FOX (NASDAQ:FOXA) Upgraded to Strong-Buy at Zacks Research

Zacks Research upgraded shares of FOX (NASDAQ:FOXA) from a hold rating to a strong-buy rating in a research note published on Wednesday,Zacks.com reports.

A number of other analysts also recently weighed in on FOXA. TD Cowen increased their price target on shares of FOX from $55.00 to $65.00 and gave the company a “hold” rating in a report on Thursday, February 5th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $79.00 price target on shares of FOX in a report on Tuesday. Wells Fargo & Company increased their price target on shares of FOX from $67.00 to $71.00 and gave the company an “equal weight” rating in a report on Tuesday. UBS Group set a $64.00 price target on shares of FOX in a report on Tuesday, February 24th. Finally, Morgan Stanley increased their price target on shares of FOX from $74.00 to $77.00 and gave the company an “equal weight” rating in a report on Thursday, February 5th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, FOX has an average rating of “Hold” and an average price target of $74.86.

FOX Price Performance

NASDAQ FOXA opened at $65.32 on Wednesday. The company has a current ratio of 2.90, a quick ratio of 2.44 and a debt-to-equity ratio of 0.60. The company has a fifty day simple moving average of $61.10 and a 200 day simple moving average of $65.03. The company has a market cap of $27.79 billion, a P/E ratio of 17.23, a P/E/G ratio of 3.49 and a beta of 0.52. FOX has a 1 year low of $52.96 and a 1 year high of $76.39.

FOX (NASDAQ:FOXA) last issued its quarterly earnings results on Monday, May 11th. The company reported $1.32 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.30. FOX had a net margin of 10.56% and a return on equity of 18.90%. The firm had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $3.78 billion. During the same period in the prior year, the firm earned $1.10 EPS. The business’s revenue was down 8.6% on a year-over-year basis. On average, sell-side analysts predict that FOX will post 4.87 EPS for the current year.

Insider Transactions at FOX

In other news, CEO Lachlan K. Murdoch sold 637,752 shares of the firm’s stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $58.20, for a total transaction of $37,117,166.40. Following the completion of the transaction, the chief executive officer directly owned 152 shares of the company’s stock, valued at approximately $8,846.40. This trade represents a 99.98% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO John Nallen sold 242,309 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $57.74, for a total transaction of $13,990,921.66. Following the transaction, the chief operating officer directly owned 357,653 shares of the company’s stock, valued at $20,650,884.22. The trade was a 40.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,586,871 shares of company stock valued at $91,893,926 over the last ninety days. 19.68% of the stock is owned by insiders.

Hedge Funds Weigh In On FOX

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Private Trust Co. NA lifted its holdings in shares of FOX by 35.6% during the 4th quarter. Private Trust Co. NA now owns 712 shares of the company’s stock worth $52,000 after acquiring an additional 187 shares during the period. Parallel Advisors LLC lifted its holdings in shares of FOX by 9.2% during the 3rd quarter. Parallel Advisors LLC now owns 2,532 shares of the company’s stock worth $160,000 after acquiring an additional 214 shares during the period. Brown Brothers Harriman & Co. lifted its holdings in shares of FOX by 27.5% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,062 shares of the company’s stock worth $67,000 after acquiring an additional 229 shares during the period. Venturi Wealth Management LLC lifted its holdings in shares of FOX by 3.5% during the 4th quarter. Venturi Wealth Management LLC now owns 6,916 shares of the company’s stock worth $505,000 after acquiring an additional 232 shares during the period. Finally, Rosenberg Matthew Hamilton increased its position in shares of FOX by 58.5% during the 4th quarter. Rosenberg Matthew Hamilton now owns 696 shares of the company’s stock worth $51,000 after purchasing an additional 257 shares in the last quarter. 52.52% of the stock is owned by 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.