Fox Corporation (NASDAQ:FOXA) Stock Has Average Target Price of $76.35 According to Brokerages

Key Points

• Analyst consensus is “Hold” for Fox Corporation, with 10 buy, 8 hold and 1 sell rating among 19 brokerages. The average 12-month price target is $76.35 versus the reported share price of $63.06.
• Fox reported a strong quarterly performance, with EPS of $1.79 beating estimates of $1.44 and revenue of $4.21 billion exceeding the $3.64 billion consensus; revenue rose 28.1% year over year.
• CEO Lachlan Murdoch purchased nearly 150,000 shares for approximately $10.3 million, while institutional investors own 52.52% of the company.

Fox Corporation (NASDAQ:FOXA - Get Free Report) has been assigned a consensus rating of "Hold" from the nineteen brokerages that are currently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, eight have assigned a hold recommendation and ten have given a buy recommendation to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $76.35.

Several research analysts recently commented on FOXA shares. Wolfe Research upgraded FOX from a "peer perform" rating to an "outperform" rating and set a $71.00 price target on the stock in a research note on Tuesday, June 30th. Citizens Jmp started coverage on FOX in a research note on Monday, September 14th. They set a "market outperform" rating and a $95.00 price objective for the company. Guggenheim restated a "buy" rating and set a $85.00 price objective on shares of FOX in a report on Wednesday, September 23rd. Wall Street Zen raised FOX from a "hold" rating to a "buy" rating in a research report on Saturday, August 15th. Finally, Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $80.00 target price on shares of FOX in a research note on Friday, August 14th.

FOX Stock Performance

FOX stock opened at $63.06 on Tuesday. FOX has a 12-month low of $48.34 and a 12-month high of $76.39. The company has a debt-to-equity ratio of 0.56, a current ratio of 3.17 and a quick ratio of 2.99. The company has a market capitalization of $26.46 billion, a price-to-earnings ratio of 16.46, a price-to-earnings-growth ratio of 1.12 and a beta of 0.55. The firm's fifty day moving average price is $64.04 and its 200 day moving average price is $61.49.

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

FOX Dividend Announcement

The business also recently declared a dividend, which was paid on Wednesday, September 23rd. Investors of record on Wednesday, September 2nd were paid a $0.29 dividend. This represents a dividend yield of 86.0%. The ex-dividend date was Wednesday, September 2nd. FOX's payout ratio is 15.14%.

Insider Transactions at FOX

In related news, CEO Lachlan Murdoch acquired 149,934 shares of FOX stock in a transaction on Tuesday, September 15th. The shares were purchased at an average cost of $68.53 per share, for a total transaction of $10,274,977.02. Following the purchase, the chief executive officer directly owned 1,401,713 shares of the company's stock, valued at $96,059,391.89. The trade was a 11.98% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 20.89% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On FOX

Hedge funds and other institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC lifted its position in shares of FOX by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 6,534,627 shares of the company's stock worth $476,248,000 after purchasing an additional 29,923 shares during the last quarter. Squarepoint Ops LLC raised its stake in FOX by 12.4% during the second quarter. Squarepoint Ops LLC now owns 1,127,389 shares of the company's stock valued at $58,805,000 after buying an additional 124,143 shares in the last quarter. Allianz Asset Management GmbH raised its stake in FOX by 2.6% during the second quarter. Allianz Asset Management GmbH now owns 966,811 shares of the company's stock valued at $50,429,000 after buying an additional 24,511 shares in the last quarter. Junto Capital Management LP bought a new position in FOX during the 2nd quarter worth approximately $34,773,000. Finally, SG Americas Securities LLC lifted its holdings in FOX by 299.8% during the 1st quarter. SG Americas Securities LLC now owns 511,811 shares of the company's stock worth $29,890,000 after buying an additional 383,782 shares during the last quarter. Institutional investors own 52.52% of the company's stock.

About FOX

Fox Corporation NASDAQ: FOXA is a media and entertainment company formed in 2019 following the separation of certain assets from 21st Century Fox. The company operates a portfolio of news, sports and entertainment brands focused primarily on the United States, with select services and programming available internationally.

Fox's businesses include FOX News Media, which operates FOX News Channel, FOX Business Network, FOX News Digital and related subscription and streaming services. Its sports operations include FOX Sports, FS1, FS2, FOX Deportes, the Big Ten Network and sports programming distributed through digital platforms.

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