Wells Fargo & Company Cuts FOX (NASDAQ:FOXA) Price Target to $67.00

FOX (NASDAQ:FOXA) had its price target cut by Wells Fargo & Company from $75.00 to $67.00 in a research report report published on Friday morning,Benzinga reports. They currently have an equal weight rating on the stock.

A number of other research firms have also recently commented on FOXA. Barclays lowered their price objective on shares of FOX from $64.00 to $63.00 and set an “equal weight” rating for the company in a research report on Thursday, February 5th. Evercore lifted their target price on FOX from $66.00 to $70.00 and gave the stock an “in-line” rating in a report on Thursday, February 5th. TD Cowen boosted their target price on FOX from $55.00 to $65.00 and gave the company a “hold” rating in a research note on Thursday, February 5th. Zacks Research downgraded FOX from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 5th. Finally, JPMorgan Chase & Co. raised their price target on FOX from $65.00 to $69.00 and gave the stock a “neutral” rating in a research report on Thursday, February 5th. Seven analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $71.27.

FOX Stock Performance

Shares of NASDAQ:FOXA opened at $59.11 on Friday. The firm’s 50 day simple moving average is $61.75 and its 200 day simple moving average is $64.37. FOX has a fifty-two week low of $46.42 and a fifty-two week high of $76.39. The company has a market capitalization of $25.15 billion, a price-to-earnings ratio of 14.21, a P/E/G ratio of 7.28 and a beta of 0.55. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.78 and a quick ratio of 2.44.

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

FOX Announces Dividend

The business also recently declared a dividend, which was paid on Wednesday, March 25th. Investors of record on Wednesday, March 4th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Wednesday, March 4th. This represents a yield of 83.0%. FOX’s dividend payout ratio is 13.46%.

Insider Buying and Selling

In other FOX news, COO John Nallen sold 242,309 shares of the firm’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $57.74, for a total value of $13,990,921.66. Following the completion of the transaction, the chief operating officer directly owned 357,653 shares in the company, valued at $20,650,884.22. This trade represents a 40.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Lachlan K. Murdoch sold 637,752 shares of the business’s stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $58.20, for a total value of $37,117,166.40. Following the transaction, the chief executive officer directly owned 152 shares in the company, valued at $8,846.40. This trade represents a 99.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 1,586,871 shares of company stock valued at $91,893,926. Corporate insiders own 19.68% of the company’s stock.

Hedge Funds Weigh In On FOX

A number of institutional investors have recently added to or reduced their stakes in FOXA. Private Trust Co. NA lifted its stake in FOX by 35.6% in the fourth quarter. Private Trust Co. NA now owns 712 shares of the company’s stock valued at $52,000 after acquiring an additional 187 shares during the last quarter. Parallel Advisors LLC grew its position in shares of FOX by 9.2% in the 3rd quarter. Parallel Advisors LLC now owns 2,532 shares of the company’s stock valued at $160,000 after acquiring an additional 214 shares during the period. Greenleaf Trust increased its stake in shares of FOX by 3.8% during the 3rd quarter. Greenleaf Trust now owns 6,198 shares of the company’s stock worth $391,000 after purchasing an additional 225 shares during the last quarter. Brown Brothers Harriman & Co. raised its holdings in shares of FOX by 27.5% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,062 shares of the company’s stock valued at $67,000 after purchasing an additional 229 shares during the period. Finally, Venturi Wealth Management LLC raised its holdings in shares of FOX by 3.5% in the 4th quarter. Venturi Wealth Management LLC now owns 6,916 shares of the company’s stock valued at $505,000 after purchasing an additional 232 shares during the period. 52.52% of the stock is currently 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.