FedEx Co. (NYSE:FDX) – Stock analysts at KeyCorp reduced their Q3 2022 earnings estimates for FedEx in a research note issued on Tuesday, September 21st. KeyCorp analyst T. Fowler now expects that the shipping service provider will post earnings per share of $4.27 for the quarter, down from their previous estimate of $4.75. KeyCorp currently has a “Overweight” rating and a $325.00 target price on the stock. KeyCorp also issued estimates for FedEx’s FY2022 earnings at $20.00 EPS.
FedEx (NYSE:FDX) last posted its quarterly earnings results on Monday, September 20th. The shipping service provider reported $4.37 EPS for the quarter, missing the consensus estimate of $4.92 by ($0.55). FedEx had a net margin of 6.23% and a return on equity of 22.55%. The company had revenue of $22 billion for the quarter, compared to analysts’ expectations of $21.86 billion. During the same quarter in the prior year, the firm earned $4.87 earnings per share. The company’s revenue was up 13.9% on a year-over-year basis.
FedEx stock opened at $226.64 on Friday. The company has a quick ratio of 1.46, a current ratio of 1.51 and a debt-to-equity ratio of 0.86. FedEx has a 12 month low of $226.60 and a 12 month high of $319.90. The company’s fifty day simple moving average is $269.71 and its 200-day simple moving average is $284.37. The stock has a market cap of $60.33 billion, a P/E ratio of 11.65, a P/E/G ratio of 1.01 and a beta of 1.22.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 1st. Shareholders of record on Friday, September 3rd will be paid a dividend of $0.75 per share. The ex-dividend date is Thursday, September 2nd. This represents a $3.00 annualized dividend and a yield of 1.32%. FedEx’s dividend payout ratio is 16.51%.
In other news, CEO John Alan Smith sold 11,285 shares of the stock in a transaction that occurred on Tuesday, June 29th. The shares were sold at an average price of $296.00, for a total transaction of $3,340,360.00. Following the sale, the chief executive officer now directly owns 16,386 shares of the company’s stock, valued at $4,850,256. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Susan C. Schwab sold 4,720 shares of the stock in a transaction that occurred on Tuesday, June 29th. The shares were sold at an average price of $297.30, for a total transaction of $1,403,256.00. Following the sale, the director now directly owns 10,312 shares in the company, valued at $3,065,757.60. The disclosure for this sale can be found here. Insiders have sold 32,240 shares of company stock worth $9,608,596 over the last ninety days. Insiders own 8.16% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Evercore Wealth Management LLC lifted its holdings in FedEx by 5,779.5% in the first quarter. Evercore Wealth Management LLC now owns 146,281 shares of the shipping service provider’s stock valued at $41,550,000 after buying an additional 143,793 shares during the period. Thrivent Financial for Lutherans raised its holdings in FedEx by 6.9% in the first quarter. Thrivent Financial for Lutherans now owns 13,913 shares of the shipping service provider’s stock worth $3,952,000 after purchasing an additional 903 shares during the period. Transform Wealth LLC acquired a new stake in FedEx in the second quarter worth $5,099,000. Geode Capital Management LLC raised its holdings in FedEx by 3.8% in the first quarter. Geode Capital Management LLC now owns 3,627,388 shares of the shipping service provider’s stock worth $1,027,167,000 after purchasing an additional 131,866 shares during the period. Finally, Teza Capital Management LLC acquired a new stake in FedEx in the first quarter worth $5,557,000. Institutional investors and hedge funds own 72.64% of the company’s stock.
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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