Gabelli Initiates Coverage on FOX (FOXA)

Stock analysts at Gabelli assumed coverage on shares of FOX (NASDAQ:FOXA) in a research note issued to investors on Wednesday, The Fly reports. The brokerage set a “buy” rating and a $57.00 price target on the stock. Gabelli’s price target would suggest a potential upside of 50.79% from the stock’s previous close.

Several other research firms also recently weighed in on FOXA. Bank of America initiated coverage on shares of FOX in a research report on Wednesday, March 20th. They issued a “buy” rating and a $52.00 price target on the stock. Zacks Investment Research downgraded shares of FOX from a “buy” rating to a “hold” rating in a research report on Tuesday, January 15th. Buckingham Research initiated coverage on shares of FOX in a research report on Thursday, March 21st. They set a “buy” rating on the stock. Atlantic Securities initiated coverage on shares of FOX in a research report on Thursday, March 21st. They set an “overweight” rating and a $49.00 price objective on the stock. Finally, Vertical Group upgraded shares of FOX from a “hold” rating to a “buy” rating in a research report on Monday, February 4th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and fifteen have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $47.55.

FOXA traded down $0.09 during trading on Wednesday, hitting $37.80. The company’s stock had a trading volume of 39,416 shares, compared to its average volume of 6,421,493. The company has a current ratio of 4.60, a quick ratio of 3.77 and a debt-to-equity ratio of 0.78. FOX has a one year low of $35.90 and a one year high of $41.95.

FOX (NASDAQ:FOXA) last released its quarterly earnings results on Wednesday, May 8th. The company reported $0.76 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.64 by $0.12. The business had revenue of $2.75 billion during the quarter, compared to the consensus estimate of $2.61 billion. During the same quarter in the previous year, the business posted $0.49 earnings per share. The firm’s revenue was up 11.7% on a year-over-year basis. As a group, sell-side analysts predict that FOX will post 2.27 earnings per share for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in FOXA. Vanguard Group Inc lifted its holdings in FOX by 1.0% during the 3rd quarter. Vanguard Group Inc now owns 72,845,313 shares of the company’s stock valued at $3,374,922,000 after buying an additional 731,573 shares in the last quarter. FMR LLC lifted its stake in shares of FOX by 15.2% in the 4th quarter. FMR LLC now owns 33,154,386 shares of the company’s stock valued at $1,595,388,000 after purchasing an additional 4,364,397 shares during the period. Northern Trust Corp raised its position in FOX by 3.3% during the fourth quarter. Northern Trust Corp now owns 16,094,926 shares of the company’s stock worth $774,488,000 after acquiring an additional 518,945 shares during the period. Oregon Public Employees Retirement Fund grew its holdings in shares of FOX by 5,167.7% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 14,853,970 shares of the company’s stock valued at $309,000 after purchasing an additional 14,571,988 shares during the period. Finally, Geode Capital Management LLC grew its holdings in shares of FOX by 6.7% in the fourth quarter. Geode Capital Management LLC now owns 13,669,016 shares of the company’s stock valued at $656,632,000 after purchasing an additional 860,913 shares during the period. 2.49% of the stock is owned by hedge funds and other institutional investors.

About FOX

Fox Corporation operates as a news, sports, and entertainment company in the United States. 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 primarily through cable television systems, direct broadcast satellite operators, telecommunications companies, and online video distributors.

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