FOX (NASDAQ:FOXA) Downgraded to “Underperform” at Macquarie

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FOX (NASDAQ:FOXA) was downgraded by Macquarie from a “neutral” rating to an “underperform” rating in a research note issued to investors on Monday, Marketbeat reports. They currently have a $30.00 price objective on the stock, down from their previous price objective of $35.00. Macquarie’s price objective would indicate a potential downside of 12.54% from the company’s previous close.

Several other equities research analysts have also recently weighed in on FOXA. Zacks Investment Research raised FOX from a “sell” rating to a “hold” rating in a research note on Tuesday, August 27th. Goldman Sachs Group began coverage on FOX in a report on Wednesday, June 26th. They issued a “buy” rating and a $46.00 target price on the stock. Credit Suisse Group reduced their target price on FOX from $51.00 to $45.00 and set an “outperform” rating on the stock in a report on Monday, June 3rd. Evercore ISI reissued a “buy” rating and set a $45.00 target price on shares of FOX in a research report on Thursday, August 8th. Finally, BidaskClub lowered shares of FOX from a “hold” rating to a “sell” rating in a report on Saturday, August 24th. Six analysts have rated the stock with a sell rating, eight have given a hold rating and eleven have given a buy rating to the company’s stock. FOX currently has an average rating of “Hold” and a consensus price target of $43.25.

NASDAQ FOXA opened at $34.30 on Monday. The company has a market capitalization of $21.29 billion and a price-to-earnings ratio of 13.04. FOX has a twelve month low of $31.58 and a twelve month high of $41.95. The stock has a fifty day simple moving average of $34.61 and a 200 day simple moving average of $38.07. The company has a quick ratio of 3.12, a current ratio of 3.78 and a debt-to-equity ratio of 0.68.

FOX (NASDAQ:FOXA) last announced its earnings results on Wednesday, August 7th. The company reported $0.62 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.59 by $0.03. The company had revenue of $2.51 billion for the quarter, compared to the consensus estimate of $2.47 billion. The firm’s revenue for the quarter was up 5.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.57 earnings per share. Research analysts expect that FOX will post 2.35 earnings per share for the current fiscal year.

An institutional investor recently raised its position in FOX stock. Geode Capital Management LLC lifted its stake in shares of Fox Corp (NASDAQ:FOXA) by 6.7% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 13,669,016 shares of the company’s stock after buying an additional 860,913 shares during the quarter. Geode Capital Management LLC owned about 0.74% of FOX worth $656,632,000 as of its most recent filing with the Securities & Exchange Commission. Institutional investors and hedge funds own 54.66% of the company’s stock.

FOX Company Profile

Fox Corporation operates as a news, sports, and entertainment company in the United States. The company operates through Cable Network Programming; Television; and Other, Corporate and Eliminations segments. The Cable Network Programming segment produces and licenses news, business news, and sports content for distribution primarily through cable television systems, direct broadcast satellite operators, telecommunications companies, and online video distributors.

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Analyst Recommendations for FOX (NASDAQ:FOXA)

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