Fox Corporation (NASDAQ:FOXA – Get Free Report)’s share price crossed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $58.82 and traded as high as $64.06. FOX shares last traded at $63.66, with a volume of 1,858,329 shares changing hands.
Analysts Set New Price Targets
Several equities research analysts have recently issued reports on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of FOX in a research report on Monday, December 29th. Bank of America lowered shares of FOX from a “buy” rating to an “underperform” rating and set a $45.00 target price for the company. in a report on Wednesday, February 25th. Barclays cut their target price on shares of FOX from $64.00 to $63.00 and set an “equal weight” rating for the company in a report on Thursday, February 5th. Zacks Research lowered shares of FOX from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 5th. Finally, Morgan Stanley raised their target price on shares of FOX from $74.00 to $77.00 and gave the company an “equal weight” rating in a report on Thursday, February 5th. Seven research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, FOX presently has an average rating of “Hold” and a consensus target price of $72.93.
FOX Stock Performance
FOX (NASDAQ:FOXA – Get Free Report) last posted its earnings results on Wednesday, February 4th. The company reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.35. FOX had a net margin of 11.41% and a return on equity of 18.14%. The firm had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.02 billion. During the same period last year, the firm posted $0.96 earnings per share. FOX’s revenue for the quarter was up 2.0% compared to the same quarter last year. As a group, research analysts anticipate that Fox Corporation will post 4.38 EPS for the current fiscal year.
FOX Announces Dividend
The company also recently disclosed a dividend, which was paid on Wednesday, March 25th. Shareholders of record on Wednesday, March 4th were paid a dividend of $0.28 per share. This represents a yield of 83.0%. The ex-dividend date of this dividend was Wednesday, March 4th. FOX’s payout ratio is presently 13.46%.
Insider Buying and Selling at FOX
In other FOX news, CEO Lachlan K. Murdoch sold 637,752 shares of FOX stock in a transaction on Friday, March 13th. The shares were sold at an average price of $58.20, for a total transaction of $37,117,166.40. Following the completion of the transaction, the chief executive officer directly owned 152 shares of the company’s stock, valued at $8,846.40. The trade was a 99.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO John Nallen sold 242,309 shares of FOX stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $57.74, for a total transaction of $13,990,921.66. Following the transaction, the chief operating officer directly owned 357,653 shares of the company’s stock, valued at $20,650,884.22. The trade was a 40.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,586,871 shares of company stock valued at $91,893,926 over the last ninety days. 19.68% of the stock is owned by insiders.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently bought and sold shares of FOXA. Geneos Wealth Management Inc. boosted its stake in FOX by 205.6% during the first quarter. Geneos Wealth Management Inc. now owns 923 shares of the company’s stock worth $52,000 after buying an additional 621 shares during the period. EverSource Wealth Advisors LLC boosted its stake in FOX by 286.4% during the second quarter. EverSource Wealth Advisors LLC now owns 1,368 shares of the company’s stock worth $77,000 after buying an additional 1,014 shares during the period. Baird Financial Group Inc. boosted its stake in FOX by 19.7% during the second quarter. Baird Financial Group Inc. now owns 17,500 shares of the company’s stock worth $981,000 after buying an additional 2,876 shares during the period. California State Teachers Retirement System boosted its stake in FOX by 16.6% during the second quarter. California State Teachers Retirement System now owns 350,844 shares of the company’s stock worth $19,661,000 after buying an additional 49,963 shares during the period. Finally, Ameriprise Financial Inc. boosted its stake in FOX by 72.0% during the second quarter. Ameriprise Financial Inc. now owns 1,821,284 shares of the company’s stock worth $101,948,000 after buying an additional 762,645 shares during the period. 52.52% of the stock is owned by hedge funds and other institutional investors.
FOX Company Profile
Fox Corporation (NASDAQ: FOXA) is a U.S.-based media company focused on television broadcasting, cable news and sports programming, and digital distribution. The company was formed in 2019 as the successor to certain assets of 21st Century Fox after a transaction that transferred many film and television studio assets to The Walt Disney Company. Fox Corp’s operations center on the Fox Broadcasting network, a portfolio of local television stations, national news and business cable networks, and sports media properties.
Fox produces, acquires and distributes a range of live and recorded programming, including news, opinion and commentary, national and local sports telecasts, and general entertainment.
Further Reading
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