FOX (NASDAQ:FOXA) Releases Quarterly Earnings Results, Beats Expectations By $0.52 EPS

Key Points

• FOX reported quarterly EPS of $2.54, surpassing analysts’ $2.02 consensus estimate by $0.52. Revenue increased 22.3% year over year, while net margin was 9.84% and return on equity was 20.64%.
• FOX shares opened at $63.24, with a market capitalization of approximately $26.54 billion and a 52-week trading range of $48.34 to $76.39. Analysts’ consensus rating was “Moderate Buy”, with an average price target of $76.94.
• CEO Lachlan Murdoch purchased 149,934 shares for roughly $10.3 million, increasing his holdings by 11.98%. The company also paid a $0.29-per-share dividend, with a reported payout ratio of 15.14%.

FOX (NASDAQ:FOXA - Get Free Report) released its quarterly earnings results on Monday. The company reported $2.54 EPS for the quarter, beating analysts' consensus estimates of $2.02 by $0.52, Briefing.com reports. FOX had a net margin of 9.84% and a return on equity of 20.64%. The business's revenue for the quarter was up 22.3% compared to the same quarter last year. During the same period last year, the firm earned $1.51 EPS.

FOX Price Performance

FOX stock opened at $63.24 on Monday. The company's fifty day moving average price is $65.09 and its 200 day moving average price is $62.32. The stock has a market capitalization of $26.54 billion, a P/E ratio of 16.51, a P/E/G ratio of 1.10 and a beta of 0.60. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.99 and a current ratio of 3.17. FOX has a 1 year low of $48.34 and a 1 year high of $76.39.

FOX Dividend Announcement

The company also recently disclosed a dividend, which was paid on Wednesday, September 23rd. Stockholders of record on Wednesday, September 2nd were paid a dividend of $0.29 per share. The ex-dividend date of this dividend was Wednesday, September 2nd. This represents a dividend yield of 86.0%. FOX's dividend payout ratio (DPR) is presently 15.14%.

Insider Buying and Selling at FOX

In related news, CEO Lachlan Murdoch acquired 149,934 shares of FOX stock in a transaction dated Tuesday, September 15th. The stock was acquired at an average price of $68.53 per share, for a total transaction of $10,274,977.02. Following the transaction, the chief executive officer owned 1,401,713 shares of the company's stock, valued at $96,059,391.89. This represents a 11.98% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 20.89% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on FOXA. Jefferies Financial Group lowered shares of FOX to a "hold" rating in a research report on Friday, October 16th. Citizens Jmp assumed coverage on shares of FOX in a report on Monday, September 14th. They set a "market outperform" rating and a $95.00 price objective on the stock. Citigroup started coverage on FOX in a research report on Monday, September 14th. They issued an "outperform" rating for the company. JPMorgan Chase & Co. raised FOX from a "neutral" rating to an "overweight" rating and raised their target price for the stock from $70.00 to $82.00 in a research report on Friday, August 14th. Finally, Rothschild & Co Redburn upgraded shares of FOX from a "neutral" rating to a "buy" rating and set a $71.00 price objective on the stock in a research report on Friday, July 10th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $76.94.

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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