FOX (NASDAQ:FOXA) Issues Earnings Results

FOX (NASDAQ:FOXA) announced its quarterly earnings results on Tuesday. The company reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $0.07, Briefing.com reports. FOX had a return on equity of 15.90% and a net margin of 11.19%. The company had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3.10 billion. During the same quarter in the previous year, the firm posted $0.88 EPS. The firm’s quarterly revenue was up 2.0% on a year-over-year basis.

FOX Stock Performance

Shares of FOXA stock traded up $0.03 during mid-day trading on Friday, reaching $39.33. The stock had a trading volume of 2,618,659 shares, compared to its average volume of 3,055,185. FOX has a one year low of $28.28 and a one year high of $39.81. The company has a quick ratio of 2.94, a current ratio of 3.24 and a debt-to-equity ratio of 0.67. The firm’s 50 day simple moving average is $35.54 and its 200 day simple moving average is $32.66. The firm has a market cap of $18.36 billion, a PE ratio of 12.33, a P/E/G ratio of 1.51 and a beta of 0.77.

FOX Increases Dividend

The company also recently disclosed a Semi-Annual dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 4th will be given a $0.27 dividend. The ex-dividend date is Wednesday, September 4th. This represents a dividend yield of 1.4%. This is an increase from FOX’s previous Semi-Annual dividend of $0.26. FOX’s dividend payout ratio (DPR) is currently 16.30%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on FOXA. Barclays upped their price objective on FOX from $33.00 to $36.00 and gave the company an “equal weight” rating in a report on Monday, May 13th. Rosenblatt Securities upped their price objective on FOX from $37.00 to $38.00 and gave the company a “neutral” rating in a report on Wednesday. The Goldman Sachs Group upped their price objective on FOX from $42.00 to $44.00 and gave the company a “buy” rating in a report on Wednesday. Bank of America upgraded FOX from a “neutral” rating to a “buy” rating and upped their price objective for the company from $34.00 to $40.00 in a report on Thursday, May 9th. Finally, JPMorgan Chase & Co. boosted their target price on FOX from $36.00 to $38.00 and gave the stock a “neutral” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $36.36.

Insider Transactions at FOX

In other news, Chairman Keith Rupert Murdoch sold 13,176 shares of the stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $30.89, for a total value of $407,006.64. Following the completion of the transaction, the chairman now directly owns 1,408,862 shares of the company’s stock, valued at approximately $43,519,747.18. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, Chairman Keith Rupert Murdoch sold 13,176 shares of the firm’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $30.89, for a total transaction of $407,006.64. Following the completion of the sale, the chairman now directly owns 1,408,862 shares of the company’s stock, valued at approximately $43,519,747.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Steven Tomsic sold 30,000 shares of the firm’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $34.26, for a total value of $1,027,800.00. Following the sale, the chief financial officer now directly owns 110,568 shares of the company’s stock, valued at $3,788,059.68. The disclosure for this sale can be found here. 21.77% of the stock is currently owned by insiders.

About FOX

Fox Corporation operates as a news, sports, and entertainment company in the United States (U.S.). The company operates through Cable Network Programming; Television; and Other, Corporate and Eliminations segments. The Cable Network Programming segment produces and licenses news, business 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.