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.
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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.