Financial News

De Shaw And Fedex Announce The Appointment Of Three New Members To Its Board After The Shipping Business Double Its Dividend

A deal between activist investor DE Shaw and FedEx (FDX +12.43%) saw the shipping business double its dividend and announce the appointment of three new members to its board.

Currently, FedEx stock is up 8.8 percent to $218.66, while the S&P 500 SPX +0.18 percent futures are up 0.5 percentage points and the Dow Jones Industrial AverageDJIA +0.23 percent futures are up 0.3 percentage points.

FedEx has announced a 53 percent increase in its quarterly dividend to $1.15, from $0.70. As of June 27, investors who held shares of the company will receive a dividend of $0.10 per share on July 11. The stock now yields 2.1 percent.

With the help of DE Shaw, the corporation hired three new directors and said it would concentrate on shareholder returns and link executive remuneration to those results.

Jack Atkins of Stephens says, “Investors have speculated for years about an activist at FDX, without one materializing.” At this point, we believe that FDX has a brighter future thanks to a new management team and new board members, including an experienced operator like Mr. Vena.

FedEx’s shares have fallen 22% in 2022, making it a rough year for the company. Investors were urged to purchase the stock by Barron’s Andrew Bary in April because it was “a cheap bet on stronger margins, better profitability, and bigger free cash flow,” he said at the time. Since then, shares have fallen 1.1 percent, but have outpaced the S&P 500 index by 13.5 percentage points.

The post De Shaw And Fedex Announce The Appointment Of Three New Members To Its Board After The Shipping Business Double Its Dividend appeared first on Best Stocks.

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.

Use the myMotherLode.com Keyword Search to go straight to a specific page

Popular Pages

  • Local News
  • US News
  • Weather
  • State News
  • Events
  • Traffic
  • Sports
  • Dining Guide
  • Real Estate
  • Classifieds
  • Financial News
  • Fire Info
Feedback