FOX (NASDAQ:FOXA) Rating Increased to Buy at Bank of America

FOX (NASDAQ:FOXA) was upgraded by investment analysts at Bank of America from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Thursday, FinViz reports. The firm currently has a $40.00 price target on the stock, up from their prior price target of $34.00. Bank of America‘s price target would indicate a potential upside of 20.63% from the stock’s current price.

Several other research analysts have also weighed in on FOXA. Rosenblatt Securities restated a “neutral” rating and set a $34.00 price objective on shares of FOX in a research note on Monday, April 15th. Wells Fargo & Company lowered their price target on FOX from $30.00 to $28.00 and set an “underweight” rating on the stock in a research report on Thursday, February 8th. Citigroup raised FOX from a “neutral” rating to a “buy” rating and raised their price objective for the company from $34.00 to $35.00 in a research report on Friday, February 23rd. Macquarie boosted their target price on FOX from $29.00 to $30.00 and gave the stock a “neutral” rating in a report on Thursday, February 8th. Finally, Seaport Res Ptn upgraded FOX from a “neutral” rating to a “buy” rating in a research note on Friday, April 5th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $34.00.

FOX Stock Up 2.6 %

NASDAQ:FOXA opened at $33.16 on Thursday. FOX has a twelve month low of $28.28 and a twelve month high of $35.40. The firm has a market capitalization of $15.75 billion, a price-to-earnings ratio of 19.62, a price-to-earnings-growth ratio of 0.43 and a beta of 0.77. The company has a quick ratio of 2.01, a current ratio of 2.29 and a debt-to-equity ratio of 0.70. The stock’s 50 day moving average price is $30.58 and its two-hundred day moving average price is $30.43.

FOX (NASDAQ:FOXA) last issued its earnings results on Wednesday, February 7th. The company reported $0.34 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.24. The business had revenue of $4.23 billion for the quarter, compared to the consensus estimate of $4.21 billion. FOX had a net margin of 5.75% and a return on equity of 15.81%. The firm’s revenue for the quarter was down 8.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.48 earnings per share. Equities research analysts expect that FOX will post 3.18 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. State Board of Administration of Florida Retirement System grew its holdings in shares of FOX by 4.0% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 418,451 shares of the company’s stock worth $14,248,000 after purchasing an additional 16,224 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in FOX by 39.9% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 220,722 shares of the company’s stock worth $6,902,000 after purchasing an additional 62,940 shares during the period. ProShare Advisors LLC grew its stake in FOX by 11.5% during the first quarter. ProShare Advisors LLC now owns 63,745 shares of the company’s stock worth $1,993,000 after buying an additional 6,559 shares in the last quarter. Meeder Asset Management Inc. bought a new position in FOX in the 1st quarter valued at about $66,000. Finally, Forsta AP Fonden raised its position in shares of FOX by 65.8% in the 1st quarter. Forsta AP Fonden now owns 177,900 shares of the company’s stock valued at $5,563,000 after buying an additional 70,600 shares in the last quarter. 52.52% of the stock is owned by institutional investors.

About FOX

Fox Corporation operates as a news, sports, and entertainment company in the United States (U.S.). The company operates through Cable Network Programming; Television; and Other, Corporate and Eliminations segments. The Cable Network Programming segment produces and licenses news, business 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.