FOX (NASDAQ:FOXA) Stock Price Expected to Rise, Bank of America Analyst Says

FOX (NASDAQ:FOXA - Free Report) had its target price upped by Bank of America from $60.00 to $65.00 in a research report released on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other brokerages have also recently commented on FOXA. Cfra Research raised shares of FOX from a "hold" rating to a "moderate buy" rating in a research note on Monday, April 7th. UBS Group raised their price target on shares of FOX from $61.00 to $63.00 and gave the company a "buy" rating in a research report on Tuesday, May 13th. Wolfe Research lowered shares of FOX from a "peer perform" rating to an "underperform" rating and set a $48.00 target price on the stock. in a research note on Monday, April 7th. Loop Capital raised their target price on FOX from $62.00 to $64.00 and gave the company a "buy" rating in a research report on Tuesday, May 13th. Finally, Morgan Stanley upped their price target on FOX from $57.00 to $60.00 and gave the stock an "equal weight" rating in a report on Tuesday, May 13th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $53.53.

FOX Stock Performance

FOXA traded up $0.26 during midday trading on Wednesday, hitting $56.25. 317,107 shares of the company were exchanged, compared to its average volume of 3,556,819. The company's 50 day simple moving average is $52.99 and its 200 day simple moving average is $52.10. The firm has a market capitalization of $25.29 billion, a price-to-earnings ratio of 14.00, a price-to-earnings-growth ratio of 1.18 and a beta of 0.51. FOX has a 1-year low of $33.82 and a 1-year high of $58.74. The company has a current ratio of 2.45, a quick ratio of 2.33 and a debt-to-equity ratio of 0.57.

FOX (NASDAQ:FOXA - Get Free Report) last posted its earnings results on Monday, May 12th. The company reported $1.10 EPS for the quarter, topping the consensus estimate of $0.93 by $0.17. The firm had revenue of $4.37 billion for the quarter, compared to analyst estimates of $4.14 billion. FOX had a return on equity of 17.99% and a net margin of 11.58%. FOX's revenue for the quarter was up 26.8% compared to the same quarter last year. During the same period last year, the company earned $1.40 earnings per share. As a group, sell-side analysts predict that FOX will post 4.38 earnings per share for the current year.

Insider Activity at FOX

In other FOX news, CFO Steven Tomsic sold 5,607 shares of FOX stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $55.37, for a total transaction of $310,459.59. Following the sale, the chief financial officer now owns 133,923 shares of the company's stock, valued at $7,415,316.51. The trade was a 4.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 21.77% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On FOX

A number of large investors have recently modified their holdings of the business. Hemington Wealth Management lifted its stake in FOX by 217.6% in the 1st quarter. Hemington Wealth Management now owns 524 shares of the company's stock worth $29,000 after purchasing an additional 359 shares in the last quarter. WealthTrak Capital Management LLC purchased a new position in FOX during the fourth quarter worth approximately $26,000. SRS Capital Advisors Inc. boosted its stake in FOX by 91.0% during the fourth quarter. SRS Capital Advisors Inc. now owns 550 shares of the company's stock worth $27,000 after buying an additional 262 shares during the last quarter. Jones Financial Companies Lllp grew its holdings in FOX by 61.5% in the 4th quarter. Jones Financial Companies Lllp now owns 654 shares of the company's stock valued at $32,000 after buying an additional 249 shares in the last quarter. Finally, CIBC Private Wealth Group LLC increased its stake in shares of FOX by 122.3% in the 4th quarter. CIBC Private Wealth Group LLC now owns 669 shares of the company's stock worth $33,000 after acquiring an additional 368 shares during the last quarter. Hedge funds and other institutional investors own 52.52% of the company's stock.

About FOX

Fox Corporation operates as a news, sports, and entertainment company in the United States (U.S.). The company operates through four segments: Cable Network Programming, Television, Credible, and The FOX Studio Lot. The Cable Network Programming segment produces and licenses news and sports content for distribution through traditional cable television systems, direct broadcast satellite operators and telecommunication companies, virtual multi-channel video programming distributors, and other digital platforms primarily in the U.S.