FOX’s (FOXA) Buy Rating Reiterated at Guggenheim

Guggenheim reissued their buy rating on shares of FOX (NASDAQ:FOXA) in a research report report published on Wednesday morning,Benzinga reports. The firm currently has a $85.00 price objective on the stock.

A number of other brokerages have also recently issued reports on FOXA. Citigroup began coverage on FOX in a research report on Monday, September 14th. They issued an “outperform” rating for the company. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $80.00 price objective on shares of FOX in a research note on Friday, August 14th. Wells Fargo & Company upgraded shares of FOX from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $65.00 to $80.00 in a research report on Friday, August 14th. UBS Group reiterated a “neutral” rating on shares of FOX in a research report on Monday, June 15th. Finally, Weiss Ratings downgraded shares of FOX from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, August 12th. Ten investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $76.35.

FOX Price Performance

Shares of NASDAQ:FOXA opened at $63.07 on Wednesday. FOX has a 12 month low of $48.34 and a 12 month high of $76.39. The firm has a market capitalization of $26.47 billion, a P/E ratio of 16.47, a P/E/G ratio of 1.14 and a beta of 0.55. The company has a debt-to-equity ratio of 0.56, a current ratio of 3.17 and a quick ratio of 2.99. The company’s fifty day moving average price is $63.92 and its 200 day moving average price is $61.44.

FOX (NASDAQ:FOXA) last released its quarterly earnings data on Thursday, August 6th. The company reported $1.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.44 by $0.35. The company had revenue of $4.21 billion during the quarter, compared to the consensus estimate of $3.64 billion. FOX had a net margin of 9.84% and a return on equity of 20.64%. FOX’s revenue for the quarter was up 28.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.27 earnings per share. As a group, sell-side analysts predict that FOX will post 5.94 earnings per share for the current fiscal year.

FOX Dividend Announcement

The business also recently declared a dividend, which was paid on Wednesday, September 23rd. Stockholders of record on Wednesday, September 2nd were paid a dividend of $0.29 per share. This represents a dividend yield of 86.0%. The ex-dividend date was Wednesday, September 2nd. FOX’s dividend payout ratio is 15.14%.

Insider Buying and Selling at FOX

In related news, CEO Lachlan Murdoch purchased 149,934 shares of the firm’s stock in a transaction that occurred on Tuesday, September 15th. The stock was purchased at an average cost of $68.53 per share, with a total value of $10,274,977.02. Following the completion of the acquisition, the chief executive officer directly owned 1,401,713 shares in the company, valued at $96,059,391.89. This trade represents a 11.98% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. 20.89% of the stock is currently owned by corporate insiders.

Institutional Trading of FOX

Hedge funds and other institutional investors have recently made changes to their positions in the company. Junto Capital Management LP purchased a new position in FOX in the second quarter worth $34,773,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of FOX during the 2nd quarter worth $21,519,000. SG Americas Securities LLC boosted its position in shares of FOX by 299.8% during the 1st quarter. SG Americas Securities LLC now owns 511,811 shares of the company’s stock worth $29,890,000 after purchasing an additional 383,782 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S grew its stake in shares of FOX by 150.9% during the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 377,731 shares of the company’s stock worth $27,601,000 after purchasing an additional 227,209 shares during the period. Finally, Andra AP fonden grew its stake in shares of FOX by 208.1% during the 1st quarter. Andra AP fonden now owns 247,000 shares of the company’s stock worth $14,425,000 after purchasing an additional 166,822 shares during the period. Hedge funds and other institutional investors own 52.52% of the company’s stock.

FOX Company Profile

Fox Corporation (NASDAQ: FOXA) is a media and entertainment company formed in 2019 following the separation of certain assets from 21st Century Fox. The company operates a portfolio of news, sports and entertainment brands focused primarily on the United States, with select services and programming available internationally.

Fox’s businesses include FOX News Media, which operates FOX News Channel, FOX Business Network, FOX News Digital and related subscription and streaming services. Its sports operations include FOX Sports, FS1, FS2, FOX Deportes, the Big Ten Network and sports programming distributed through digital platforms.