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

FOX (NASDAQ:FOXA) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Monday, Zacks reports.

A number of other brokerages have also recently commented on FOXA. Bank of America upgraded FOX from an “underperform” rating to a “buy” rating and upped their price target for the stock from $54.00 to $85.00 in a research report on Friday, October 16th. Rothschild & Co Redburn set a $71.00 price objective on FOX and gave the company a “buy” rating in a research note on Friday, July 10th. Citigroup began coverage on FOX in a research note on Monday, September 14th. They set an “outperform” rating for the company. Jefferies Financial Group lowered shares of FOX to a “hold” rating in a report on Friday. Finally, Guggenheim restated a “buy” rating and set a $85.00 target price on shares of FOX in a research note on Wednesday, September 23rd. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $78.12.

FOX Price Performance

NASDAQ FOXA opened at $67.00 on Monday. The company has a 50-day moving average price of $65.39 and a 200-day moving average price of $62.06. FOX has a 52 week low of $48.34 and a 52 week high of $76.39. The company has a quick ratio of 2.99, a current ratio of 3.17 and a debt-to-equity ratio of 0.56. The firm has a market capitalization of $28.12 billion, a P/E ratio of 17.49, a PEG ratio of 1.14 and a beta of 0.60.

FOX (NASDAQ:FOXA) last posted its quarterly earnings data on Thursday, August 6th. The company reported $1.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.44 by $0.35. The company had revenue of $4.21 billion for the quarter, compared to the consensus estimate of $3.64 billion. FOX had a net margin of 9.84% and a return on equity of 20.64%. The firm’s revenue was up 28.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.27 earnings per share. Equities research analysts anticipate that FOX will post 6.06 earnings per share for the current year.

Insider Buying and Selling at FOX

In other FOX news, CEO Lachlan Murdoch acquired 149,934 shares of the company’s stock in a transaction dated Tuesday, September 15th. The stock was purchased at an average price of $68.53 per share, with a total value of $10,274,977.02. Following the completion of the purchase, the chief executive officer directly owned 1,401,713 shares in the company, valued at approximately $96,059,391.89. The trade was a 11.98% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 20.89% of the stock is currently owned by company insiders.

Institutional Trading of FOX

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. MassMutual Private Wealth & Trust FSB purchased a new position in FOX in the 3rd quarter worth approximately $44,000. Elevation Wealth Partners LLC boosted its stake in FOX by 811.0% in the 3rd quarter. Elevation Wealth Partners LLC now owns 911 shares of the company’s stock worth $57,000 after purchasing an additional 811 shares during the period. Wilkerson Advisory Group LLC boosted its stake in FOX by 50.6% in the 1st quarter. Wilkerson Advisory Group LLC now owns 1,435 shares of the company’s stock worth $84,000 after purchasing an additional 482 shares during the period. EverSource Wealth Advisors LLC boosted its stake in FOX by 20.9% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,451 shares of the company’s stock worth $85,000 after purchasing an additional 251 shares during the period. Finally, TD Waterhouse Canada Inc. boosted its stake in FOX by 2,503.4% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 1,536 shares of the company’s stock worth $80,000 after purchasing an additional 1,477 shares during the period. Institutional investors own 52.52% of the company’s stock.

FOX Company Profile

Fox Corporation (NASDAQ: FOXA) is a U.S. media and entertainment company that produces and distributes news, sports, and entertainment programming. Its portfolio includes FOX News Media, FOX Sports, FOX Entertainment, FOX Television Stations, and the ad-supported streaming service Tubi.

FOX News Media operates FOX News Channel, FOX Business Network, and related digital platforms. FOX Sports provides national and regional sports programming, while FOX Entertainment develops and distributes scripted and unscripted television content.