FOX (NASDAQ:FOXA) Hits New 52-Week High After Analyst Upgrade

Fox Co. (NASDAQ:FOXA)’s stock price reached a new 52-week high during trading on Wednesday after The Goldman Sachs Group raised their price target on the stock from $51.00 to $57.00. The Goldman Sachs Group currently has a buy rating on the stock. FOX traded as high as $49.30 and last traded at $49.07, with a volume of 6273535 shares traded. The stock had previously closed at $47.06.

Several other research firms have also weighed in on FOXA. Wells Fargo & Company boosted their target price on shares of FOX from $46.00 to $49.00 and gave the company an “overweight” rating in a research note on Tuesday, November 5th. Barclays boosted their price objective on shares of FOX from $36.00 to $39.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 9th. TD Cowen raised their target price on shares of FOX from $36.00 to $42.00 and gave the stock a “hold” rating in a report on Tuesday, November 5th. StockNews.com lowered FOX from a “buy” rating to a “hold” rating in a report on Tuesday. Finally, UBS Group increased their price target on FOX from $44.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $46.87.

Insider Activity

In other news, Chairman Keith Rupert Murdoch sold 186,871 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $46.22, for a total transaction of $8,637,177.62. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO John Nallen sold 182,481 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $43.73, for a total transaction of $7,979,894.13. Following the completion of the transaction, the chief operating officer now directly owns 249,424 shares of the company’s stock, valued at $10,907,311.52. This represents a 42.25 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 469,352 shares of company stock worth $20,822,072 over the last three months. Corporate insiders own 21.77% of the company’s stock.

Institutional Trading of FOX

A number of hedge funds have recently modified their holdings of the business. Pacer Advisors Inc. grew its holdings in shares of FOX by 44,205.3% during the third quarter. Pacer Advisors Inc. now owns 7,915,576 shares of the company’s stock valued at $335,066,000 after buying an additional 7,897,710 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its stake in FOX by 228.4% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,387,107 shares of the company’s stock valued at $58,716,000 after acquiring an additional 964,737 shares in the last quarter. Retirement Systems of Alabama grew its stake in FOX by 1,727.2% during the 2nd quarter. Retirement Systems of Alabama now owns 965,066 shares of the company’s stock valued at $33,169,000 after acquiring an additional 912,250 shares in the last quarter. AXA S.A. increased its holdings in shares of FOX by 294.2% in the 2nd quarter. AXA S.A. now owns 888,476 shares of the company’s stock valued at $30,537,000 after purchasing an additional 663,089 shares during the period. Finally, Independent Franchise Partners LLP boosted its holdings in shares of FOX by 3.3% during the second quarter. Independent Franchise Partners LLP now owns 18,495,954 shares of the company’s stock worth $635,706,000 after purchasing an additional 597,450 shares during the period. Hedge funds and other institutional investors own 52.52% of the company’s stock.

FOX Price Performance

The stock has a market capitalization of $22.31 billion, a PE ratio of 11.94, a P/E/G ratio of 1.18 and a beta of 0.77. The company has a quick ratio of 2.33, a current ratio of 2.59 and a debt-to-equity ratio of 0.58. The stock’s 50-day moving average is $44.98 and its 200 day moving average is $40.45.

FOX (NASDAQ:FOXA) last posted its quarterly earnings results on Monday, November 4th. The company reported $1.45 EPS for the quarter, beating the consensus estimate of $1.12 by $0.33. FOX had a net margin of 13.40% and a return on equity of 16.49%. The business had revenue of $3.56 billion for the quarter, compared to analysts’ expectations of $3.38 billion. During the same period in the previous year, the company posted $1.09 EPS. FOX’s revenue was up 11.1% on a year-over-year basis. As a group, equities analysts predict that Fox Co. will post 3.94 earnings per share for the current year.

About FOX

Fox Corporation operates as a news, sports, and entertainment company in the United States (U.S.). The company operates through four segments: Cable Network Programming, Television, Credible, and The FOX Studio Lot. The Cable Network Programming segment produces and licenses news and sports content for distribution through traditional cable television systems, direct broadcast satellite operators and telecommunication companies, virtual multi-channel video programming distributors, and other digital platforms primarily in the U.S.