FOX (NASDAQ:FOXA) Price Target Raised to $65.00

FOX (NASDAQ:FOXA) had its price target boosted by Morgan Stanley from $60.00 to $65.00 in a research report report published on Wednesday,Benzinga reports. They currently have an equal weight rating on the stock.

Several other equities research analysts have also recently weighed in on the company. Wolfe Research upgraded FOX from an “underperform” rating to a “peer perform” rating in a report on Wednesday, July 9th. Guggenheim restated a “buy” rating and issued a $62.00 target price (up previously from $60.00) on shares of FOX in a report on Wednesday, June 25th. UBS Group set a $65.00 price objective on shares of FOX and gave the company a “buy” rating in a research report on Wednesday, June 25th. Loop Capital upped their target price on FOX from $62.00 to $64.00 and gave the company a “buy” rating in a report on Tuesday, May 13th. Finally, Cfra Research downgraded shares of FOX from a “moderate buy” rating to a “hold” rating in a research note on Friday, June 27th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $55.93.

FOX Trading Up 0.3%

Shares of FOXA opened at $54.02 on Wednesday. FOX has a fifty-two week low of $38.72 and a fifty-two week high of $58.74. The firm has a market cap of $24.29 billion, a price-to-earnings ratio of 11.00, a PEG ratio of 1.22 and a beta of 0.54. The firm has a 50 day moving average price of $55.39 and a 200-day moving average price of $53.69. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.33 and a current ratio of 2.91.

FOX (NASDAQ:FOXA) last issued its earnings results on Tuesday, August 5th. The company reported $1.27 EPS for the quarter, topping analysts’ consensus estimates of $1.01 by $0.26. FOX had a net margin of 13.88% and a return on equity of 18.86%. The company had revenue of $3.29 billion for the quarter, compared to analysts’ expectations of $3.12 billion. During the same quarter last year, the company earned $0.90 EPS. The firm’s revenue was up 6.3% compared to the same quarter last year. As a group, equities research analysts forecast that FOX will post 4.38 earnings per share for the current year.

FOX Increases Dividend

The business also recently announced a dividend, which will be paid on Wednesday, September 24th. Stockholders of record on Wednesday, September 3rd will be paid a $0.28 dividend. This is an increase from FOX’s previous dividend of $0.18. The ex-dividend date of this dividend is Wednesday, September 3rd. FOX’s payout ratio is currently 11.00%.

Insider Activity at FOX

In other news, CFO Steven Tomsic sold 5,607 shares of FOX stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $55.37, for a total value of $310,459.59. Following the completion of the transaction, the chief financial officer owned 133,923 shares of the company’s stock, valued at $7,415,316.51. The trade was a 4.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 21.77% of the company’s stock.

Institutional Trading of FOX

Several institutional investors have recently bought and sold shares of FOXA. LPL Financial LLC grew its holdings in shares of FOX by 133.8% during the fourth quarter. LPL Financial LLC now owns 43,791 shares of the company’s stock valued at $2,127,000 after buying an additional 25,060 shares during the last quarter. CIBC Private Wealth Group LLC boosted its stake in FOX by 122.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 669 shares of the company’s stock valued at $33,000 after purchasing an additional 368 shares during the last quarter. Resona Asset Management Co. Ltd. purchased a new stake in FOX during the 4th quarter valued at $3,372,000. FMR LLC increased its holdings in shares of FOX by 240.2% in the 4th quarter. FMR LLC now owns 1,884,927 shares of the company’s stock worth $91,570,000 after purchasing an additional 1,330,908 shares in the last quarter. Finally, Bank of Montreal Can raised its stake in shares of FOX by 1.6% in the fourth quarter. Bank of Montreal Can now owns 186,902 shares of the company’s stock worth $9,080,000 after purchasing an additional 2,975 shares during the last quarter. 52.52% of the stock is owned by hedge funds and other institutional investors.

About FOX

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.