Wells Fargo & Company Issues Pessimistic Forecast for FOX (NASDAQ:FOXA) Stock Price

FOX (NASDAQ:FOXA) had its target price cut by research analysts at Wells Fargo & Company from $71.00 to $65.00 in a research note issued on Monday, MarketBeat Ratings reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 15.08% from the stock’s current price.

A number of other brokerages have also recently weighed in on FOXA. Wolfe Research upgraded shares of FOX from a “peer perform” rating to an “outperform” rating and set a $71.00 price objective on the stock in a research note on Tuesday, June 30th. Zacks Research upgraded shares of FOX from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, May 13th. Seaport Research Partners reaffirmed a “buy” rating and set a $61.00 price target on shares of FOX in a research note on Tuesday, June 16th. UBS Group reiterated a “neutral” rating on shares of FOX in a research report on Monday, June 15th. Finally, Evercore set a $73.00 price objective on FOX in a research note on Tuesday, May 12th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, FOX presently has an average rating of “Hold” and an average target price of $73.73.

FOX Price Performance

Shares of NASDAQ FOXA opened at $56.48 on Monday. FOX has a fifty-two week low of $48.34 and a fifty-two week high of $76.39. The business has a 50 day moving average price of $61.10 and a two-hundred day moving average price of $63.49. The company has a quick ratio of 2.65, a current ratio of 2.90 and a debt-to-equity ratio of 0.60. The firm has a market cap of $23.73 billion, a PE ratio of 14.90, a price-to-earnings-growth ratio of 1.61 and a beta of 0.54.

FOX (NASDAQ:FOXA) last announced its quarterly earnings data on Monday, May 11th. The company reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.30. FOX had a net margin of 10.56% and a return on equity of 18.90%. The company had revenue of $3.99 billion during the quarter, compared to analyst estimates of $3.78 billion. During the same period last year, the business earned $1.10 EPS. The firm’s revenue for the quarter was down 8.6% compared to the same quarter last year. Sell-side analysts expect that FOX will post 4.93 earnings per share for the current fiscal year.

Hedge Funds Weigh In On FOX

A number of large investors have recently made changes to their positions in the business. Elyxium Wealth LLC purchased a new position in FOX during the fourth quarter valued at approximately $27,000. FWL Investment Management LLC acquired a new position in shares of FOX in the third quarter worth $26,000. CYBER HORNET ETFs LLC acquired a new position in shares of FOX in the second quarter worth $35,000. Rosenberg Matthew Hamilton raised its holdings in shares of FOX by 58.5% during the fourth quarter. Rosenberg Matthew Hamilton now owns 696 shares of the company’s stock worth $51,000 after acquiring an additional 257 shares in the last quarter. Finally, Private Trust Co. NA boosted its position in FOX by 35.6% during the fourth quarter. Private Trust Co. NA now owns 712 shares of the company’s stock valued at $52,000 after purchasing an additional 187 shares during the last quarter. Institutional investors and hedge funds own 52.52% of the company’s stock.

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.