Wells Fargo & Company Forecasts Strong Price Appreciation for FOX (NASDAQ:FOXA) Stock

FOX (NASDAQ:FOXA) had its price target increased by Wells Fargo & Company from $49.00 to $59.00 in a report released on Friday,Benzinga reports. They currently have an underweight rating on the stock.

A number of other equities research analysts also recently commented on the company. The Goldman Sachs Group raised their target price on FOX from $51.00 to $57.00 and gave the company a “buy” rating in a report on Thursday, December 19th. JPMorgan Chase & Co. raised their price objective on shares of FOX from $41.00 to $42.00 and gave the company a “neutral” rating in a research note on Tuesday, November 5th. StockNews.com lowered shares of FOX from a “buy” rating to a “hold” rating in a research report on Tuesday, December 17th. TD Cowen lifted their price target on shares of FOX from $36.00 to $42.00 and gave the company a “hold” rating in a research report on Tuesday, November 5th. Finally, Morgan Stanley upped their price target on FOX from $38.00 to $40.00 and gave the stock an “equal weight” rating in a report on Friday, November 1st. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $47.53.

FOX Stock Down 1.6 %

Shares of NASDAQ:FOXA opened at $48.19 on Friday. FOX has a fifty-two week low of $28.28 and a fifty-two week high of $50.63. The company has a quick ratio of 2.33, a current ratio of 2.59 and a debt-to-equity ratio of 0.58. The firm’s 50-day simple moving average is $47.31 and its 200-day simple moving average is $42.15. The company has a market cap of $22.01 billion, a price-to-earnings ratio of 11.78, a PEG ratio of 1.21 and a beta of 0.75.

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

Insider Buying and Selling at FOX

In other FOX news, Chairman Keith Rupert Murdoch sold 186,871 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $46.22, for a total transaction of $8,637,177.62. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, COO John Nallen sold 182,481 shares of FOX stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $43.73, for a total value of $7,979,894.13. Following the completion of the sale, the chief operating officer now directly owns 249,424 shares of the company’s stock, valued at approximately $10,907,311.52. This represents a 42.25 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 469,352 shares of company stock worth $20,822,072. Corporate insiders own 21.77% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of FOXA. Crossmark Global Holdings Inc. grew its holdings in FOX by 1.7% in the third quarter. Crossmark Global Holdings Inc. now owns 23,408 shares of the company’s stock valued at $991,000 after purchasing an additional 385 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of FOX by 1.6% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 29,501 shares of the company’s stock valued at $1,249,000 after buying an additional 451 shares during the period. US Bancorp DE grew its stake in shares of FOX by 4.0% during the 3rd quarter. US Bancorp DE now owns 14,239 shares of the company’s stock valued at $603,000 after buying an additional 550 shares during the period. Prestige Wealth Management Group LLC raised its position in shares of FOX by 14.7% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 4,445 shares of the company’s stock worth $188,000 after buying an additional 569 shares during the period. Finally, Nomura Asset Management Co. Ltd. raised its position in shares of FOX by 0.9% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 69,082 shares of the company’s stock worth $2,924,000 after buying an additional 590 shares during the period. Institutional investors and hedge funds own 52.52% of the company’s stock.

FOX Company Profile

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.