Bank of America Forecasts Strong Price Appreciation for FOX (NASDAQ:FOXA) Stock

FOX (NASDAQ:FOXA) had its target price increased by Bank of America from $50.00 to $55.00 in a report issued on Wednesday morning,Benzinga reports. Bank of America currently has a buy rating on the stock.

Several other equities research analysts also recently issued reports on the company. Wells Fargo & Company raised their price target on FOX from $46.00 to $49.00 and gave the company an “overweight” rating in a report on Tuesday, November 5th. Loop Capital raised their target price on shares of FOX from $43.00 to $46.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Morgan Stanley upped their price target on shares of FOX from $38.00 to $40.00 and gave the company an “equal weight” rating in a research note on Friday, November 1st. The Goldman Sachs Group raised their price objective on shares of FOX from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Finally, Cfra reiterated a “sell” rating on shares of FOX in a research note on Wednesday, September 25th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, FOX currently has an average rating of “Hold” and a consensus price target of $46.87.

FOX Stock Performance

Shares of FOX stock traded down $0.45 during trading on Wednesday, hitting $48.98. 1,124,264 shares of the stock were exchanged, compared to its average volume of 3,124,908. FOX has a 1-year low of $28.28 and a 1-year high of $50.63. The stock has a market capitalization of $22.37 billion, a price-to-earnings ratio of 11.98, a price-to-earnings-growth ratio of 1.18 and a beta of 0.77. The company has a fifty day moving average price of $44.83 and a 200-day moving average price of $40.39. The company has a current ratio of 2.59, a quick ratio of 2.33 and a debt-to-equity ratio of 0.58.

FOX (NASDAQ:FOXA) last announced its quarterly earnings results on Monday, November 4th. The company reported $1.45 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.33. FOX had a return on equity of 16.49% and a net margin of 13.40%. The firm had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $3.38 billion. During the same quarter in the previous year, the business earned $1.09 earnings per share. The business’s revenue was up 11.1% compared to the same quarter last year. As a group, equities analysts predict that FOX will post 3.94 EPS for the current fiscal year.

Insider Transactions at FOX

In other news, COO John Nallen sold 182,481 shares of the business’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $43.73, for a total transaction of $7,979,894.13. Following the completion of the transaction, the chief operating officer now owns 249,424 shares of the company’s stock, valued at approximately $10,907,311.52. The trade was a 42.25 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Keith Rupert Murdoch sold 186,871 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $46.22, for a total value of $8,637,177.62. The disclosure for this sale can be found here. In the last 90 days, insiders sold 469,352 shares of company stock valued at $20,822,072. Company insiders own 21.77% of the company’s stock.

Institutional Investors Weigh In On FOX

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Entropy Technologies LP acquired a new stake in FOX in the third quarter valued at approximately $546,000. Invst LLC bought a new stake in FOX during the 3rd quarter worth $740,000. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in FOX in the 3rd quarter worth about $2,867,000. Edgestream Partners L.P. raised its position in FOX by 343.1% in the second quarter. Edgestream Partners L.P. now owns 203,956 shares of the company’s stock valued at $7,010,000 after purchasing an additional 157,927 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky raised its position in FOX by 9.7% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 712,593 shares of the company’s stock valued at $24,492,000 after purchasing an additional 62,920 shares during the last quarter. 52.52% of the stock is owned by institutional investors.

About FOX

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.