FOX (NASDAQ:FOXA) Upgraded at Argus

Argus upgraded shares of FOX (NASDAQ:FOXA) to a hold rating in a research report report published on Thursday,Zacks.com reports.

A number of other analysts have also issued reports on the stock. Arete Research upgraded shares of FOX from a “neutral” rating to a “buy” rating and set a $97.00 price target on the stock in a research note on Tuesday, October 28th. Guggenheim lifted their price objective on shares of FOX from $75.00 to $85.00 and gave the company a “buy” rating in a report on Monday, December 22nd. Morgan Stanley upped their target price on shares of FOX from $74.00 to $77.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 5th. Wells Fargo & Company cut shares of FOX from an “overweight” rating to a “hold” rating in a research report on Thursday, February 5th. Finally, Bank of America boosted their price target on shares of FOX from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Friday, December 19th. Eight research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat.com, FOX has an average rating of “Hold” and an average price target of $75.07.

FOX Stock Up 1.5%

NASDAQ:FOXA opened at $57.02 on Thursday. The company has a quick ratio of 2.44, a current ratio of 2.78 and a debt-to-equity ratio of 0.60. The stock’s fifty day moving average is $69.60 and its two-hundred day moving average is $64.49. FOX has a 52 week low of $46.42 and a 52 week high of $76.39. The stock has a market capitalization of $24.26 billion, a price-to-earnings ratio of 13.71, a price-to-earnings-growth ratio of 7.50 and a beta of 0.51.

FOX (NASDAQ:FOXA) last issued its quarterly earnings data on Wednesday, February 4th. The company reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.35. FOX had a return on equity of 18.14% and a net margin of 11.41%.The business had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.02 billion. During the same period in the previous year, the firm posted $0.96 earnings per share. The company’s revenue was up 2.0% on a year-over-year basis. Research analysts anticipate that FOX will post 4.38 EPS for the current year.

FOX Announces Dividend

The company also recently disclosed a dividend, which will be paid on Wednesday, March 25th. Stockholders of record on Wednesday, March 4th will be given a dividend of $0.28 per share. This represents a dividend yield of 83.0%. The ex-dividend date of this dividend is Wednesday, March 4th. FOX’s payout ratio is 13.46%.

Insider Activity at FOX

In related news, insider Adam G. Ciongoli sold 29,897 shares of the stock in a transaction on Tuesday, December 9th. The stock was sold at an average price of $69.55, for a total value of $2,079,336.35. Following the transaction, the insider owned 35,978 shares of the company’s stock, valued at $2,502,269.90. This represents a 45.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 19.68% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Winnow Wealth LLC acquired a new stake in shares of FOX during the third quarter worth about $1,238,000. Bank of New York Mellon Corp grew its stake in FOX by 0.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,924,975 shares of the company’s stock worth $121,389,000 after buying an additional 16,757 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S grew its stake in FOX by 23.0% during the 3rd quarter. BI Asset Management Fondsmaeglerselskab A S now owns 150,522 shares of the company’s stock worth $9,492,000 after buying an additional 28,118 shares during the last quarter. Fort Washington Investment Advisors Inc. OH increased its position in FOX by 9.3% during the third quarter. Fort Washington Investment Advisors Inc. OH now owns 662,247 shares of the company’s stock worth $41,761,000 after buying an additional 56,234 shares during the period. Finally, Marshall Wace LLP lifted its stake in FOX by 415.7% in the second quarter. Marshall Wace LLP now owns 230,570 shares of the company’s stock valued at $12,921,000 after buying an additional 185,859 shares during the last quarter. 52.52% of the stock is owned by institutional investors and hedge funds.

About FOX

Fox Corporation (NASDAQ: FOXA) is a U.S.-based media company focused on television broadcasting, cable news and sports programming, and digital distribution. The company was formed in 2019 as the successor to certain assets of 21st Century Fox after a transaction that transferred many film and television studio assets to The Walt Disney Company. Fox Corp’s operations center on the Fox Broadcasting network, a portfolio of local television stations, national news and business cable networks, and sports media properties.

Fox produces, acquires and distributes a range of live and recorded programming, including news, opinion and commentary, national and local sports telecasts, and general entertainment.