FOX (NASDAQ:FOX) Stock Moved Down to Hold by Zacks Research

Zacks Research cut shares of FOX (NASDAQ:FOX) from a strong-buy rating to a hold rating in a research note released on Tuesday,Zacks reports.

FOX has been the topic of several other research reports. Citigroup reaffirmed a “market outperform” rating on shares of FOX in a research report on Tuesday, October 20th. Guggenheim reissued a “buy” rating on shares of FOX in a report on Tuesday, August 25th. Wolfe Research set a $93.00 price objective on FOX in a report on Thursday, August 20th. Seaport Research Partners raised FOX from a “hold” rating to a “buy” rating and set a $76.00 price objective for the company in a research note on Monday. Finally, Wells Fargo & Company upgraded FOX from a “hold” rating to an “overweight” rating and set a $80.00 target price on the stock in a report on Friday, August 14th. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $79.50.

FOX Stock Performance

FOX opened at $60.63 on Tuesday. The company has a current ratio of 3.79, a quick ratio of 3.50 and a debt-to-equity ratio of 0.53. The company’s fifty day moving average price is $57.93 and its two-hundred day moving average price is $55.76. FOX has a 1-year low of $44.08 and a 1-year high of $68.18. The company has a market cap of $25.57 billion, a price-to-earnings ratio of 12.87, a PEG ratio of 1.39 and a beta of 0.66.

FOX (NASDAQ:FOX) last issued its quarterly earnings data on Monday, November 2nd. The company reported $2.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.06 by $0.48. The firm had revenue of $4.57 billion during the quarter, compared to analysts’ expectations of $4.32 billion. FOX had a net margin of 11.30% and a return on equity of 23.96%. On average, analysts expect that FOX will post 6.22 EPS for the current fiscal year.

Insider Activity at FOX

In other news, CEO Lachlan Murdoch bought 149,934 shares of the stock in a transaction dated Tuesday, September 15th. The stock was bought at an average price of $68.53 per share, for a total transaction 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 approximately $96,059,391.89. This trade represents a 11.98% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 23.06% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wedge Capital Management L L P NC bought a new stake in FOX in the 2nd quarter worth about $35,047,000. Assenagon Asset Management S.A. increased its stake in FOX by 54.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 655,706 shares of the company’s stock valued at $36,916,000 after buying an additional 231,724 shares during the last quarter. Gamco Investors INC. ET AL lifted its position in shares of FOX by 10.0% during the 1st quarter. Gamco Investors INC. ET AL now owns 585,183 shares of the company’s stock worth $31,073,000 after buying an additional 53,166 shares in the last quarter. Gabelli Funds LLC lifted its position in shares of FOX by 2.3% during the 1st quarter. Gabelli Funds LLC now owns 579,800 shares of the company’s stock worth $30,787,000 after buying an additional 13,200 shares in the last quarter. Finally, Cooper Investors PTY Ltd. bought a new position in shares of FOX in the third quarter valued at approximately $24,136,000. 26.41% of the stock is currently owned by hedge funds and other institutional investors.

About FOX

Fox Corporation is a U.S. media company that produces and distributes news, sports and entertainment programming. Its operations include the FOX broadcast network, Fox News Media, Fox Sports, FOX Entertainment and Fox Television Stations. The company also owns Tubi, an ad-supported streaming service. Fox Corporation was formed in 2019 after The Walt Disney Company acquired much of 21st Century Fox. The company’s programming and services are primarily aimed at audiences in the United States, with content also distributed to viewers in other markets.