FOX (NASDAQ:FOXA) Earns “Buy” Rating from Guggenheim

FOX (NASDAQ:FOXA)‘s stock had its “buy” rating restated by research analysts at Guggenheim in a research note issued to investors on Wednesday, September 23rd, Benzinga reports. They presently have a $85.00 price target on the stock. Guggenheim’s price target indicates a potential upside of 33.90% from the stock’s previous close.

Several other brokerages have also issued reports on FOXA. Weiss Ratings lowered FOX from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, August 12th. Citizens Jmp assumed coverage on FOX in a report on Monday, September 14th. They issued a “market outperform” rating and a $95.00 target price for the company. Fox Advisors set a $95.00 price target on FOX in a research note on Monday, September 14th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $80.00 price target on shares of FOX in a research report on Friday, August 14th. Finally, Rothschild & Co Redburn set a $71.00 price objective on FOX and gave the company a “buy” rating in a research note on Friday, July 10th. Ten investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $76.35.

FOX Stock Up 1.6%

FOXA traded up $1.00 on Wednesday, reaching $63.48. The company’s stock had a trading volume of 190,613 shares, compared to its average volume of 4,791,830. The company has a market capitalization of $26.64 billion, a price-to-earnings ratio of 16.58, a P/E/G ratio of 1.12 and a beta of 0.55. FOX has a fifty-two week low of $48.34 and a fifty-two week high of $76.39. The company has a quick ratio of 2.99, a current ratio of 3.17 and a debt-to-equity ratio of 0.56. The stock has a 50 day moving average of $64.13 and a two-hundred day moving average of $61.52.

FOX (NASDAQ:FOXA) last issued its quarterly earnings data on Thursday, August 6th. The company reported $1.79 earnings per share for the quarter, topping the consensus estimate of $1.44 by $0.35. The business had revenue of $4.21 billion during the quarter, compared to the consensus estimate of $3.64 billion. FOX had a net margin of 9.84% and a return on equity of 20.64%. The company’s revenue was up 28.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.27 EPS. As a group, analysts forecast that FOX will post 5.94 EPS for the current fiscal year.

Insider Activity

In related news, CEO Lachlan Murdoch purchased 149,934 shares of the company’s stock in a transaction that occurred on Tuesday, September 15th. The shares were purchased at an average price of $68.53 per share, for a total transaction of $10,274,977.02. Following the transaction, the chief executive officer directly owned 1,401,713 shares of the company’s stock, valued at approximately $96,059,391.89. The trade was a 11.98% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 20.89% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of FOXA. Talon Private Wealth LLC increased its holdings in shares of FOX by 6.1% in the second quarter. Talon Private Wealth LLC now owns 48,390 shares of the company’s stock valued at $2,524,000 after purchasing an additional 2,771 shares during the period. Junto Capital Management LP acquired a new stake in shares of FOX during the second quarter worth $34,773,000. The Manufacturers Life Insurance Company grew its position in FOX by 11.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 118,135 shares of the company’s stock valued at $6,162,000 after buying an additional 11,669 shares during the last quarter. Sequoia Financial Advisors LLC increased its stake in FOX by 1.1% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 35,335 shares of the company’s stock valued at $1,843,000 after buying an additional 389 shares during the period. Finally, National Pension Service increased its stake in FOX by 50.6% in the 2nd quarter. National Pension Service now owns 71,860 shares of the company’s stock valued at $3,748,000 after buying an additional 24,154 shares during the period. 52.52% of the stock is currently owned by hedge funds and other institutional investors.

About FOX

Fox Corporation (NASDAQ: FOXA) is a U.S. media company that produces and distributes news, sports, and entertainment programming. Its portfolio includes FOX News Media, FOX Sports, FOX Entertainment, FOX Television Stations, and Tubi, an ad-supported streaming service offering movies, television programs, and other digital content.

FOX News Media operates FOX News Channel, FOX Business Network, FOX News Digital, and related audio and digital platforms. FOX Sports provides national and regional sports programming, while FOX Entertainment develops and broadcasts scripted and unscripted programming through the FOX broadcast network and other platforms.