Wells Fargo & Company Issues Positive Forecast for FOX (NASDAQ:FOXA) Stock Price

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

A number of other analysts also recently commented on FOXA. Cfra Research upgraded FOX from a “hold” rating to a “moderate buy” rating in a research report on Monday, April 7th. JPMorgan Chase & Co. boosted their target price on FOX from $49.00 to $54.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 5th. Loop Capital boosted their target price on FOX from $62.00 to $64.00 and gave the stock a “buy” rating in a research report on Tuesday. Guggenheim reiterated a “buy” rating and set a $60.00 target price on shares of FOX in a research report on Tuesday, March 25th. Finally, The Goldman Sachs Group set a $60.00 target price on FOX and gave the stock a “buy” rating in a research report on Tuesday, February 4th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $52.71.

FOX Trading Up 5.4%

Shares of FOXA stock opened at $55.24 on Tuesday. The business’s fifty day moving average price is $51.27 and its 200 day moving average price is $50.06. FOX has a 1-year low of $32.45 and a 1-year high of $58.74. The firm has a market capitalization of $25.05 billion, a PE ratio of 11.83, 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.

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

Insider Activity at FOX

In related news, Chairman Keith Rupert Murdoch sold 58,000 shares of the company’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $53.17, for a total value of $3,083,860.00. Following the completion of the transaction, the chairman now directly owns 1,200,862 shares in the company, valued at approximately $63,849,832.54. This represents a 4.61% 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. Insiders own 21.77% of the company’s stock.

Institutional Investors Weigh In On FOX

Several institutional investors and hedge funds have recently added to or reduced their stakes in FOXA. Franklin Resources Inc. increased its stake in FOX by 108.4% during the third quarter. Franklin Resources Inc. now owns 177,342 shares of the company’s stock worth $7,369,000 after acquiring an additional 92,244 shares during the last quarter. Principal Financial Group Inc. increased its stake in FOX by 0.4% during the third quarter. Principal Financial Group Inc. now owns 291,051 shares of the company’s stock worth $12,320,000 after acquiring an additional 1,178 shares during the last quarter. Czech National Bank increased its stake in FOX by 4.8% during the fourth quarter. Czech National Bank now owns 47,951 shares of the company’s stock worth $2,329,000 after acquiring an additional 2,189 shares during the last quarter. Brookstone Capital Management acquired a new stake in shares of FOX in the fourth quarter valued at about $492,000. Finally, Kathmere Capital Management LLC grew its stake in shares of FOX by 9.0% in the fourth quarter. Kathmere Capital Management LLC now owns 5,246 shares of the company’s stock valued at $255,000 after buying an additional 431 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.