FedEx Adopts $1.5B Accelerated Share Repurchase Program

FedEx Corp FDX has entered into an accelerated share repurchase agreement (ASR) with Morgan Stanley & Co. LLC.
Under the terms of the ASR, FedEx has agreed to repurchase an aggregate of $1.5 billion of stock, with an initial delivery of approximately 7.9 million shares.
The company expects to complete the purchases under the ASR before the end of its current fiscal year.
Also Read: FedEx 'Surprisingly' Leaves Out Details On What Drove Earnings Miss, Analyst Says
The company held $6.8 billion in cash and equivalents as of August 31, 2022.
Price Action: FDX shares are trading higher by 4.63% at $158.48 on the last check Tuesday.

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