedEx by 2.3% during the first quarter. Kinneret Advisory LLC now owns 2,821 shares of the shipping service provider’s stock worth $655,000 after acquiring an additional 63 shares during the period. Hedge funds and other institutional investors own 73.61% of the company’s stock.
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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Original: MarketBeat News Feed: FedEx (NYSE:FDX) Releases FY24 Earnings Guidance