FOX (NASDAQ:FOX) Rating Lowered to Hold at Zacks Research

FOX (NASDAQ:FOX) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Wednesday,Zacks.com reports.

Separately, Weiss Ratings raised FOX from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, June 24th. Four equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, FOX has a consensus rating of “Hold” and a consensus target price of $75.00.

FOX Stock Performance

FOX opened at $50.56 on Wednesday. The company has a current ratio of 2.90, a quick ratio of 2.65 and a debt-to-equity ratio of 0.60. The company’s fifty day moving average price is $55.08 and its two-hundred day moving average price is $57.23. FOX has a 1-year low of $44.08 and a 1-year high of $68.18. The company has a market cap of $21.24 billion, a price-to-earnings ratio of 13.34, a PEG ratio of 1.38 and a beta of 0.57.

FOX (NASDAQ:FOX) last issued its quarterly earnings data on Monday, May 11th. The company reported $1.32 EPS for the quarter, topping the consensus estimate of $1.02 by $0.30. The firm had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $3.78 billion. FOX had a return on equity of 18.90% and a net margin of 10.56%. On average, analysts expect that FOX will post 4.78 EPS for the current fiscal year.

Institutional Investors Weigh In On FOX

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Brown Brothers Harriman & Co. lifted its position in shares of FOX by 336.9% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 616 shares of the company’s stock worth $35,000 after buying an additional 475 shares in the last quarter. 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 valued at $40,000 after acquiring an additional 251 shares in the last quarter. Geneos Wealth Management Inc. grew its holdings in shares of FOX by 95.1% in the first quarter. Geneos Wealth Management Inc. now owns 1,442 shares of the company’s stock valued at $76,000 after acquiring an additional 703 shares in the last quarter. FNY Investment Advisers LLC bought a new position in shares of FOX in the fourth quarter valued at approximately $83,000. Finally, EverSource Wealth Advisors LLC increased its position in shares of FOX by 130.2% during the second quarter. EverSource Wealth Advisors LLC now owns 2,300 shares of the company’s stock valued at $119,000 after acquiring an additional 1,301 shares during the last quarter. Hedge funds and other institutional investors own 26.41% of the company’s stock.

Key Headlines Impacting FOX

Here are the key news stories impacting FOX this week:

• Negative Sentiment: Zacks Research downgraded Fox Corporation (FOX) from “strong-buy” to “hold,” which may signal softer near-term upside expectations for the shares. Zacks.com
• Neutral Sentiment: Fox News continued publishing high-traffic political, sports, and entertainment content, including Taylor Swift/Travis Kelce coverage, WNBA debate, and international conflict updates; these items are more reflective of normal content activity than a direct earnings or guidance catalyst.
• Neutral Sentiment: One report noted FOX stock has increased recently on prior analyst optimism elsewhere in the media group, but that was for FOXA and is not the same share class, so it is only mildly informative for FOX.

FOX Company Profile

Fox Corporation (NASDAQ:FOX) is a U.S.-based media company that operates television broadcast, news and sports businesses. The company traces its contemporary structure to the 2019 reorganization that followed the sale of certain entertainment assets to The Walt Disney Company; Fox Corporation retained a portfolio centered on the Fox Broadcasting Company, Fox Television Stations, Fox News Media and Fox Sports. Over time the company has expanded its digital footprint through acquisitions and direct-to-consumer services, building a mix of linear and streaming distribution.

FOX’s core activities include the creation, aggregation and distribution of television programming and live sports, the operation of national cable news and business networks, and the ownership and operation of local broadcast stations.