FOX (NASDAQ:FOXA) Price Target Raised to $70.00

FOX (NASDAQ:FOXA) had its price objective boosted by Wells Fargo & Company from $66.00 to $70.00 in a research note issued to investors on Monday morning, Marketbeat reports. Wells Fargo & Company currently has an overweight rating on the stock.

Other equities research analysts have also recently issued reports about the stock. Loop Capital raised their target price on shares of FOX from $62.00 to $64.00 and gave the stock a “buy” rating in a research report on Tuesday, May 13th. Wolfe Research raised shares of FOX from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, July 9th. UBS Group set a $65.00 price target on shares of FOX and gave the company a “buy” rating in a research report on Wednesday, June 25th. Guggenheim reaffirmed a “buy” rating and set a $62.00 price target (up from $60.00) on shares of FOX in a research report on Wednesday, June 25th. Finally, Cowen reaffirmed a “hold” rating on shares of FOX in a research report on Tuesday, May 13th. Nine investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, FOX currently has a consensus rating of “Hold” and a consensus price target of $56.47.

FOX Price Performance

FOXA opened at $57.19 on Monday. The company’s 50 day simple moving average is $57.27 and its 200 day simple moving average is $54.65. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.76 and a current ratio of 2.91. FOX has a 1 year low of $38.72 and a 1 year high of $62.69. The stock has a market capitalization of $25.48 billion, a PE ratio of 11.65, a P/E/G ratio of 1.40 and a beta of 0.52.

FOX (NASDAQ:FOXA) last released its earnings results on Tuesday, August 5th. The company reported $1.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.26. FOX had a net margin of 13.88% and a return on equity of 18.86%. The business had revenue of $3.29 billion for the quarter, compared to analysts’ expectations of $3.12 billion. During the same period last year, the company earned $0.90 earnings per share. The company’s quarterly revenue was up 6.3% on a year-over-year basis. As a group, sell-side analysts expect that FOX will post 4.38 EPS for the current year.

FOX Increases Dividend

The company also recently disclosed a dividend, which will be paid on Wednesday, September 24th. Stockholders of record on Wednesday, September 3rd will be paid a dividend of $0.28 per share. This is an increase from FOX’s previous dividend of $0.18. This represents a dividend yield of 93.0%. The ex-dividend date is Wednesday, September 3rd. FOX’s payout ratio is 11.41%.

Institutional Trading of FOX

A number of hedge funds have recently made changes to their positions in the company. CYBER HORNET ETFs LLC purchased a new stake in shares of FOX during the second quarter valued at approximately $35,000. Captrust Financial Advisors raised its stake in shares of FOX by 6.2% during the second quarter. Captrust Financial Advisors now owns 5,597 shares of the company’s stock valued at $314,000 after purchasing an additional 327 shares during the period. Lazard Asset Management LLC raised its stake in shares of FOX by 624.5% during the second quarter. Lazard Asset Management LLC now owns 281,126 shares of the company’s stock valued at $15,753,000 after purchasing an additional 242,321 shares during the period. Ameriprise Financial Inc. raised its stake in shares of FOX by 72.0% during the second quarter. Ameriprise Financial Inc. now owns 1,821,284 shares of the company’s stock valued at $101,948,000 after purchasing an additional 762,645 shares during the period. Finally, California State Teachers Retirement System raised its stake in shares of FOX by 16.6% during the second quarter. California State Teachers Retirement System now owns 350,844 shares of the company’s stock valued at $19,661,000 after purchasing an additional 49,963 shares during the period. Hedge funds and other institutional investors own 52.52% of the company’s stock.

About FOX

Fox Corporation operates as a news, sports, and entertainment company in the United States (U.S.). The company operates through four segments: Cable Network Programming, Television, Credible, and The FOX Studio Lot. The Cable Network Programming segment produces and licenses news and sports content for distribution through traditional cable television systems, direct broadcast satellite operators and telecommunication companies, virtual multi-channel video programming distributors, and other digital platforms primarily in the U.S.