FOX (NASDAQ:FOXA) Reaches New 12-Month High Following Analyst Upgrade

Fox Co. (NASDAQ:FOXA) shares hit a new 52-week high on Wednesday after The Goldman Sachs Group raised their price target on the stock from $51.00 to $57.00. The Goldman Sachs Group currently has a buy rating on the stock. FOX traded as high as $49.30 and last traded at $49.07, with a volume of 6273535 shares trading hands. The stock had previously closed at $47.06.

Several other equities research analysts have also issued reports on FOXA. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of FOX from $42.00 to $47.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Citigroup boosted their price target on FOX from $50.00 to $58.00 and gave the stock a “buy” rating in a research report on Wednesday. Wells Fargo & Company upped their price target on FOX from $46.00 to $49.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 5th. StockNews.com lowered FOX from a “buy” rating to a “hold” rating in a report on Tuesday. Finally, Loop Capital increased their price target on FOX from $48.00 to $55.00 and gave the company a “buy” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $46.87.

Insider Transactions at FOX

In related news, COO John Nallen sold 182,481 shares of FOX stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $43.73, for a total transaction of $7,979,894.13. Following the sale, the chief operating officer now directly owns 249,424 shares of the company’s stock, valued at $10,907,311.52. This trade represents a 42.25 % 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, Chairman Keith Rupert Murdoch sold 186,871 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $46.22, for a total value of $8,637,177.62. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 469,352 shares of company stock worth $20,822,072. 21.77% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of FOXA. Quest Partners LLC bought a new stake in FOX in the 3rd quarter valued at $51,000. Duncker Streett & Co. Inc. bought a new stake in FOX in the second quarter valued at about $52,000. Quarry LP acquired a new position in FOX in the third quarter worth about $70,000. Transamerica Financial Advisors Inc. bought a new position in FOX during the third quarter worth about $119,000. Finally, Exchange Traded Concepts LLC acquired a new stake in FOX during the third quarter valued at approximately $141,000. 52.52% of the stock is owned by institutional investors.

FOX Stock Performance

The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.33 and a current ratio of 2.59. The firm has a 50 day moving average price of $44.98 and a two-hundred day moving average price of $40.45. The company has a market capitalization of $22.31 billion, a P/E ratio of 11.94, a price-to-earnings-growth ratio of 1.18 and a beta of 0.77.

FOX (NASDAQ:FOXA) last announced its quarterly earnings results on Monday, November 4th. The company reported $1.45 earnings per share for the quarter, beating analysts’ consensus estimates of $1.12 by $0.33. FOX had a return on equity of 16.49% and a net margin of 13.40%. The firm had revenue of $3.56 billion for the quarter, compared to analysts’ expectations of $3.38 billion. During the same period in the prior year, the business posted $1.09 earnings per share. The business’s revenue was up 11.1% compared to the same quarter last year. On average, research analysts expect that Fox Co. will post 3.94 earnings per share for the current fiscal year.

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.