Guggenheim Forecasts Strong Price Appreciation for FOX (NASDAQ:FOXA) Stock

FOX (NASDAQ:FOXA) had its price objective raised by Guggenheim from $55.00 to $60.00 in a research report report published on Wednesday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other brokerages also recently weighed in on FOXA. Wells Fargo & Company boosted their price target on FOX from $59.00 to $64.00 and gave the stock an “overweight” rating in a research report on Wednesday. Moffett Nathanson lowered FOX from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $51.00 to $52.00 in a report on Tuesday, January 21st. Morgan Stanley raised their price target on FOX from $38.00 to $40.00 and gave the company an “equal weight” rating in a report on Friday, November 1st. TD Cowen upped their price objective on shares of FOX from $36.00 to $42.00 and gave the company a “hold” rating in a report on Tuesday, November 5th. Finally, Macquarie reaffirmed a “neutral” rating and set a $43.00 target price on shares of FOX in a report on Tuesday, November 5th. One analyst has rated the stock with a sell rating, ten have given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $50.19.

FOX Stock Down 0.2 %

Shares of FOXA stock opened at $54.53 on Wednesday. The firm’s fifty day moving average price is $48.63 and its two-hundred day moving average price is $43.95. FOX has a 1 year low of $28.28 and a 1 year high of $55.56. The company has a current ratio of 2.59, a quick ratio of 2.33 and a debt-to-equity ratio of 0.58. The firm has a market capitalization of $24.91 billion, a P/E ratio of 13.33, a PEG ratio of 1.25 and a beta of 0.76.

FOX (NASDAQ:FOXA) last released its earnings results on Tuesday, February 4th. The company reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.34. The business had revenue of $5.08 billion for the quarter, compared to analyst estimates of $4.78 billion. FOX had a return on equity of 16.49% and a net margin of 13.40%. FOX’s revenue was up 19.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.34 earnings per share. On average, equities analysts predict that FOX will post 4.12 EPS for the current fiscal year.

FOX Announces Dividend

The firm also recently disclosed a semi-annual dividend, which will be paid on Wednesday, March 26th. Investors of record on Wednesday, March 5th will be issued a $0.27 dividend. The ex-dividend date of this dividend is Wednesday, March 5th. This represents a yield of 1%. FOX’s dividend payout ratio (DPR) is presently 13.20%.

Insider Buying and Selling

In related news, insider Adam G. Ciongoli sold 1,278 shares of the business’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $54.13, for a total value of $69,178.14. Following the sale, the insider now owns 29,897 shares of the company’s stock, valued at $1,618,324.61. The trade was a 4.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Keith Rupert Murdoch sold 186,871 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was 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. 21.77% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. SRS Capital Advisors Inc. boosted its position in FOX by 91.0% during the fourth quarter. SRS Capital Advisors Inc. now owns 550 shares of the company’s stock valued at $27,000 after acquiring an additional 262 shares during the last quarter. Metis Global Partners LLC grew its holdings in FOX by 2.8% in the fourth quarter. Metis Global Partners LLC now owns 10,783 shares of the company’s stock worth $524,000 after purchasing an additional 292 shares during the period. US Bancorp DE increased its stake in FOX by 2.0% in the fourth quarter. US Bancorp DE now owns 14,520 shares of the company’s stock valued at $705,000 after purchasing an additional 281 shares in the last quarter. QRG Capital Management Inc. increased its position in FOX by 3.0% in the 4th quarter. QRG Capital Management Inc. now owns 145,431 shares of the company’s stock valued at $7,065,000 after buying an additional 4,224 shares in the last quarter. Finally, Proficio Capital Partners LLC acquired a new position in FOX during the 4th quarter worth approximately $7,767,000. Institutional investors and hedge funds own 52.52% of the company’s stock.

FOX Company Profile

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.