FOX (NASDAQ:FOXA) Hits New 1-Year High – Time to Buy?

Fox Corporation (NASDAQ:FOXA) shares hit a new 52-week high during trading on Monday . The stock traded as high as $74.67 and last traded at $74.2110, with a volume of 70822 shares traded. The stock had previously closed at $74.30.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on FOXA shares. Fox Advisors set a $97.00 target price on shares of FOX in a report on Tuesday, October 28th. Guggenheim increased their price objective on shares of FOX from $75.00 to $85.00 and gave the company a “buy” rating in a report on Monday, December 22nd. TD Cowen boosted their target price on FOX from $53.00 to $55.00 and gave the stock a “hold” rating in a report on Friday, October 31st. Zacks Research upgraded FOX from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 3rd. Finally, Evercore ISI lifted their price objective on FOX from $55.00 to $66.00 and gave the stock an “in-line” rating in a research report on Friday, October 31st. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $73.63.

FOX Stock Performance

The company has a debt-to-equity ratio of 0.54, a current ratio of 3.24 and a quick ratio of 3.03. The company has a market cap of $33.01 billion, a price-to-earnings ratio of 16.71, a PEG ratio of 1.66 and a beta of 0.51. The firm has a 50 day simple moving average of $66.52 and a 200-day simple moving average of $60.83.

FOX (NASDAQ:FOXA) last released its quarterly earnings results on Thursday, October 30th. The company reported $1.51 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.41. The business had revenue of $3.74 billion during the quarter, compared to analysts’ expectations of $3.57 billion. FOX had a return on equity of 18.61% and a net margin of 12.35%.The company’s revenue was up 4.9% compared to the same quarter last year. During the same period in the prior year, the business posted $1.45 EPS. As a group, analysts predict that Fox Corporation will post 4.38 EPS for the current fiscal year.

Insider Activity at FOX

In other news, CFO Steven Tomsic sold 138,397 shares of the business’s stock in a transaction that occurred on Monday, November 10th. The shares were sold at an average price of $66.54, for a total value of $9,208,936.38. Following the sale, the chief financial officer directly owned 180,556 shares of the company’s stock, valued at approximately $12,014,196.24. The trade was a 43.39% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Adam G. Ciongoli sold 29,897 shares of the stock in a transaction that occurred on Tuesday, December 9th. The stock was sold at an average price of $69.55, for a total transaction of $2,079,336.35. Following the transaction, the insider directly owned 35,978 shares of the company’s stock, valued at $2,502,269.90. The trade was a 45.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 454,817 shares of company stock valued at $29,490,590 over the last 90 days. Insiders own 19.68% of the company’s stock.

Hedge Funds Weigh In On FOX

A number of hedge funds and other institutional investors have recently bought and sold shares of FOXA. FWL Investment Management LLC acquired a new stake in shares of FOX during the third quarter worth about $26,000. CYBER HORNET ETFs LLC purchased a new stake in FOX during the 2nd quarter worth approximately $35,000. Quantbot Technologies LP acquired a new stake in FOX during the 3rd quarter worth approximately $51,000. Geneos Wealth Management Inc. boosted its position in FOX by 205.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 923 shares of the company’s stock valued at $52,000 after buying an additional 621 shares during the period. Finally, Root Financial Partners LLC acquired a new position in shares of FOX in the third quarter worth $60,000. 52.52% of the stock is currently owned by hedge funds and other institutional investors.

About FOX

Fox Corporation (NASDAQ: FOXA) is a U.S.-based media company focused on television broadcasting, cable news and sports programming, and digital distribution. The company was formed in 2019 as the successor to certain assets of 21st Century Fox after a transaction that transferred many film and television studio assets to The Walt Disney Company. Fox Corp’s operations center on the Fox Broadcasting network, a portfolio of local television stations, national news and business cable networks, and sports media properties.

Fox produces, acquires and distributes a range of live and recorded programming, including news, opinion and commentary, national and local sports telecasts, and general entertainment.