FOX (NASDAQ:FOXA) Upgraded to "Strong-Buy" at Zacks Research

Key Points

• Zacks Research upgraded FOXA from “hold” to “strong buy.” Overall, analysts maintain a “Moderate Buy” consensus rating with an average price target of $78.12.
• FOX shares opened at $67.00, up 2.7%, with a market capitalization of approximately $28.12 billion and a 12-month trading range of $48.34 to $76.39.
• The company recently exceeded earnings expectations, reporting quarterly EPS of $1.79 versus the $1.44 consensus and revenue of $4.21 billion, up 28.1% year over year. CEO Lachlan Murdoch also purchased nearly $10.3 million worth of FOX shares.

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

FOXA has been the topic of a number of other research reports. Guggenheim reiterated a "buy" rating and issued a $85.00 price target on shares of FOX in a research note on Wednesday, September 23rd. Citigroup started coverage on shares of FOX in a research report on Monday, September 14th. They set an "outperform" rating on the stock. Bank of America upgraded shares of FOX from an "underperform" rating to a "buy" rating and raised their price objective for the company from $54.00 to $85.00 in a research note on Friday, October 16th. Oppenheimer cut shares of FOX to a "market perform" rating in a report on Friday. Finally, Fox Advisors set a $85.00 target price on shares of FOX in a report on Friday. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat.com, FOX currently has an average rating of "Moderate Buy" and a consensus target price of $78.12.

FOX Stock Up 2.7%

Shares of NASDAQ:FOXA opened at $67.00 on Monday. The stock has a fifty day simple moving average of $65.39 and a two-hundred day simple moving average of $62.06. The stock has a market capitalization of $28.12 billion, a price-to-earnings ratio of 17.49, a PEG ratio of 1.14 and a beta of 0.60. FOX has a 12-month low of $48.34 and a 12-month high of $76.39. The company has a current ratio of 3.17, a quick ratio of 2.99 and a debt-to-equity ratio of 0.56.

FOX (NASDAQ:FOXA - Get Free Report) last released its 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 firm had revenue of $4.21 billion for the quarter, compared to analysts' expectations of $3.64 billion. During the same period in the prior year, the firm posted $1.27 earnings per share. The company's quarterly revenue was up 28.1% on a year-over-year basis. On average, research analysts anticipate that FOX will post 6.06 earnings per share for the current fiscal year.

Insider Buying and Selling at FOX

In other FOX news, CEO Lachlan Murdoch purchased 149,934 shares of the stock in a transaction dated Tuesday, September 15th. The shares were purchased at an average cost of $68.53 per share, with a total value of $10,274,977.02. Following the completion of the acquisition, the chief executive officer directly owned 1,401,713 shares in the company, valued at $96,059,391.89. This trade represents a 11.98% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 20.89% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On FOX

Several institutional investors have recently modified their holdings of the business. Nisa Investment Advisors LLC purchased a new stake in FOX during the 3rd quarter valued at $1,049,000. Robeco Institutional Asset Management B.V. bought a new position in shares of FOX during the 3rd quarter valued at $29,395,000. Diversify Advisory Services LLC bought a new position in shares of FOX during the 3rd quarter valued at $741,000. Sumitomo Mitsui DS Asset Management Company Ltd purchased a new position in shares of FOX in the 3rd quarter worth $1,997,000. Finally, Counterpoint Mutual Funds LLC bought a new stake in shares of FOX in the third quarter worth $10,258,000. 52.52% of the stock is owned by hedge funds and other institutional investors.

FOX Company Profile

Fox Corporation NASDAQ: FOXA is a U.S. media and entertainment 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 ad-supported streaming service Tubi.

FOX News Media operates FOX News Channel, FOX Business Network, and related digital platforms. FOX Sports provides national and regional sports programming, while FOX Entertainment develops and distributes scripted and unscripted television content.

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