FOX (NASDAQ:FOX) Stock Rating Lowered by Zacks Research

FOX (NASDAQ:FOX) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Tuesday, Zacks reports.

A number of other brokerages have also weighed in on FOX. Royal Bank Of Canada set a $95.00 price objective on shares of FOX in a report on Tuesday, October 20th. Citigroup reaffirmed a “market outperform” rating on shares of FOX in a report on Tuesday, October 20th. JPMorgan Chase & Co. upgraded shares of FOX from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $70.00 to $82.00 in a research report on Friday, August 14th. Wolfe Research set a $93.00 target price on shares of FOX in a research report on Thursday, August 20th. Finally, Weiss Ratings raised shares of FOX from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, November 2nd. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $79.50.

FOX Stock Performance

NASDAQ:FOX opened at $60.63 on Tuesday. The business has a 50 day moving average of $57.93 and a 200 day moving average of $55.76. The company has a market capitalization of $25.57 billion, a price-to-earnings ratio of 12.87, a PEG ratio of 1.39 and a beta of 0.66. FOX has a 1-year low of $44.08 and a 1-year high of $68.18. The company has a debt-to-equity ratio of 0.53, a current ratio of 3.79 and a quick ratio of 3.50.

FOX (NASDAQ:FOX) last issued its earnings results on Monday, November 2nd. The company reported $2.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.06 by $0.48. FOX had a return on equity of 23.96% and a net margin of 11.30%. The business had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.32 billion. On average, sell-side analysts predict that FOX will post 6.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Lachlan Murdoch purchased 149,934 shares of the firm’s stock in a transaction on Tuesday, September 15th. The shares were acquired at an average cost of $68.53 per share, with a total value of $10,274,977.02. Following the purchase, the chief executive officer directly owned 1,401,713 shares of the company’s stock, valued at approximately $96,059,391.89. This trade represents a 11.98% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 23.06% of the stock is owned by company insiders.

Institutional Trading of FOX

A number of institutional investors have recently made changes to their positions in the stock. Versant Capital Management Inc grew its holdings in shares of FOX by 42.3% in the second quarter. Versant Capital Management Inc now owns 844 shares of the company’s stock worth $40,000 after purchasing an additional 251 shares during the last quarter. Sequoia Financial Advisors LLC raised its holdings in FOX by 4.0% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 6,644 shares of the company’s stock valued at $311,000 after buying an additional 254 shares during the last quarter. Generali Asset Management SPA SGR raised its holdings in FOX by 0.8% during the 3rd quarter. Generali Asset Management SPA SGR now owns 44,876 shares of the company’s stock valued at $2,527,000 after buying an additional 338 shares during the last quarter. V Square Quantitative Management LLC raised its holdings in FOX by 9.5% during the 3rd quarter. V Square Quantitative Management LLC now owns 4,022 shares of the company’s stock valued at $226,000 after buying an additional 350 shares during the last quarter. Finally, Global Retirement Partners LLC boosted its position in FOX by 8.2% during the 3rd quarter. Global Retirement Partners LLC now owns 5,413 shares of the company’s stock valued at $305,000 after buying an additional 408 shares during the period. Hedge funds and other institutional investors own 26.41% of the company’s stock.

FOX Company Profile

Fox Corporation is a U.S. media company that produces and distributes news, sports and entertainment programming. Its operations include the FOX broadcast network, Fox News Media, Fox Sports, FOX Entertainment and Fox Television Stations. The company also owns Tubi, an ad-supported streaming service. Fox Corporation was formed in 2019 after The Walt Disney Company acquired much of 21st Century Fox. The company’s programming and services are primarily aimed at audiences in the United States, with content also distributed to viewers in other markets.