Wells Fargo & Company Forecasts Strong Price Appreciation for FOX (NASDAQ:FOXA) Stock

FOX (NASDAQ:FOXA) had its price target increased by research analysts at Wells Fargo & Company from $49.00 to $59.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “underweight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 20.46% from the stock’s current price.

Several other equities research analysts also recently issued reports on the stock. Cfra reaffirmed a “sell” rating on shares of FOX in a research note on Wednesday, September 25th. The Goldman Sachs Group boosted their price target on FOX from $51.00 to $57.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. UBS Group increased their price target on FOX from $44.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. StockNews.com downgraded FOX from a “buy” rating to a “hold” rating in a report on Tuesday, December 17th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on FOX from $42.00 to $47.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, FOX has an average rating of “Hold” and a consensus target price of $47.53.

FOX Stock Up 0.0 %

FOXA opened at $48.98 on Friday. The company has a market cap of $22.37 billion, a PE ratio of 11.98, a price-to-earnings-growth ratio of 1.21 and a beta of 0.75. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.33 and a current ratio of 2.59. FOX has a 1 year low of $28.28 and a 1 year high of $50.63. The firm has a 50 day moving average price of $47.18 and a 200 day moving average price of $42.05.

FOX (NASDAQ:FOXA) last issued its quarterly earnings data on Monday, November 4th. The company reported $1.45 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.33. The company had revenue of $3.56 billion for the quarter, compared to analysts’ expectations of $3.38 billion. FOX had a return on equity of 16.49% and a net margin of 13.40%. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.09 earnings per share. Sell-side analysts expect that FOX will post 3.94 earnings per share for the current year.

Insider Activity

In related news, Chairman Keith Rupert Murdoch sold 186,871 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $46.22, for a total transaction of $8,637,177.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO John Nallen sold 182,481 shares of the stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $43.73, for a total value of $7,979,894.13. Following the completion of the sale, the chief operating officer now directly owns 249,424 shares in the company, valued at $10,907,311.52. This represents a 42.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 469,352 shares of company stock valued at $20,822,072. 21.77% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Commonwealth Equity Services LLC increased its position in FOX by 42.0% in the 2nd quarter. Commonwealth Equity Services LLC now owns 11,346 shares of the company’s stock valued at $390,000 after acquiring an additional 3,357 shares during the period. Acadian Asset Management LLC increased its holdings in shares of FOX by 580.0% during the second quarter. Acadian Asset Management LLC now owns 6,236 shares of the company’s stock valued at $213,000 after purchasing an additional 5,319 shares during the period. Caprock Group LLC bought a new stake in shares of FOX during the second quarter valued at about $437,000. Choreo LLC acquired a new stake in FOX in the second quarter worth about $537,000. Finally, Daiwa Securities Group Inc. grew its position in FOX by 5.0% in the 2nd quarter. Daiwa Securities Group Inc. now owns 29,670 shares of the company’s stock valued at $1,020,000 after buying an additional 1,416 shares in the last quarter. 52.52% of the stock is owned by institutional investors and hedge funds.

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.