FOX (NASDAQ:FOXA) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of FOX (NASDAQ:FOXA) from a hold rating to a buy rating in a research report sent to investors on Saturday morning.

Several other analysts also recently weighed in on FOXA. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $80.00 target price on shares of FOX in a research note on Friday. UBS Group reissued a “neutral” rating on shares of FOX in a report on Monday, June 15th. Wells Fargo & Company raised shares of FOX from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $65.00 to $80.00 in a report on Friday. JPMorgan Chase & Co. raised shares of FOX from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $70.00 to $82.00 in a report on Friday. Finally, Zacks Research lowered FOX from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 5th. Nine investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, FOX has a consensus rating of “Hold” and a consensus target price of $74.38.

FOX Trading Up 0.2%

FOXA opened at $69.19 on Friday. The firm’s 50 day moving average is $57.40 and its 200-day moving average is $60.32. FOX has a 52-week low of $48.34 and a 52-week high of $76.39. The company has a quick ratio of 2.99, a current ratio of 3.17 and a debt-to-equity ratio of 0.56. The firm has a market capitalization of $29.04 billion, a P/E ratio of 18.07, a P/E/G ratio of 1.92 and a beta of 0.54.

FOX (NASDAQ:FOXA) last released its quarterly earnings results on Thursday, August 6th. The company reported $1.79 earnings per share for the quarter, beating analysts’ consensus estimates of $1.44 by $0.35. FOX had a net margin of 9.84% and a return on equity of 20.64%. The business had revenue of $4.21 billion during the quarter, compared to analyst estimates of $3.64 billion. During the same period last year, the business earned $1.27 EPS. The business’s revenue was up 28.1% on a year-over-year basis. Analysts expect that FOX will post 5.89 EPS for the current fiscal year.

FOX Announces Dividend

The business also recently announced a dividend, which will be paid on Wednesday, September 23rd. Stockholders of record on Wednesday, September 2nd will be issued a dividend of $0.29 per share. This represents a dividend yield of 94.0%. The ex-dividend date of this dividend is Wednesday, September 2nd. FOX’s dividend payout ratio is currently 14.62%.

Hedge Funds Weigh In On FOX

A number of institutional investors have recently bought and sold shares of the stock. Geneos Wealth Management Inc. increased its position in shares of FOX by 205.6% in the first quarter. Geneos Wealth Management Inc. now owns 923 shares of the company’s stock worth $52,000 after acquiring an additional 621 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in FOX by 286.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,368 shares of the company’s stock worth $77,000 after purchasing an additional 1,014 shares during the period. Baird Financial Group Inc. grew its position in FOX by 19.7% during the 2nd quarter. Baird Financial Group Inc. now owns 17,500 shares of the company’s stock worth $981,000 after purchasing an additional 2,876 shares in the last quarter. California State Teachers Retirement System grew its position in FOX by 16.6% during the 2nd quarter. California State Teachers Retirement System now owns 350,844 shares of the company’s stock worth $19,661,000 after purchasing an additional 49,963 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its stake in FOX by 72.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,821,284 shares of the company’s stock valued at $101,948,000 after purchasing an additional 762,645 shares during the period. Hedge funds and other institutional investors own 52.52% of the company’s stock.

FOX Company Profile

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.