FedEx Co. (NYSE:FDX) – Research analysts at Oppenheimer upped their Q3 2022 earnings per share (EPS) estimates for FedEx in a research report issued on Wednesday, September 22nd. Oppenheimer analyst S. Schneeberger now forecasts that the shipping service provider will post earnings per share of $4.59 for the quarter, up from their previous forecast of $4.54. Oppenheimer also issued estimates for FedEx’s Q4 2022 earnings at $7.01 EPS and FY2023 earnings at $22.20 EPS.
Other analysts have also recently issued research reports about the company. Loop Capital decreased their target price on FedEx from $381.00 to $324.00 and set a “buy” rating on the stock in a report on Thursday. KeyCorp decreased their target price on FedEx from $350.00 to $325.00 and set an “overweight” rating on the stock in a report on Wednesday. Citigroup decreased their target price on FedEx from $360.00 to $300.00 and set a “buy” rating on the stock in a report on Wednesday. Credit Suisse Group set a $330.00 price target on FedEx in a research note on Wednesday. Finally, Wells Fargo & Company cut their price target on FedEx from $351.00 to $314.00 and set an “overweight” rating on the stock in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $323.92.
FedEx (NYSE:FDX) last released its quarterly earnings data on Monday, September 20th. The shipping service provider reported $4.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.92 by ($0.55). The firm had revenue of $22 billion for the quarter, compared to the consensus estimate of $21.86 billion. FedEx had a net margin of 6.23% and a return on equity of 22.55%. The business’s revenue for the quarter was up 13.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.87 earnings per share.
Hedge funds have recently bought and sold shares of the business. Wagner Wealth Management LLC bought a new position in FedEx in the first quarter valued at approximately $25,000. Heritage Wealth Management LLC lifted its position in shares of FedEx by 125.0% in the second quarter. Heritage Wealth Management LLC now owns 108 shares of the shipping service provider’s stock valued at $32,000 after buying an additional 60 shares during the last quarter. Monumental Financial Group Inc. acquired a new stake in shares of FedEx in the second quarter valued at approximately $45,000. Strategic Blueprint LLC acquired a new stake in shares of FedEx in the second quarter valued at approximately $50,000. Finally, Northern Oak Wealth Management Inc. lifted its position in shares of FedEx by 103.1% in the first quarter. Northern Oak Wealth Management Inc. now owns 197 shares of the shipping service provider’s stock valued at $56,000 after buying an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 72.64% of the company’s stock.
In related news, CEO John Alan Smith sold 11,285 shares of the stock in a transaction dated Tuesday, June 29th. The stock was sold at an average price of $296.00, for a total transaction of $3,340,360.00. Following the completion of the transaction, the chief executive officer now directly owns 16,386 shares in the company, valued at $4,850,256. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Robert B. Carter sold 16,235 shares of the stock in a transaction dated Monday, July 12th. The stock was sold at an average price of $299.66, for a total value of $4,864,980.10. Following the transaction, the executive vice president now owns 68,680 shares of the company’s stock, valued at $20,580,648.80. The disclosure for this sale can be found here. Insiders sold 32,240 shares of company stock valued at $9,608,596 over the last 90 days. Corporate insiders own 8.16% of the company’s stock.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 1st. Shareholders of record on Friday, September 3rd will be issued a $0.75 dividend. The ex-dividend date is Thursday, September 2nd. This represents a $3.00 annualized dividend and a dividend yield of 1.32%. FedEx’s dividend payout ratio (DPR) is currently 16.51%.
FedEx Company Profile
FedEx Corp. is a holding company, which engages in the provision of a portfolio of transportation, e-commerce, and business services. 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.
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