Guggenheim Reaffirms Buy Rating for FOX (NASDAQ:FOXA)

Key Points

• Guggenheim reaffirmed its Buy rating on FOX, maintaining an $85 price target that implies approximately 22.8% upside from the prior close.
• Analyst sentiment is mixed overall: FOX has a consensus rating of Hold from MarketBeat, with nine Buy, eight Hold, and one Sell rating and an average price target of $74.38.
• FOX reported stronger-than-expected quarterly results, earning $1.79 per share versus the $1.44 consensus estimate and generating $4.21 billion in revenue, up 28.1% year over year.

FOX (NASDAQ:FOXA - Get Free Report)'s stock had its "buy" rating reissued by equities researchers at Guggenheim in a report released on Tuesday,Benzinga reports. They currently have a $85.00 target price on the stock. Guggenheim's price objective suggests a potential upside of 22.81% from the stock's previous close.

Other equities research analysts have also issued research reports about the stock. Wells Fargo & Company upgraded shares of FOX from an "equal weight" rating to an "overweight" rating and boosted their price target for the company from $65.00 to $80.00 in a report on Friday, August 14th. Wall Street Zen raised shares of FOX from a "hold" rating to a "buy" rating in a research report on Saturday, August 15th. Evercore set a $73.00 target price on FOX in a research note on Tuesday, May 12th. Weiss Ratings cut shares of FOX from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, August 12th. Finally, Wolfe Research upgraded shares of FOX from a "peer perform" rating to an "outperform" rating and set a $71.00 price objective for the company in a report on Tuesday, June 30th. Nine analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, FOX presently has a consensus rating of "Hold" and an average price target of $74.38.

FOX Stock Up 1.0%

NASDAQ FOXA opened at $69.21 on Tuesday. FOX has a 12 month low of $48.34 and a 12 month high of $76.39. The company has a market capitalization of $29.04 billion, a P/E ratio of 18.07, a PEG ratio of 1.23 and a beta of 0.54. The company's 50 day simple moving average is $57.75 and its 200 day simple moving average is $60.21. The company has a debt-to-equity ratio of 0.56, a current ratio of 3.17 and a quick ratio of 2.99.

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

Institutional Trading of FOX

Several institutional investors have recently bought and sold shares of the stock. Parallel Advisors LLC grew its stake in FOX by 9.2% during the third quarter. Parallel Advisors LLC now owns 2,532 shares of the company's stock worth $160,000 after buying an additional 214 shares during the last quarter. Brown Brothers Harriman & Co. raised its stake in shares of FOX by 27.5% in the third quarter. Brown Brothers Harriman & Co. now owns 1,062 shares of the company's stock valued at $67,000 after acquiring an additional 229 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of FOX by 20.9% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,451 shares of the company's stock worth $85,000 after acquiring an additional 251 shares in the last quarter. Greenleaf Trust grew its position in FOX by 4.4% during the 2nd quarter. Greenleaf Trust now owns 6,295 shares of the company's stock worth $328,000 after acquiring an additional 267 shares during the last quarter. Finally, Captrust Financial Advisors grew its position in FOX by 6.2% during the 2nd quarter. Captrust Financial Advisors now owns 5,597 shares of the company's stock worth $314,000 after acquiring an additional 327 shares during the last quarter. Institutional investors and hedge funds own 52.52% of the company's stock.

FOX Company Profile

Fox Corporation NASDAQ: FOXA is a U.S.-based media company focused on television broadcasting, cable news and sports programming, and digital distribution. The company was formed in 2019 as the successor to certain assets of 21st Century Fox after a transaction that transferred many film and television studio assets to The Walt Disney Company. Fox Corp's operations center on the Fox Broadcasting network, a portfolio of local television stations, national news and business cable networks, and sports media properties.

Fox produces, acquires and distributes a range of live and recorded programming, including news, opinion and commentary, national and local sports telecasts, and general entertainment.

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