Twenty-First Century Fox, Inc. (FOXA) Downgraded to Sell at Zacks Investment Research
Twenty-First Century Fox, Inc. (NASDAQ:FOXA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Wednesday.
According to Zacks, “Shares of Twenty-First Century Fox have underperformed the industry in the past six months. The company’s proposed acquisition of remaining 61% stake in Sky plc hit a roadblock after U.K. Culture Secretary Karen Bradley demanded detailed review from the Competition and Markets Authority. Meanwhile, increase in cost at Cable Network Programming is also a worry factor for investors. The rise in expenses was mostly due to elevated sports programming costs. Management anticipates costs at Cable Network to go up in fiscal 2018. Nevertheless, Cable Network Programming, which has been a driving force backed by rising affiliate fees, is expected to do well in fiscal 2018 too. Affiliate fees are the dominant sources of revenue for the Cable Network segment. We also observe that, of late, earnings estimates for the company have witnessed downward revisions for the first-quarter and fiscal 2018.”
Several other equities research analysts also recently issued reports on FOXA. Credit Suisse Group reissued a “buy” rating on shares of Twenty-First Century Fox in a research note on Thursday, August 3rd. ValuEngine raised Twenty-First Century Fox from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Morgan Stanley reissued an “overweight” rating on shares of Twenty-First Century Fox in a research note on Thursday, July 6th. Cowen and Company reissued a “hold” rating and issued a $33.00 price objective on shares of Twenty-First Century Fox in a research note on Tuesday, July 11th. Finally, Guggenheim reissued a “buy” rating and issued a $35.00 price objective on shares of Twenty-First Century Fox in a research note on Wednesday, July 12th. One research analyst has rated the stock with a sell rating, six have given a hold rating and eighteen have assigned a buy rating to the stock. Twenty-First Century Fox presently has an average rating of “Buy” and a consensus target price of $33.35.
Twenty-First Century Fox (NASDAQ:FOXA) last announced its earnings results on Wednesday, August 9th. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.35 by $0.01. Twenty-First Century Fox had a return on equity of 22.46% and a net margin of 10.36%. The business had revenue of $6.75 billion during the quarter, compared to the consensus estimate of $6.79 billion. During the same period in the prior year, the business posted $0.45 earnings per share. Twenty-First Century Fox’s revenue was up 1.5% compared to the same quarter last year.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Grove Bank & Trust lifted its position in shares of Twenty-First Century Fox by 1,328.3% in the 2nd quarter. Grove Bank & Trust now owns 3,785 shares of the company’s stock worth $107,000 after acquiring an additional 3,520 shares during the period. Rockefeller Financial Services Inc. bought a new stake in shares of Twenty-First Century Fox in the 3rd quarter worth approximately $113,000. State of Alaska Department of Revenue lifted its position in shares of Twenty-First Century Fox by 4.8% in the 2nd quarter. State of Alaska Department of Revenue now owns 4,365 shares of the company’s stock worth $123,000 after acquiring an additional 200 shares during the period. Global X Management Co. LLC lifted its position in shares of Twenty-First Century Fox by 9.7% in the 2nd quarter. Global X Management Co. LLC now owns 5,108 shares of the company’s stock worth $145,000 after acquiring an additional 451 shares during the period. Finally, Oppenheimer Asset Management Inc. bought a new stake in shares of Twenty-First Century Fox in the 1st quarter worth approximately $167,000. 53.55% of the stock is currently owned by hedge funds and other institutional investors.
Twenty-First Century Fox Company Profile
Twenty-First Century Fox, Inc is a media and entertainment company. The Company’s segments include Cable Network Programming; Television; Filmed Entertainment, and Other, Corporate and Eliminations. The Cable Network Programming segment produces and licenses news, business news, sports, general entertainment, factual entertainment and movie programming for distribution.
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