FedEx Corp. (FDX) Sets New 1-Year High Following Earnings Beat
FedEx Corp. (NYSE:FDX) shares reached a new 52-week high on Wednesday following a better than expected earnings announcement. The stock traded as high as $173.40 and last traded at $172.60, with a volume of 3,214,352 shares. The stock had previously closed at $162.65.
The shipping service provider reported $2.90 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.81 by $0.09. The company had revenue of $14.70 billion for the quarter. FedEx Corp. had a return on equity of 21.56% and a net margin of 3.49%. FedEx Corp.’s revenue for the quarter was up 19.5% on a year-over-year basis. During the same quarter last year, the firm posted $2.42 earnings per share.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Monday, September 12th will be given a dividend of $0.40 per share. The ex-dividend date is Thursday, September 8th. This represents a $1.60 annualized dividend and a yield of 0.92%. FedEx Corp.’s dividend payout ratio (DPR) is presently 23.99%.
Several equities analysts have recently commented on FDX shares. Zacks Investment Research downgraded FedEx Corp. from a “buy” rating to a “hold” rating in a research report on Monday, May 30th. Barclays PLC restated a “buy” rating and issued a $205.00 price objective on shares of FedEx Corp. in a research report on Monday. Royal Bank Of Canada boosted their price objective on FedEx Corp. from $158.00 to $174.00 and gave the company a “sector perform” rating in a research report on Wednesday, June 22nd. Deutsche Bank AG boosted their price objective on FedEx Corp. from $190.00 to $198.00 and gave the company a “buy” rating in a research report on Thursday, June 23rd. Finally, Oppenheimer Holdings Inc. boosted their price objective on FedEx Corp. from $180.00 to $184.00 and gave the company an “outperform” rating in a research report on Wednesday. Nine investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $175.85.
In other FedEx Corp. news, EVP Robert B. Carter sold 5,000 shares of the company’s stock in a transaction on Thursday, August 11th. The stock was sold at an average price of $164.51, for a total transaction of $822,550.00. Following the completion of the sale, the executive vice president now owns 53,399 shares in the company, valued at $8,784,669.49. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Alan B. Graf, Jr. sold 7,400 shares of the company’s stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $159.43, for a total value of $1,179,782.00. Following the sale, the executive vice president now owns 150,665 shares of the company’s stock, valued at approximately $24,020,520.95. The disclosure for this sale can be found here. 8.67% of the stock is owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of the company. Carnick & Kubik Group LLC bought a new stake in FedEx Corp. during the second quarter worth $1,066,000. Williams Jones & Associates LLC raised its stake in FedEx Corp. by 10.0% in the second quarter. Williams Jones & Associates LLC now owns 122,828 shares of the shipping service provider’s stock worth $18,643,000 after buying an additional 11,175 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in FedEx Corp. during the second quarter worth $1,530,000. Kentucky Retirement Systems bought a new stake in FedEx Corp. during the second quarter worth $3,222,000. Finally, Mason Street Advisors LLC bought a new stake in FedEx Corp. during the second quarter worth $5,103,000. Institutional investors own 73.78% of the company’s stock.
The company has a market capitalization of $46.11 billion, a P/E ratio of 26.68 and a beta of 1.35. The firm has a 50 day moving average price of $164.95 and a 200-day moving average price of $161.28.
FedEx Corp. Company Profile
FedEx Corporation (FedEx) provides a portfolio of transportation, e-commerce and business services through companies competing collectively, operating independently and managed collaboratively, under the FedEx brand. The Company’s segments include FedEx Express, TNT Express, FedEx Ground, FedEx Freight and FedEx Services.
Receive News & Ratings for FedEx Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for FedEx Corp. and related companies with MarketBeat.com's FREE daily email newsletter.