FedEx Co. (NYSE:FDX) – Analysts at KeyCorp dropped their Q3 2022 earnings per share estimates for FedEx in a research note issued to investors on Tuesday, September 21st. KeyCorp analyst T. Fowler now forecasts that the shipping service provider will post earnings per share of $4.27 for the quarter, down from their prior estimate of $4.75. KeyCorp has a “Overweight” rating and a $325.00 price objective on the stock. KeyCorp also issued estimates for FedEx’s FY2022 earnings at $20.00 EPS.
A number of other analysts have also issued reports on FDX. Loop Capital dropped their target price on FedEx from $381.00 to $324.00 and set a “buy” rating on the stock in a research report on Thursday. Raymond James downgraded FedEx from an “outperform” rating to a “market perform” rating in a research note on Wednesday. UBS Group set a $369.00 price target on FedEx in a research note on Wednesday. Argus decreased their price target on FedEx from $330.00 to $270.00 and set a “buy” rating for the company in a research note on Thursday. They noted that the move was a valuation call. Finally, Berenberg Bank reiterated a “buy” rating and issued a $350.00 price target on shares of FedEx in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, four have given a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $323.92.
FedEx (NYSE:FDX) last announced its earnings results on Monday, September 20th. The shipping service provider reported $4.37 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $4.92 by ($0.55). FedEx had a return on equity of 22.55% and a net margin of 6.23%. The business had revenue of $22 billion for the quarter, compared to analysts’ expectations of $21.86 billion. During the same period in the previous year, the firm posted $4.87 earnings per share. The firm’s revenue was up 13.9% compared to the same quarter last year.
Several hedge funds and other institutional investors have recently bought and sold shares of FDX. Wagner Wealth Management LLC bought a new position in shares of FedEx in the first quarter valued at $25,000. Heritage Wealth Management LLC increased its holdings 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 in the last quarter. Monumental Financial Group Inc. bought a new position in shares of FedEx in the second quarter valued at $45,000. Strategic Blueprint LLC bought a new position in shares of FedEx in the second quarter valued at $50,000. Finally, Northern Oak Wealth Management Inc. grew its position in FedEx by 103.1% during the 1st quarter. Northern Oak Wealth Management Inc. now owns 197 shares of the shipping service provider’s stock worth $56,000 after purchasing an additional 100 shares in the last quarter. 72.64% of the stock is currently owned by institutional investors.
In related news, CEO John Alan Smith sold 11,285 shares of the business’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 16,386 shares of the company’s stock, valued at $4,850,256. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Robert B. Carter sold 16,235 shares of the business’s stock in a transaction that occurred on 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 sale, the executive vice president now directly owns 68,680 shares in the company, valued at approximately $20,580,648.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,240 shares of company stock valued at $9,608,596. Insiders own 8.16% of the company’s stock.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 1st. Stockholders of record on Friday, September 3rd will be given a dividend of $0.75 per share. The ex-dividend date of this dividend is Thursday, September 2nd. This represents a $3.00 annualized dividend and a dividend yield of 1.32%. FedEx’s dividend payout ratio is presently 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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