FOX (NASDAQ:FOXA) Raised to "Buy" at Seaport Research Partners

Key Points

• Seaport Research Partners upgraded FOX to “Buy” from “Neutral” and set a $76 price target, implying 11.43% upside from the share price at the time of the report.
• Analyst sentiment was generally positive: MarketBeat reported a “Moderate Buy” consensus rating and an average price target of $79.16.
• FOX reported quarterly EPS of $2.54, beating the $2.02 estimate, while revenue of $4.57 billion exceeded expectations and rose 22.3% year over year.

FOX (NASDAQ:FOXA - Get Free Report) was upgraded by stock analysts at Seaport Research Partners from a "neutral" rating to a "buy" rating in a research report issued to clients and investors on Monday, Marketbeat Ratings reports. The brokerage presently has a $76.00 price target on the stock. Seaport Research Partners's price target indicates a potential upside of 11.43% from the company's current price.

Several other research analysts have also recently commented on the company. Wells Fargo & Company raised FOX from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $65.00 to $80.00 in a research report on Friday, August 14th. Oppenheimer lowered FOX to a "market perform" rating in a research report on Friday, October 16th. Guggenheim reaffirmed a "buy" rating and set a $85.00 price target on shares of FOX in a research report on Wednesday, September 23rd. KeyCorp cut FOX to a "sector weight" rating in a research note on Friday, October 16th. Finally, JPMorgan Chase & Co. increased their price objective on FOX from $82.00 to $83.00 and gave the company an "overweight" rating in a report on Tuesday, November 3rd. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eleven have given a Hold rating to the company's stock. According to data from MarketBeat, FOX has a consensus rating of "Moderate Buy" and a consensus price target of $79.16.

FOX Stock Up 2.4%

NASDAQ:FOXA traded up $1.57 on Monday, hitting $68.21. 431,041 shares of the company's stock were exchanged, compared to its average volume of 4,924,013. The firm has a 50-day moving average price of $64.86 and a 200-day moving average price of $62.17. The company has a debt-to-equity ratio of 0.53, a current ratio of 3.79 and a quick ratio of 3.50. FOX has a 52 week low of $48.34 and a 52 week high of $76.39. The company has a market cap of $28.77 billion, a P/E ratio of 14.48, a price-to-earnings-growth ratio of 1.07 and a beta of 0.63.

FOX (NASDAQ:FOXA - Get Free Report) last announced its quarterly earnings data on Monday, November 2nd. The company reported $2.54 earnings per share for the quarter, beating the consensus estimate of $2.02 by $0.52. The company had revenue of $4.57 billion during the quarter, compared to analysts' expectations of $4.32 billion. FOX had a return on equity of 23.96% and a net margin of 11.30%. FOX's revenue for the quarter was up 22.3% compared to the same quarter last year. During the same quarter last year, the company earned $1.51 EPS. As a group, analysts expect that FOX will post 6.18 EPS for the current fiscal year.

Insider Buying and Selling at FOX

In other news, CEO Lachlan Murdoch bought 149,934 shares of the company's stock in a transaction dated Tuesday, September 15th. The shares were bought at an average cost of $68.53 per share, with a total value 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 trade represents a 11.98% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 20.89% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On FOX

Several hedge funds have recently bought and sold shares of FOXA. Evergreen Capital Management LLC grew its position in FOX by 2.1% in the third quarter. Evergreen Capital Management LLC now owns 7,462 shares of the company's stock valued at $467,000 after acquiring an additional 156 shares during the last quarter. XXI Wealth LLC lifted its holdings in shares of FOX by 4.2% in the third quarter. XXI Wealth LLC now owns 5,700 shares of the company's stock worth $357,000 after acquiring an additional 232 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of FOX by 20.9% in the first quarter. EverSource Wealth Advisors LLC now owns 1,451 shares of the company's stock worth $85,000 after acquiring an additional 251 shares during the last quarter. Greenleaf Trust boosted its stake in shares of FOX by 4.4% in the 2nd quarter. Greenleaf Trust now owns 6,295 shares of the company's stock valued at $328,000 after purchasing an additional 267 shares in the last quarter. Finally, Sequoia Financial Advisors LLC boosted its stake in shares of FOX by 1.1% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 35,335 shares of the company's stock valued at $1,843,000 after purchasing an additional 389 shares in the last quarter. 52.52% of the stock is currently owned by institutional investors and hedge funds.

About FOX

Fox Corporation is a media company focused primarily on news, sports and entertainment for audiences in the United States. Its businesses include Fox News Media, Fox Sports and Fox Entertainment, which produce and distribute television programming, news coverage, live sports and entertainment content.

The company also operates the Fox broadcast network and local television stations, and offers streaming services including Tubi, an ad-supported streaming platform, and Fox Nation, a subscription service.

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