Bank of America Issues Positive Forecast for FOX (NASDAQ:FOXA) Stock Price

FOX (NASDAQ:FOXAGet Free Report) had its price target raised by stock analysts at Bank of America from $60.00 to $65.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s target price points to a potential upside of 14.68% from the company’s current price.

Several other research firms have also commented on FOXA. Cfra Research raised shares of FOX from a “hold” rating to a “moderate buy” rating in a research note on Monday, April 7th. Cowen reissued a “hold” rating on shares of FOX in a research note on Tuesday, May 13th. Barclays reissued an “outperform” rating on shares of FOX in a research note on Tuesday, May 13th. UBS Group boosted their price objective on shares of FOX from $61.00 to $63.00 and gave the stock a “buy” rating in a research note on Tuesday, May 13th. Finally, Loop Capital lifted their target price on shares of FOX from $62.00 to $64.00 and gave the stock a “buy” rating in a report on Tuesday, May 13th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $53.53.

Get Our Latest Analysis on FOX

FOX Trading Up 1.2%

NASDAQ:FOXA opened at $56.68 on Wednesday. FOX has a one year low of $33.82 and a one year high of $58.74. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.45 and a quick ratio of 2.33. The company’s 50-day simple moving average is $53.17 and its 200 day simple moving average is $52.17. The firm has a market capitalization of $25.48 billion, a P/E ratio of 14.10, a PEG ratio of 1.19 and a beta of 0.51.

FOX (NASDAQ:FOXAGet Free Report) last posted its quarterly earnings data on Monday, May 12th. The company reported $1.10 EPS for the quarter, topping the consensus estimate of $0.93 by $0.17. FOX had a net margin of 11.58% and a return on equity of 17.99%. The business had revenue of $4.37 billion for the quarter, compared to analyst estimates of $4.14 billion. During the same quarter in the previous year, the firm posted $1.40 earnings per share. FOX’s quarterly revenue was up 26.8% on a year-over-year basis. As a group, analysts forecast that FOX will post 4.38 EPS for the current fiscal year.

Insider Activity

In other news, CFO Steven Tomsic sold 5,607 shares of the business’s stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $55.37, for a total transaction of $310,459.59. Following the completion of the transaction, the chief financial officer now directly owns 133,923 shares of the company’s stock, valued at $7,415,316.51. The trade was a 4.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 21.77% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in FOXA. Norges Bank purchased a new position in shares of FOX during the fourth quarter valued at approximately $132,161,000. Assetmark Inc. raised its holdings in shares of FOX by 752.1% during the first quarter. Assetmark Inc. now owns 1,951,657 shares of the company’s stock valued at $110,464,000 after purchasing an additional 1,722,616 shares during the last quarter. Jupiter Asset Management Ltd. purchased a new position in shares of FOX during the fourth quarter valued at approximately $67,471,000. FMR LLC raised its holdings in shares of FOX by 240.2% during the fourth quarter. FMR LLC now owns 1,884,927 shares of the company’s stock valued at $91,570,000 after purchasing an additional 1,330,908 shares during the last quarter. Finally, Federated Hermes Inc. grew its position in FOX by 164,675.7% during the first quarter. Federated Hermes Inc. now owns 1,255,591 shares of the company’s stock valued at $71,066,000 after buying an additional 1,254,829 shares during the period. 52.52% of the stock is owned by hedge funds and other institutional investors.

About FOX

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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.

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