FOX (NASDAQ:FOX) Rating Increased to Overweight at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of FOX (NASDAQ:FOX) from a neutral rating to an overweight rating in a research note released on Friday,Benzinga reports. The firm currently has $82.00 price target on the stock, up from their previous price target of $70.00.

FOX has been the topic of a number of other research reports. Zacks Research raised shares of FOX from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 30th. Citigroup reaffirmed a “buy” rating on shares of FOX in a report on Friday, July 17th. Weiss Ratings cut FOX from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, July 20th. Wells Fargo & Company upgraded FOX from an “underweight” rating to an “overweight” rating and set a $80.00 price objective on the stock in a research note on Friday. Finally, Seaport Research Partners cut FOX from a “buy” rating to a “hold” rating in a report on Friday, August 7th. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $76.00.

FOX Trading Up 5.7%

Shares of FOX stock opened at $61.41 on Friday. The stock has a market capitalization of $25.77 billion, a P/E ratio of 16.03, a P/E/G ratio of 1.60 and a beta of 0.57. FOX has a 52-week low of $44.08 and a 52-week high of $68.18. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.99 and a current ratio of 3.17. The stock’s 50-day simple moving average is $51.49 and its 200 day simple moving average is $54.43.

FOX (NASDAQ:FOX) last issued its earnings results on Thursday, August 6th. The company reported $1.79 earnings per share for the quarter, topping analysts’ consensus estimates of $1.44 by $0.35. FOX had a net margin of 9.84% and a return on equity of 20.64%. The firm had revenue of $4.21 billion during the quarter, compared to analyst estimates of $3.64 billion. As a group, research analysts anticipate that FOX will post 5.89 EPS for the current year.

FOX Dividend Announcement

The company also recently announced a dividend, which will be paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 2nd will be paid a $0.29 dividend. The ex-dividend date is Wednesday, September 2nd. This represents a yield of 105.0%. FOX’s dividend payout ratio is currently 14.62%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Brown Brothers Harriman & Co. raised its position in shares of FOX by 336.9% in the third quarter. Brown Brothers Harriman & Co. now owns 616 shares of the company’s stock worth $35,000 after buying an additional 475 shares in the last quarter. Versant Capital Management Inc grew its position in FOX by 42.3% during the second quarter. Versant Capital Management Inc now owns 844 shares of the company’s stock worth $40,000 after buying an additional 251 shares in the last quarter. Geneos Wealth Management Inc. grew its position in FOX by 95.1% during the first quarter. Geneos Wealth Management Inc. now owns 1,442 shares of the company’s stock worth $76,000 after buying an additional 703 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in FOX by 130.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,300 shares of the company’s stock worth $119,000 after acquiring an additional 1,301 shares during the last quarter. Finally, Glenmede Trust Co. NA raised its holdings in shares of FOX by 143.9% in the 1st quarter. Glenmede Trust Co. NA now owns 2,697 shares of the company’s stock valued at $143,000 after acquiring an additional 1,591 shares in the last quarter. 26.41% of the stock is currently owned by hedge funds and other institutional investors.

FOX Company Profile

Fox Corporation (NASDAQ:FOX) is a U.S.-based media company that operates television broadcast, news and sports businesses. The company traces its contemporary structure to the 2019 reorganization that followed the sale of certain entertainment assets to The Walt Disney Company; Fox Corporation retained a portfolio centered on the Fox Broadcasting Company, Fox Television Stations, Fox News Media and Fox Sports. Over time the company has expanded its digital footprint through acquisitions and direct-to-consumer services, building a mix of linear and streaming distribution.

FOX’s core activities include the creation, aggregation and distribution of television programming and live sports, the operation of national cable news and business networks, and the ownership and operation of local broadcast stations.