FOX (NASDAQ:FOXA) Stock Bumped Up to "Buy" by Bank of America

Key Points

• Bank of America upgraded FOXA to “Buy” from “Underperform” and raised its price target to $85 from $54, implying approximately 32.85% upside.
• Analyst sentiment is broadly positive, with 12 Buy ratings and seven Holds; the consensus rating is “Moderate Buy” with an average target price of $78.71.
• FOX reported stronger-than-expected quarterly results, including $1.79 earnings per share versus a $1.44 estimate and $4.21 billion in revenue, up 28.1% year over year. CEO Lachlan Murdoch also purchased nearly $10.3 million of company shares.

FOX (NASDAQ:FOXA - Get Free Report) was upgraded by equities researchers at Bank of America from an "underperform" rating to a "buy" rating in a note issued to investors on Friday, Benzinga reports. The firm currently has a $85.00 price target on the stock, up from their previous price target of $54.00. Bank of America's price objective would indicate a potential upside of 32.85% from the stock's current price.

Several other analysts have also weighed in on FOXA. Citizens Jmp initiated coverage on FOX in a research note on Monday, September 14th. They issued a "market outperform" rating and a $95.00 price objective on the stock. Seaport Research Partners downgraded FOX from a "buy" rating to a "neutral" rating in a research note on Friday, August 7th. Guggenheim reissued a "buy" rating and set a $85.00 target price on shares of FOX in a research note on Wednesday, September 23rd. Fox Advisors set a $95.00 target price on shares of FOX in a report on Monday, September 14th. Finally, Wall Street Zen upgraded shares of FOX from a "hold" rating to a "buy" rating in a research note on Saturday, August 15th. Twelve equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $78.71.

FOX Trading Up 2.8%

Shares of FOXA stock opened at $63.98 on Friday. FOX has a fifty-two week low of $48.34 and a fifty-two week high of $76.39. The stock's fifty day moving average price is $65.26 and its two-hundred day moving average price is $61.91. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.99 and a current ratio of 3.17. The company has a market cap of $26.85 billion, a PE ratio of 11.44, a P/E/G ratio of 1.11 and a beta of 0.60.

FOX (NASDAQ:FOXA - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported $1.79 EPS for the quarter, topping analysts' consensus estimates of $1.44 by $0.35. FOX had a return on equity of 20.64% and a net margin of 9.84%. The company had revenue of $4.21 billion during the quarter, compared to analysts' expectations of $3.64 billion. During the same quarter in the previous year, the firm earned $1.27 EPS. FOX's revenue was up 28.1% on a year-over-year basis. Equities analysts predict that FOX will post 5.94 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Lachlan Murdoch bought 149,934 shares of the stock in a transaction on Tuesday, September 15th. The stock was acquired at an average price of $68.53 per share, with a total value of $10,274,977.02. Following the acquisition, the chief executive officer directly owned 1,401,713 shares in the company, valued at approximately $96,059,391.89. This trade represents a 11.98% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 20.89% of the stock is owned by corporate insiders.

Institutional Trading of FOX

Hedge funds have recently made changes to their positions in the company. MassMutual Private Wealth & Trust FSB bought a new stake in shares of FOX during the third quarter worth about $44,000. Elevation Wealth Partners LLC raised its holdings in FOX by 811.0% in the 3rd quarter. Elevation Wealth Partners LLC now owns 911 shares of the company's stock valued at $57,000 after buying an additional 811 shares during the last quarter. TD Waterhouse Canada Inc. raised its holdings in FOX by 2,503.4% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 1,536 shares of the company's stock valued at $80,000 after buying an additional 1,477 shares during the last quarter. Wilkerson Advisory Group LLC boosted its position in FOX by 50.6% during the 1st quarter. Wilkerson Advisory Group LLC now owns 1,435 shares of the company's stock worth $84,000 after buying an additional 482 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its position in FOX by 20.9% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,451 shares of the company's stock worth $85,000 after buying an additional 251 shares during the period. 52.52% of the stock is owned by institutional investors and hedge funds.

FOX Company Profile

Fox Corporation NASDAQ: FOXA 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 Tubi, an ad-supported streaming service offering movies, television programs, and other digital content.

FOX News Media operates FOX News Channel, FOX Business Network, FOX News Digital, and related audio and digital platforms. FOX Sports provides national and regional sports programming, while FOX Entertainment develops and broadcasts scripted and unscripted programming through the FOX broadcast network and other platforms.

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