FedEx Co. (NYSE:FDX – Get Free Report)’s share price hit a new 52-week high during trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $293.80 and last traded at $293.45, with a volume of 4890555 shares. The stock had previously closed at $256.38.
The shipping service provider reported $5.41 earnings per share for the quarter, beating the consensus estimate of $5.34 by $0.07. FedEx had a net margin of 5.02% and a return on equity of 16.60%. The firm had revenue of $22.11 billion during the quarter, compared to analyst estimates of $22.04 billion. During the same quarter in the previous year, the firm earned $4.94 earnings per share. The firm’s revenue for the quarter was up .8% compared to the same quarter last year.
FedEx Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 9th. Shareholders of record on Monday, June 24th will be paid a $1.38 dividend. This represents a $5.52 dividend on an annualized basis and a yield of 1.88%. This is a boost from FedEx’s previous quarterly dividend of $1.26. The ex-dividend date is Monday, June 24th. FedEx’s dividend payout ratio (DPR) is presently 31.83%.
Analyst Ratings Changes
Several equities research analysts recently weighed in on the stock. Evercore ISI reduced their price objective on shares of FedEx from $351.00 to $318.00 and set an “outperform” rating for the company in a report on Monday. Barclays upped their price target on shares of FedEx from $310.00 to $350.00 and gave the stock an “overweight” rating in a research note on Friday, March 22nd. JPMorgan Chase & Co. upgraded shares of FedEx from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $296.00 to $359.00 in a research note on Wednesday. The Goldman Sachs Group upped their target price on FedEx from $316.00 to $333.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, BNP Paribas reaffirmed an “underperform” rating and set a $250.00 price target on shares of FedEx in a research note on Wednesday, March 27th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat, FedEx has an average rating of “Moderate Buy” and an average target price of $308.63.
Read Our Latest Analysis on FDX
Insider Buying and Selling
In other news, Chairman Frederick W. Smith sold 113,400 shares of FedEx stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $274.30, for a total value of $31,105,620.00. Following the transaction, the chairman now directly owns 14,505,844 shares in the company, valued at $3,978,953,009.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other FedEx news, EVP Mark R. Allen sold 10,145 shares of the stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $287.28, for a total value of $2,914,455.60. Following the completion of the sale, the executive vice president now directly owns 36,853 shares of the company’s stock, valued at approximately $10,587,129.84. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman Frederick W. Smith sold 113,400 shares of the business’s stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $274.30, for a total transaction of $31,105,620.00. Following the transaction, the chairman now owns 14,505,844 shares in the company, valued at approximately $3,978,953,009.20. The disclosure for this sale can be found here. In the last three months, insiders sold 127,774 shares of company stock valued at $35,194,126. Company insiders own 8.73% of the company’s stock.
Institutional Trading of FedEx
Several institutional investors have recently modified their holdings of FDX. Clearbridge Investments LLC grew its position in FedEx by 19.6% in the third quarter. Clearbridge Investments LLC now owns 5,065 shares of the shipping service provider’s stock valued at $1,342,000 after acquiring an additional 830 shares during the period. Operose Advisors LLC acquired a new stake in shares of FedEx during the 3rd quarter worth about $52,000. O Shaughnessy Asset Management LLC lifted its holdings in FedEx by 70.2% during the 3rd quarter. O Shaughnessy Asset Management LLC now owns 12,130 shares of the shipping service provider’s stock valued at $3,213,000 after purchasing an additional 5,003 shares during the last quarter. Mather Group LLC. boosted its position in FedEx by 92.3% in the third quarter. Mather Group LLC. now owns 3,892 shares of the shipping service provider’s stock valued at $1,031,000 after buying an additional 1,868 shares in the last quarter. Finally, Vinva Investment Management Ltd grew its stake in FedEx by 25.3% during the third quarter. Vinva Investment Management Ltd now owns 6,433 shares of the shipping service provider’s stock worth $1,714,000 after buying an additional 1,300 shares during the last quarter. Institutional investors and hedge funds own 84.47% of the company’s stock.
FedEx Trading Up 14.5 %
The company’s fifty day moving average price is $256.13 and its two-hundred day moving average price is $255.72. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 0.76. The company has a market cap of $72.21 billion, a price-to-earnings ratio of 16.70, a price-to-earnings-growth ratio of 0.93 and a beta of 1.16.
About FedEx
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.
Further Reading
- Five stocks we like better than FedEx
- There Are Different Types of Stock To Invest In
- FedEx Stock Can Deliver a Fresh All-Time High This Year
- EV Stocks and How to Profit from Them
- Top 3 Stocks Fund Managers Pick: Realty Income, Starbucks, Boeing
- Stocks with Unusual Volume: How to Find Unusual Volume Stocks in Real Time
- Silvaco Stock: Consider Early Investment in New Semiconductor
Receive News & Ratings for FedEx Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for FedEx and related companies with MarketBeat.com's FREE daily email newsletter.