FOX (NASDAQ:FOX) Upgraded at Zacks Research

Key Points

• Zacks Research upgraded FOX to “strong buy” from “hold.” The stock has a consensus “Buy” rating and an average analyst price target of $77.67.
• FOX opened at $55.98, with a market capitalization of approximately $23.49 billion and a 52-week range of $44.08 to $68.18.
• The company exceeded quarterly expectations, reporting $1.79 in EPS versus the $1.44 consensus and revenue of $4.21 billion versus estimates of $3.64 billion. CEO Lachlan Murdoch also purchased nearly $10.3 million of FOX shares.

FOX (NASDAQ:FOX - Get Free Report) was upgraded by analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued on Tuesday, Zacks reports.

Several other analysts have also recently commented on FOX. Wolfe Research set a $93.00 price objective on shares of FOX in a research note on Thursday, August 20th. Citizens Jmp raised shares of FOX to a "strong-buy" rating in a report on Monday, September 14th. Rothschild & Co Redburn set a $71.00 price target on shares of FOX in a research report on Friday, July 10th. Weiss Ratings raised FOX from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, September 10th. Finally, Fox Advisors set a $95.00 price target on FOX in a report on Monday, September 14th. Three research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $77.67.

FOX Trading Up 0.7%

NASDAQ:FOX opened at $55.98 on Tuesday. The stock has a fifty day moving average price of $57.87 and a two-hundred day moving average price of $55.33. The stock has a market capitalization of $23.49 billion, a price-to-earnings ratio of 14.62, a PEG ratio of 1.44 and a beta of 0.63. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.99 and a current ratio of 3.17. FOX has a 1 year low of $44.08 and a 1 year high of $68.18.

FOX (NASDAQ:FOX - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported $1.79 EPS for the quarter, topping the consensus estimate of $1.44 by $0.35. FOX had a net margin of 9.84% and a return on equity of 20.64%. The company had revenue of $4.21 billion for the quarter, compared to analyst estimates of $3.64 billion. As a group, sell-side analysts anticipate that FOX will post 5.99 earnings per share for the current fiscal year.

Insider Transactions at FOX

In related news, CEO Lachlan Murdoch bought 149,934 shares of the stock in a transaction on Tuesday, September 15th. The shares were purchased at an average price of $68.53 per share, for a total transaction of $10,274,977.02. Following the acquisition, the chief executive officer owned 1,401,713 shares in the company, valued at $96,059,391.89. This represents a 11.98% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 23.06% of the company's stock.

Institutional Trading of FOX

Institutional investors and hedge funds have recently made changes to their positions in the stock. Wedge Capital Management L L P NC acquired a new position in FOX in the 2nd quarter valued at about $35,047,000. Gamco Investors INC. ET AL grew its holdings in shares of FOX by 10.0% during the first quarter. Gamco Investors INC. ET AL now owns 585,183 shares of the company's stock worth $31,073,000 after buying an additional 53,166 shares in the last quarter. Gabelli Funds LLC raised its position in shares of FOX by 2.3% in the first quarter. Gabelli Funds LLC now owns 579,800 shares of the company's stock valued at $30,787,000 after buying an additional 13,200 shares during the last quarter. F&V Capital Management LLC lifted its stake in shares of FOX by 31.0% during the second quarter. F&V Capital Management LLC now owns 373,105 shares of the company's stock valued at $17,476,000 after buying an additional 88,395 shares during the period. Finally, New York State Teachers Retirement System boosted its position in FOX by 3.2% during the first quarter. New York State Teachers Retirement System now owns 179,681 shares of the company's stock worth $9,541,000 after acquiring an additional 5,504 shares during the last quarter. 26.41% of the stock is currently owned by hedge funds and other institutional investors.

FOX Company Profile

Fox Corporation NASDAQ: FOX is a U.S. media company that produces and distributes news, sports, and entertainment programming. Its portfolio includes FOX News Media, FOX Sports, FOX Entertainment, FOX Television Stations, and the Tubi streaming service.

FOX News Media operates FOX News Channel, FOX Business Network, FOX News Digital, FOX Nation, and FOX Weather. FOX Sports provides national and regional sports programming, while FOX Entertainment develops and broadcasts scripted and unscripted television content.

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