FOX (NASDAQ:FOXA) Price Target Raised to $62.00

FOX (NASDAQ:FOXA) had its price objective raised by Wells Fargo & Company from $58.00 to $62.00 in a research report report published on Tuesday morning, Marketbeat reports. The firm currently has an overweight rating on the stock.

A number of other brokerages have also recently weighed in on FOXA. Moffett Nathanson cut FOX from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $51.00 to $52.00 in a research note on Tuesday, January 21st. Barclays lifted their target price on shares of FOX from $45.00 to $52.00 and gave the company an “equal weight” rating in a report on Tuesday. Morgan Stanley increased their price target on shares of FOX from $57.00 to $60.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Guggenheim restated a “buy” rating and issued a $60.00 price objective on shares of FOX in a research note on Tuesday, March 25th. Finally, UBS Group increased their target price on shares of FOX from $61.00 to $63.00 and gave the stock a “buy” rating in a research note on Tuesday. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, FOX currently has a consensus rating of “Hold” and an average target price of $52.71.

FOX Price Performance

Shares of NASDAQ:FOXA opened at $55.46 on Tuesday. FOX has a 12 month low of $32.45 and a 12 month high of $58.74. The firm has a market capitalization of $25.15 billion, a P/E ratio of 11.88, a P/E/G ratio of 1.27 and a beta of 0.51. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.50 and a quick ratio of 2.14. The company’s fifty day moving average price is $51.27 and its 200 day moving average price is $50.19.

FOX (NASDAQ:FOXA) last posted its earnings results on Monday, May 12th. The company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.17. The business had revenue of $4.37 billion for the quarter, compared to analysts’ expectations of $4.14 billion. FOX had a return on equity of 18.50% and a net margin of 14.39%. The business’s revenue was up 26.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.40 earnings per share. As a group, sell-side analysts predict that FOX will post 4.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Chairman Keith Rupert Murdoch sold 58,000 shares of the firm’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $53.17, for a total value of $3,083,860.00. Following the completion of the sale, the chairman now owns 1,200,862 shares in the company, valued at $63,849,832.54. This trade represents a 4.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 21.77% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. WealthTrak Capital Management LLC purchased a new stake in shares of FOX during the 4th quarter worth approximately $26,000. SRS Capital Advisors Inc. boosted its position in FOX by 91.0% during the fourth quarter. SRS Capital Advisors Inc. now owns 550 shares of the company’s stock worth $27,000 after purchasing an additional 262 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in FOX in the fourth quarter valued at $28,000. Hemington Wealth Management grew its holdings in FOX by 217.6% in the first quarter. Hemington Wealth Management now owns 524 shares of the company’s stock valued at $29,000 after purchasing an additional 359 shares during the last quarter. Finally, Jones Financial Companies Lllp increased its position in shares of FOX by 61.5% in the fourth quarter. Jones Financial Companies Lllp now owns 654 shares of the company’s stock valued at $32,000 after buying an additional 249 shares in the last quarter. 52.52% of the stock is currently owned by institutional investors and hedge funds.

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.