Bank of America Forecasts Strong Price Appreciation for FOX (NASDAQ:FOXA) Stock

FOX (NASDAQ:FOXA) had its target price boosted by equities research analysts at Bank of America from $50.00 to $55.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s price target would indicate a potential upside of 12.08% from the company’s current price.

Other research analysts also recently issued reports about the company. Evercore ISI raised FOX to a “hold” rating in a report on Tuesday, November 5th. The Goldman Sachs Group raised their price target on shares of FOX from $46.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Seaport Res Ptn downgraded shares of FOX from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 9th. UBS Group raised their price target on FOX from $44.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Finally, Barclays lifted their price objective on FOX from $36.00 to $39.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, FOX has a consensus rating of “Hold” and a consensus price target of $44.33.

FOX Price Performance

Shares of NASDAQ:FOXA opened at $49.07 on Wednesday. The business has a fifty day moving average price of $44.68 and a 200-day moving average price of $40.33. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.59 and a quick ratio of 2.33. The company has a market capitalization of $22.41 billion, a PE ratio of 12.00, a PEG ratio of 1.18 and a beta of 0.77. FOX has a 1-year low of $28.28 and a 1-year high of $49.30.

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

Insider Activity

In related news, COO John Nallen sold 182,481 shares of the stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $43.73, for a total value of $7,979,894.13. Following the completion of the transaction, the chief operating officer now owns 249,424 shares of the company’s stock, valued at approximately $10,907,311.52. This trade represents a 42.25 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Keith Rupert Murdoch sold 186,871 shares of FOX stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $46.22, for a total value of $8,637,177.62. The disclosure for this sale can be found here. Insiders have sold a total of 469,352 shares of company stock worth $20,822,072 over the last quarter. Insiders own 21.77% of the company’s stock.

Hedge Funds Weigh In On FOX

A number of institutional investors and hedge funds have recently modified their holdings of FOXA. Independent Franchise Partners LLP boosted its stake in FOX by 3.3% during the second quarter. Independent Franchise Partners LLP now owns 18,495,954 shares of the company’s stock worth $635,706,000 after buying an additional 597,450 shares during the period. LSV Asset Management lifted its stake in FOX by 5.9% in the second quarter. LSV Asset Management now owns 8,577,714 shares of the company’s stock worth $294,816,000 after purchasing an additional 481,267 shares during the last quarter. Pacer Advisors Inc. boosted its position in shares of FOX by 44,205.3% during the third quarter. Pacer Advisors Inc. now owns 7,915,576 shares of the company’s stock valued at $335,066,000 after buying an additional 7,897,710 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of FOX by 7.7% during the second quarter. Dimensional Fund Advisors LP now owns 3,758,734 shares of the company’s stock valued at $129,180,000 after buying an additional 268,778 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. raised its holdings in shares of FOX by 25.5% in the second quarter. D. E. Shaw & Co. Inc. now owns 2,420,940 shares of the company’s stock worth $83,208,000 after buying an additional 492,467 shares during the period. Hedge funds and other institutional investors 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.