Wells Fargo & Company Lowers FOX (NASDAQ:FOXA) Price Target to $58.00

FOX (NASDAQ:FOXA) had its target price dropped by stock analysts at Wells Fargo & Company from $63.00 to $58.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 20.05% from the company’s current price.

Other research analysts have also issued reports about the stock. JPMorgan Chase & Co. lifted their price objective on shares of FOX from $49.00 to $54.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 5th. Barclays decreased their target price on FOX from $50.00 to $45.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 8th. Citigroup increased their price objective on shares of FOX from $50.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. Cfra Research upgraded shares of FOX from a “hold” rating to a “moderate buy” rating in a research note on Monday, April 7th. Finally, Wolfe Research lowered FOX from a “peer perform” rating to an “underperform” rating and set a $48.00 price target on the stock. in a research note on Monday, April 7th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $50.65.

FOX Stock Performance

Shares of NASDAQ FOXA traded up $0.05 during midday trading on Thursday, hitting $48.31. 943,934 shares of the stock traded hands, compared to its average volume of 3,364,108. The firm has a 50-day moving average of $53.73 and a two-hundred day moving average of $48.99. FOX has a one year low of $30.30 and a one year high of $58.74. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.14 and a current ratio of 2.50. The firm has a market capitalization of $21.91 billion, a P/E ratio of 10.36, a PEG ratio of 1.27 and a beta of 0.51.

FOX (NASDAQ:FOXA) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $0.96 EPS for the quarter, beating the consensus estimate of $0.62 by $0.34. FOX had a net margin of 14.39% and a return on equity of 18.50%. The firm had revenue of $5.08 billion for the quarter, compared to the consensus estimate of $4.78 billion. During the same period last year, the firm earned $0.34 EPS. The company’s revenue was up 19.9% on a year-over-year basis. On average, equities analysts forecast that FOX will post 4.38 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Adam G. Ciongoli sold 1,278 shares of the firm’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $54.13, for a total transaction of $69,178.14. Following the completion of the sale, the insider now directly owns 29,897 shares in the company, valued at approximately $1,618,324.61. This trade represents a 4.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Keith Rupert Murdoch sold 58,000 shares of FOX stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $53.17, for a total transaction of $3,083,860.00. Following the completion of the sale, the chairman now owns 1,200,862 shares of the company’s stock, valued at $63,849,832.54. This trade represents a 4.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 21.77% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. CIBC Private Wealth Group LLC boosted its holdings in FOX by 122.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 669 shares of the company’s stock valued at $33,000 after acquiring an additional 368 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of FOX by 10.9% in the third quarter. JPMorgan Chase & Co. now owns 1,125,648 shares of the company’s stock valued at $47,649,000 after purchasing an additional 110,753 shares in the last quarter. Invst LLC acquired a new position in FOX during the third quarter worth $740,000. Asset Management One Co. Ltd. raised its stake in shares of FOX by 25.0% during the 4th quarter. Asset Management One Co. Ltd. now owns 118,380 shares of the company’s stock worth $5,856,000 after purchasing an additional 23,704 shares in the last quarter. Finally, Park Avenue Securities LLC lifted its stake in FOX by 32.4% in the 4th quarter. Park Avenue Securities LLC now owns 15,481 shares of the company’s stock valued at $752,000 after purchasing an additional 3,787 shares during 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.