FOX (NASDAQ:FOXA) Stock Moved Up to Buy by Bank of America

FOX (NASDAQ:FOXA) was upgraded by Bank of America from an “underperform” rating to a “buy” rating in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has a $85.00 target price on the stock, up from their prior target price of $54.00. Bank of America‘s price target suggests a potential upside of 32.85% from the stock’s previous close.

FOXA has been the topic of a number of other reports. Guggenheim reissued a “buy” rating and issued a $85.00 price objective on shares of FOX in a research note on Wednesday, September 23rd. Citigroup started coverage on FOX in a research note on Monday, September 14th. They set an “outperform” rating for the company. Zacks Research downgraded FOX from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 5th. Wall Street Zen upgraded FOX from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. Finally, JPMorgan Chase & Co. raised FOX from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $70.00 to $82.00 in a research note on Friday, August 14th. Twelve investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $78.71.

FOX Price Performance

FOXA stock opened at $63.98 on Friday. The company has a quick ratio of 2.99, a current ratio of 3.17 and a debt-to-equity ratio of 0.56. The firm has a market cap of $26.85 billion, a price-to-earnings ratio of 11.44, a PEG ratio of 1.11 and a beta of 0.60. The company’s fifty day simple moving average is $65.26 and its 200 day simple moving average is $61.91. FOX has a 12-month low of $48.34 and a 12-month high of $76.39.

FOX (NASDAQ:FOXA) last issued its quarterly earnings results on Thursday, August 6th. The company reported $1.79 earnings per share for the quarter, topping analysts’ consensus estimates of $1.44 by $0.35. FOX had a return on equity of 20.64% and a net margin of 9.84%. The firm had revenue of $4.21 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same period last year, the business posted $1.27 EPS. The business’s revenue was up 28.1% compared to the same quarter last year. On average, analysts expect that FOX will post 5.94 earnings per share for the current year.

Insider Activity

In related news, CEO Lachlan Murdoch acquired 149,934 shares of the business’s stock in a transaction dated Tuesday, September 15th. The shares were bought at an average price of $68.53 per share, with a total value of $10,274,977.02. Following the transaction, the chief executive officer directly owned 1,401,713 shares of the company’s stock, valued at $96,059,391.89. This trade represents a 11.98% increase 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. 20.89% of the stock is owned by company insiders.

Institutional Trading of FOX

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Squarepoint Ops LLC raised its stake in FOX by 12.4% during the 2nd quarter. Squarepoint Ops LLC now owns 1,127,389 shares of the company’s stock worth $58,805,000 after buying an additional 124,143 shares during the period. Allianz Asset Management GmbH grew its stake in FOX by 2.6% in the second quarter. Allianz Asset Management GmbH now owns 966,811 shares of the company’s stock valued at $50,429,000 after acquiring an additional 24,511 shares during the period. Junto Capital Management LP acquired a new stake in FOX in the second quarter valued at approximately $34,773,000. SG Americas Securities LLC increased its holdings in shares of FOX by 299.8% during the first quarter. SG Americas Securities LLC now owns 511,811 shares of the company’s stock valued at $29,890,000 after acquiring an additional 383,782 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of FOX during the second quarter valued at approximately $21,519,000. 52.52% of the stock is owned by institutional investors.

About FOX

Fox Corporation (NASDAQ: FOXA) is a U.S. media company that produces and distributes news, sports, and entertainment programming. Its portfolio includes FOX News Media, FOX Sports, FOX Entertainment, FOX Television Stations, and Tubi, an ad-supported streaming service offering movies, television programs, and other digital content.

FOX News Media operates FOX News Channel, FOX Business Network, FOX News Digital, and related audio and digital platforms. FOX Sports provides national and regional sports programming, while FOX Entertainment develops and broadcasts scripted and unscripted programming through the FOX broadcast network and other platforms.