FOX (NASDAQ:FOXA) Price Target Raised to $59.00

FOX (NASDAQ:FOXA) had its price target upped by Wells Fargo & Company from $49.00 to $59.00 in a report released on Friday morning,Benzinga reports. The firm currently has an underweight rating on the stock.

FOXA has been the subject of a number of other research reports. Citigroup lifted their target price on shares of FOX from $50.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. TD Cowen lifted their price objective on FOX from $36.00 to $42.00 and gave the company a “hold” rating in a research report on Tuesday, November 5th. Barclays boosted their price objective on FOX from $36.00 to $39.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 9th. Loop Capital raised their target price on FOX from $48.00 to $55.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. Finally, The Goldman Sachs Group upped their price target on shares of FOX from $51.00 to $57.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat, FOX currently has a consensus rating of “Hold” and a consensus target price of $47.53.

FOX Price Performance

Shares of FOXA stock opened at $48.19 on Friday. The stock’s fifty day simple moving average is $47.31 and its 200 day simple moving average is $42.25. FOX has a one year low of $28.28 and a one year high of $50.63. The firm has a market cap of $22.01 billion, a price-to-earnings ratio of 11.78, a P/E/G ratio of 1.21 and a beta of 0.75. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.59 and a quick ratio of 2.33.

FOX (NASDAQ:FOXA) last issued its earnings results on Monday, November 4th. The company reported $1.45 EPS for the quarter, beating the consensus estimate of $1.12 by $0.33. FOX had a net margin of 13.40% and a return on equity of 16.49%. The company had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $3.38 billion. During the same quarter in the previous year, the company earned $1.09 EPS. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. On average, analysts expect that FOX will post 3.94 earnings per share for the current fiscal year.

Insider Buying and Selling

In other FOX news, Chairman Keith Rupert Murdoch sold 100,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $42.05, for a total value of $4,205,000.00. Following the completion of the transaction, the chairman now directly owns 1,258,862 shares of the company’s stock, valued at approximately $52,935,147.10. The trade was a 7.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO John Nallen sold 182,481 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $43.73, for a total transaction of $7,979,894.13. Following the sale, the chief operating officer now owns 249,424 shares in the company, valued at $10,907,311.52. This trade represents a 42.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 469,352 shares of company stock valued at $20,822,072 over the last three months. Company insiders own 21.77% of the company’s stock.

Hedge Funds Weigh In On FOX

A number of large investors have recently bought and sold shares of the company. Crossmark Global Holdings Inc. grew its holdings in shares of FOX by 1.7% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 23,408 shares of the company’s stock valued at $991,000 after acquiring an additional 385 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in shares of FOX by 1.6% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 29,501 shares of the company’s stock worth $1,249,000 after purchasing an additional 451 shares in the last quarter. US Bancorp DE boosted its holdings in shares of FOX by 4.0% in the 3rd quarter. US Bancorp DE now owns 14,239 shares of the company’s stock valued at $603,000 after buying an additional 550 shares during the last quarter. Prestige Wealth Management Group LLC grew its stake in shares of FOX by 14.7% in the third quarter. Prestige Wealth Management Group LLC now owns 4,445 shares of the company’s stock valued at $188,000 after buying an additional 569 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. raised its position in FOX by 0.9% during the third quarter. Nomura Asset Management Co. Ltd. now owns 69,082 shares of the company’s stock worth $2,924,000 after acquiring an additional 590 shares in the last quarter. Institutional investors and hedge funds own 52.52% of the company’s stock.

FOX Company Profile

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.