FOX (NASDAQ:FOXA) Sets New 12-Month High Following Analyst Upgrade

Fox Corporation (NASDAQ:FOXA)’s stock price reached a new 52-week high during trading on Monday after Guggenheim raised their price target on the stock from $75.00 to $85.00. Guggenheim currently has a buy rating on the stock. FOX traded as high as $73.36 and last traded at $73.3120, with a volume of 137233 shares trading hands. The stock had previously closed at $71.77.

A number of other research analysts also recently issued reports on the company. Cowen reissued a “hold” rating on shares of FOX in a research note on Friday, October 31st. Arete Research raised shares of FOX from a “neutral” rating to a “buy” rating and set a $97.00 price objective for the company in a research report on Tuesday, October 28th. The Goldman Sachs Group lifted their price objective on shares of FOX from $79.00 to $87.00 and gave the company a “buy” rating in a research note on Friday. JPMorgan Chase & Co. increased their target price on shares of FOX from $61.00 to $65.00 and gave the stock a “neutral” rating in a research note on Friday, October 31st. Finally, Zacks Research raised shares of FOX from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 3rd. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $73.63.

Insider Activity

In related news, insider Adam G. Ciongoli sold 29,897 shares of the firm’s stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $69.55, for a total transaction of $2,079,336.35. Following the completion of the sale, the insider owned 35,978 shares in the company, valued at approximately $2,502,269.90. This trade represents a 45.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Steven Tomsic sold 138,397 shares of FOX stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $66.54, for a total transaction of $9,208,936.38. Following the completion of the sale, the chief financial officer directly owned 180,556 shares in the company, valued at approximately $12,014,196.24. This represents a 43.39% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 454,817 shares of company stock valued at $29,490,590 over the last quarter. 19.68% of the stock is owned by insiders.

Institutional Trading of FOX

A number of large investors have recently bought and sold shares of the company. Livforsakringsbolaget Skandia Omsesidigt grew its holdings in FOX by 2.5% during the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 261,100 shares of the company’s stock valued at $16,460,000 after buying an additional 6,300 shares in the last quarter. Williamson Legacy Group LLC grew its stake in FOX by 7.6% during the third quarter. Williamson Legacy Group LLC now owns 17,164 shares of the company’s stock valued at $1,082,000 after acquiring an additional 1,217 shares in the last quarter. FWL Investment Management LLC bought a new stake in FOX during the 3rd quarter worth approximately $26,000. United Capital Financial Advisors LLC lifted its stake in FOX by 8.6% in the 3rd quarter. United Capital Financial Advisors LLC now owns 5,609 shares of the company’s stock worth $354,000 after purchasing an additional 443 shares in the last quarter. Finally, Public Employees Retirement System of Ohio grew its position in shares of FOX by 6.0% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 84,374 shares of the company’s stock valued at $5,321,000 after purchasing an additional 4,809 shares in the last quarter. 52.52% of the stock is owned by hedge funds and other institutional investors.

FOX Price Performance

The company has a debt-to-equity ratio of 0.54, a quick ratio of 3.03 and a current ratio of 3.24. The firm has a market capitalization of $32.60 billion, a P/E ratio of 16.46, a price-to-earnings-growth ratio of 1.61 and a beta of 0.51. The business has a 50 day simple moving average of $64.91 and a two-hundred day simple moving average of $60.14.

FOX (NASDAQ:FOXA) last released its earnings results on Thursday, October 30th. The company reported $1.51 EPS for the quarter, beating the consensus estimate of $1.10 by $0.41. The company had revenue of $3.74 billion for the quarter, compared to analyst estimates of $3.57 billion. FOX had a net margin of 12.35% and a return on equity of 18.61%. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.45 EPS. On average, sell-side analysts expect that Fox Corporation will post 4.38 EPS for the current fiscal year.

About FOX

Fox Corporation (NASDAQ: FOXA) is a U.S.-based media company focused on television broadcasting, cable news and sports programming, and digital distribution. The company was formed in 2019 as the successor to certain assets of 21st Century Fox after a transaction that transferred many film and television studio assets to The Walt Disney Company. Fox Corp’s operations center on the Fox Broadcasting network, a portfolio of local television stations, national news and business cable networks, and sports media properties.

Fox produces, acquires and distributes a range of live and recorded programming, including news, opinion and commentary, national and local sports telecasts, and general entertainment.