FOX (NASDAQ:FOXA) Now Covered by Analysts at Morgan Stanley

Morgan Stanley began coverage on shares of FOX (NASDAQ:FOXA) in a report released on Friday, Marketbeat reports. The brokerage issued an overweight rating and a $90.00 price target on the stock.

A number of other equities analysts have also recently commented on FOXA. Guggenheim reiterated a “buy” rating and issued a $85.00 target price on shares of FOX in a report on Wednesday, September 23rd. Seaport Research Partners upgraded FOX from a “neutral” rating to a “buy” rating and set a $76.00 price target on the stock in a report on Monday, November 9th. KeyCorp downgraded FOX to a “sector weight” rating in a research report on Friday, October 16th. Zacks Research raised shares of FOX from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 19th. Finally, Bank of America upgraded shares of FOX from an “underperform” rating to a “buy” rating and boosted their price objective for the company from $54.00 to $85.00 in a research report on Friday, October 16th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, FOX currently has an average rating of “Moderate Buy” and an average target price of $79.84.

FOX Stock Performance

NASDAQ:FOXA opened at $68.42 on Friday. FOX has a 12-month low of $48.34 and a 12-month high of $76.39. The stock has a 50-day moving average price of $64.87 and a 200 day moving average price of $62.04. 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 stock has a market capitalization of $28.86 billion, a P/E ratio of 14.53, a P/E/G ratio of 1.07 and a beta of 0.63.

FOX (NASDAQ:FOXA) last posted its earnings results on Monday, November 2nd. The company reported $2.54 earnings per share for the quarter, beating analysts’ consensus estimates of $2.02 by $0.52. FOX had a net margin of 11.30% and a return on equity of 23.96%. The firm had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.32 billion. During the same period last year, the firm posted $1.51 earnings per share. FOX’s revenue for the quarter was up 22.3% compared to the same quarter last year. Equities research analysts forecast that FOX will post 6.09 EPS for the current fiscal year.

Insider Transactions at FOX

In related news, CEO Lachlan Murdoch acquired 149,934 shares of the stock in a transaction dated Tuesday, September 15th. The stock was acquired at an average cost of $68.53 per share, for a total transaction of $10,274,977.02. Following the completion of the purchase, the chief executive officer owned 1,401,713 shares of the company’s stock, valued at approximately $96,059,391.89. This represents a 11.98% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 20.89% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FOXA. First Trust Advisors LP purchased a new stake in shares of FOX during the third quarter worth approximately $124,577,000. Squarepoint Ops LLC raised its stake in FOX by 12.4% in the 2nd quarter. Squarepoint Ops LLC now owns 1,127,389 shares of the company’s stock valued at $58,805,000 after purchasing an additional 124,143 shares during the last quarter. Allianz Asset Management GmbH lifted its holdings in FOX by 2.6% in the 2nd quarter. Allianz Asset Management GmbH now owns 966,811 shares of the company’s stock valued at $50,429,000 after purchasing an additional 24,511 shares in the last quarter. Danske Bank A S purchased a new position in FOX in the 3rd quarter valued at $43,703,000. Finally, Allspring Global Investments Holdings LLC lifted its holdings in FOX by 21.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 672,023 shares of the company’s stock valued at $41,182,000 after purchasing an additional 119,143 shares in the last quarter. Hedge funds and other institutional investors own 52.52% of the company’s stock.

FOX Company Profile

Fox Corporation is a media company focused primarily on news, sports and entertainment for audiences in the United States. Its businesses include Fox News Media, Fox Sports and Fox Entertainment, which produce and distribute television programming, news coverage, live sports and entertainment content. The company also operates the Fox broadcast network and local television stations, and offers streaming services including Tubi, an ad-supported streaming platform, and Fox Nation, a subscription service.