FOX (NASDAQ:FOXA) Stock Rating Upgraded by Zacks Research

FOX (NASDAQ:FOXA) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

Several other equities research analysts have also commented on the stock. Wells Fargo & Company increased their price objective on shares of FOX from $67.00 to $71.00 and gave the company an “equal weight” rating in a research note on Tuesday. TD Cowen increased their price target on FOX from $55.00 to $65.00 and gave the company a “hold” rating in a research report on Thursday, February 5th. JPMorgan Chase & Co. boosted their price objective on FOX from $69.00 to $70.00 and gave the stock a “neutral” rating in a research report on Tuesday. Citigroup raised their target price on FOX from $77.00 to $78.00 and gave the company a “buy” rating in a research report on Thursday, February 5th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $79.00 price target on shares of FOX in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $74.86.

FOX Stock Performance

FOXA opened at $65.32 on Wednesday. FOX has a 1-year low of $52.96 and a 1-year high of $76.39. The company has a market cap of $27.79 billion, a price-to-earnings ratio of 17.23, a PEG ratio of 3.49 and a beta of 0.52. The company’s fifty day moving average price is $61.10 and its two-hundred day moving average price is $65.03. The company has a current ratio of 2.90, a quick ratio of 2.44 and a debt-to-equity ratio of 0.60.

FOX (NASDAQ:FOXA) last posted its earnings results on Monday, May 11th. The company reported $1.32 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.30. FOX had a return on equity of 18.90% and a net margin of 10.56%.The company had revenue of $3.99 billion for the quarter, compared to analyst estimates of $3.78 billion. During the same quarter last year, the company earned $1.10 earnings per share. The company’s revenue for the quarter was down 8.6% on a year-over-year basis. On average, analysts expect that FOX will post 4.87 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Lachlan K. Murdoch sold 637,752 shares of FOX stock in a transaction on Friday, March 13th. The stock was sold at an average price of $58.20, for a total value of $37,117,166.40. Following the completion of the transaction, the chief executive officer directly owned 152 shares in the company, valued at approximately $8,846.40. The trade was a 99.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO John Nallen sold 242,309 shares of the business’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $57.74, for a total value of $13,990,921.66. Following the sale, the chief operating officer owned 357,653 shares in the company, valued at approximately $20,650,884.22. The trade was a 40.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,586,871 shares of company stock valued at $91,893,926 over the last ninety days. Corporate insiders own 19.68% of the company’s stock.

Institutional Investors Weigh In On FOX

Institutional investors and hedge funds have recently modified their holdings of the company. Winnow Wealth LLC purchased a new position in FOX during the third quarter valued at approximately $1,238,000. BI Asset Management Fondsmaeglerselskab A S lifted its stake in FOX by 23.0% in the 3rd quarter. BI Asset Management Fondsmaeglerselskab A S now owns 150,522 shares of the company’s stock worth $9,492,000 after purchasing an additional 28,118 shares in the last quarter. SG Americas Securities LLC boosted its holdings in FOX by 346.6% in the 4th quarter. SG Americas Securities LLC now owns 128,029 shares of the company’s stock valued at $9,355,000 after purchasing an additional 99,363 shares during the period. Bank of New York Mellon Corp grew its position in shares of FOX by 0.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,924,975 shares of the company’s stock valued at $121,389,000 after purchasing an additional 16,757 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of FOX by 3.0% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 572,145 shares of the company’s stock worth $41,807,000 after purchasing an additional 16,716 shares during the period. 52.52% of the stock is owned by hedge funds and other institutional investors.

About FOX

Fox Corporation (NASDAQ: FOXA) is a U.S.-based media company focused on television broadcasting, cable news and sports programming, and digital distribution. The company was formed in 2019 as the successor to certain assets of 21st Century Fox after a transaction that transferred many film and television studio assets to The Walt Disney Company. Fox Corp’s operations center on the Fox Broadcasting network, a portfolio of local television stations, national news and business cable networks, and sports media properties.

Fox produces, acquires and distributes a range of live and recorded programming, including news, opinion and commentary, national and local sports telecasts, and general entertainment.