Investors Purchase Large Volume of Put Options on FOX (NASDAQ:FOXA)

Fox Corporation (NASDAQ:FOXA) saw unusually large options trading on Wednesday. Stock investors purchased 4,515 put options on the stock. This is an increase of approximately 285% compared to the typical daily volume of 1,174 put options.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of FOXA. Geneos Wealth Management Inc. increased its stake in FOX by 205.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 923 shares of the company’s stock valued at $52,000 after buying an additional 621 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in shares of FOX by 286.4% in the second quarter. EverSource Wealth Advisors LLC now owns 1,368 shares of the company’s stock valued at $77,000 after acquiring an additional 1,014 shares in the last quarter. Baird Financial Group Inc. boosted its holdings in shares of FOX by 19.7% in the second quarter. Baird Financial Group Inc. now owns 17,500 shares of the company’s stock valued at $981,000 after acquiring an additional 2,876 shares in the last quarter. California State Teachers Retirement System increased 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 worth $19,661,000 after acquiring an additional 49,963 shares during the period. Finally, Ameriprise Financial Inc. increased 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 worth $101,948,000 after acquiring an additional 762,645 shares during the period. Institutional investors and hedge funds own 52.52% of the company’s stock.

Wall Street Analysts Forecast Growth

FOXA has been the topic of a number of research analyst reports. Bank of America cut FOX from a “buy” rating to an “underperform” rating and set a $45.00 target price on the stock. in a research report on Wednesday, February 25th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $79.00 price target on shares of FOX in a research note on Tuesday, May 12th. Zacks Research raised FOX from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, May 13th. Weiss Ratings reiterated a “buy (b-)” rating on shares of FOX in a research note on Friday, May 22nd. Finally, Wells Fargo & Company boosted their price objective on FOX from $67.00 to $71.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 12th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, FOX has an average rating of “Hold” and a consensus price target of $74.36.

FOX Stock Performance

Shares of FOXA traded up $1.77 during mid-day trading on Wednesday, hitting $50.56. 2,261,687 shares of the company’s stock were exchanged, compared to its average volume of 4,378,317. The company has a current ratio of 2.90, a quick ratio of 2.65 and a debt-to-equity ratio of 0.60. FOX has a fifty-two week low of $48.55 and a fifty-two week high of $76.39. The business’s 50 day moving average is $63.01 and its two-hundred day moving average is $64.49. The firm has a market capitalization of $21.24 billion, a P/E ratio of 13.32, a P/E/G ratio of 1.76 and a beta of 0.51.

FOX (NASDAQ:FOXA) last issued its quarterly earnings results on Monday, May 11th. The company reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.30. FOX had a return on equity of 18.90% and a net margin of 10.56%.The firm had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $3.78 billion. During the same quarter in the previous year, the firm posted $1.10 EPS. The firm’s revenue for the quarter was down 8.6% on a year-over-year basis. On average, equities analysts expect that FOX will post 4.93 earnings per share for the current year.

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.