FOX (NASDAQ:FOXA) Releases Earnings Results, Beats Estimates By $0.52 EPS

FOX (NASDAQ:FOXA) announced its quarterly earnings data on Monday. The company reported $2.54 earnings per share for the quarter, beating the consensus estimate of $2.02 by $0.52, Briefing.com reports. The company had revenue of $4.57 billion during the quarter, compared to analysts’ expectations of $4.32 billion. FOX had a return on equity of 23.96% and a net margin of 11.30%. FOX’s revenue for the quarter was up 22.3% compared to the same quarter last year. During the same quarter last year, the company earned $1.51 EPS.

FOX Stock Up 6.9%

Shares of FOXA stock opened at $67.10 on Wednesday. FOX has a 52-week low of $48.34 and a 52-week high of $76.39. The stock has a market cap of $28.16 billion, a price-to-earnings ratio of 14.25, a PEG ratio of 1.09 and a beta of 0.63. The firm’s 50-day moving average is $64.93 and its 200-day moving average is $62.23. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.99 and a current ratio of 3.79.

Insider Buying and Selling

In other FOX news, CEO Lachlan Murdoch purchased 149,934 shares of FOX stock in a transaction that occurred on Tuesday, September 15th. The stock was acquired at an average price of $68.53 per share, for a total transaction of $10,274,977.02. Following the completion of the acquisition, the chief executive officer 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 position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 20.89% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Weiss Ratings raised FOX from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, October 26th. Wall Street Zen raised FOX from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Citizens Jmp began coverage on FOX in a research note on Monday, September 14th. They set a “market outperform” rating and a $95.00 price objective on the stock. Sanford C. Bernstein increased their price objective on FOX from $73.00 to $74.00 and gave the company a “market perform” rating in a report on Tuesday. Finally, Arete Research raised their target price on shares of FOX from $112.00 to $125.00 and gave the company a “buy” rating in a research note on Tuesday, October 20th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $79.16.

FOX News Summary

Here are the key news stories impacting FOX this week:

• Positive Sentiment: Fox reported adjusted EPS of $2.54, ahead of estimates near $2.05, and revenue of $4.57 billion versus expectations of $4.32 billion. Revenue rose 22% year over year. Fox First Quarter Results Beat Wall Street’s View
• Positive Sentiment: Advertising strength was a key driver: World Cup broadcasts, political advertising and Tubi contributed to a reported 47.4% increase in ad revenue. Political advertising exceeded $350 million across the company’s portfolio. FOXA Q1 Earnings and Revenues Surpass Estimates
• Positive Sentiment: Several analysts raised price targets: JPMorgan to $83, Deutsche Bank to $82 and Bernstein to $74. JPMorgan and Deutsche Bank maintained positive ratings, adding to the favorable analyst backdrop. JPMorgan raises Fox price target
• Neutral Sentiment: A report that regulators may be nearing approval of a Roku/Fox deal drew attention, but the supplied coverage does not specify the deal’s terms or financial impact. Roku/Fox spread narrows amid report DOJ is near approving deal
• Negative Sentiment: CEO Lachlan Murdoch noted Fox News viewer fatigue as the midterm cycle nears its end, amid year-over-year audience declines. This could weigh on the network’s advertising appeal if softness persists. Lachlan Murdoch notes Fox News viewer fatigue
• Negative Sentiment: One analysis characterized the stock as potentially fully priced after a large prior rally, raising valuation and expectations risks despite the strong quarter. Fox stock looks fully priced after its rise

About FOX

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.