FOX (NASDAQ:FOXA) Hits New 12-Month High – Still a Buy?

Fox Corporation (NASDAQ:FOXA) shares reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $67.22 and last traded at $67.01, with a volume of 204275 shares traded. The stock had previously closed at $66.25.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Weiss Ratings reiterated a “buy (b+)” rating on shares of FOX in a research note on Monday. Morgan Stanley set a $70.00 target price on FOX in a research note on Friday, October 31st. Cfra Research raised FOX from a “hold” rating to a “moderate buy” rating in a report on Tuesday, August 5th. Citigroup increased their price target on FOX from $68.00 to $77.00 and gave the company a “buy” rating in a research note on Wednesday, November 12th. Finally, Evercore ISI upped their price objective on shares of FOX from $55.00 to $66.00 and gave the company an “in-line” rating in a report on Friday, October 31st. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, FOX presently has an average rating of “Moderate Buy” and an average price target of $70.50.

FOX Price Performance

The business’s 50-day simple moving average is $62.51 and its two-hundred day simple moving average is $58.77. The stock has a market cap of $29.68 billion, a price-to-earnings ratio of 15.04, a price-to-earnings-growth ratio of 1.49 and a beta of 0.51. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.24 and a quick ratio of 3.03.

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 the consensus estimate of $1.10 by $0.41. FOX had a return on equity of 18.61% and a net margin of 12.35%.The company had revenue of $3.74 billion for the quarter, compared to analysts’ expectations of $3.57 billion. During the same period in the previous year, the business posted $1.45 earnings per share. The business’s quarterly revenue was up 4.9% compared to the same quarter last year. Research analysts expect that Fox Corporation will post 4.38 earnings per share for the current year.

Insider Activity at FOX

In other FOX news, Chairman Keith Rupert Murdoch sold 100,000 shares of the company’s stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $59.26, for a total value of $5,926,000.00. Following the sale, the chairman owned 1,100,862 shares in the company, valued at approximately $65,237,082.12. The trade was a 8.33% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Paul D. Ryan sold 17,767 shares of the firm’s stock in a transaction dated Friday, October 31st. The stock was sold at an average price of $64.36, for a total value of $1,143,484.12. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 424,920 shares of company stock worth $27,411,254 over the last three months. Company insiders own 19.68% of the company’s stock.

Hedge Funds Weigh In On FOX

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of FOX by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 25,739,628 shares of the company’s stock valued at $1,456,863,000 after purchasing an additional 518,835 shares in the last quarter. Invesco Ltd. increased its stake in shares of FOX by 3.0% in the 1st quarter. Invesco Ltd. now owns 3,680,293 shares of the company’s stock valued at $208,305,000 after acquiring an additional 107,687 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in FOX by 1.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,709,021 shares of the company’s stock worth $153,331,000 after acquiring an additional 32,144 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in FOX by 0.9% in the third quarter. Bank of New York Mellon Corp now owns 1,924,975 shares of the company’s stock worth $121,389,000 after purchasing an additional 16,757 shares during the period. Finally, Ameriprise Financial Inc. increased its stake in FOX by 72.0% in the second quarter. Ameriprise Financial Inc. now owns 1,821,284 shares of the company’s stock valued at $101,948,000 after purchasing an additional 762,645 shares in the last quarter. Institutional investors and hedge funds own 52.52% of the company’s stock.

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.