FOX (NASDAQ:FOX) Upgraded by Zacks Research to "Strong-Buy" Rating

Key Points

• Zacks Research upgraded FOX to “Strong Buy” from “Hold,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $74.33.
• FOX’s latest quarterly results exceeded expectations, reporting $1.32 in EPS versus $1.02 expected and $3.99 billion in revenue versus a $3.78 billion consensus estimate.
• Despite the positive prior quarter, analysts expect year-over-year earnings to decline in the upcoming report, making the results a key near-term catalyst for the stock.

FOX (NASDAQ:FOX - Get Free Report) was upgraded by Zacks Research from a "hold" rating to a "strong-buy" rating in a report issued on Thursday,Zacks.com reports.

A number of other analysts have also weighed in on the stock. Citigroup reaffirmed a "buy" rating on shares of FOX in a report on Friday, July 17th. Weiss Ratings downgraded shares of FOX from a "buy (b)" rating to a "buy (b-)" rating in a report on Monday, July 20th. Finally, Rothschild & Co Redburn set a $71.00 price target on shares of FOX in a research report on Friday, July 10th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, FOX has a consensus rating of "Moderate Buy" and an average target price of $74.33.

FOX Price Performance

FOX opened at $51.94 on Thursday. FOX has a 1 year low of $44.08 and a 1 year high of $68.18. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.90 and a quick ratio of 2.65. The company has a market capitalization of $21.82 billion, a price-to-earnings ratio of 13.70, a P/E/G ratio of 1.49 and a beta of 0.57. The firm's fifty day moving average price is $52.04 and its two-hundred day moving average price is $55.13.

FOX (NASDAQ:FOX - Get Free Report) last announced its quarterly earnings data on Monday, May 11th. The company reported $1.32 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.02 by $0.30. The firm had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $3.78 billion. FOX had a return on equity of 18.90% and a net margin of 10.56%. As a group, analysts anticipate that FOX will post 4.78 earnings per share for the current fiscal year.

Hedge Funds Weigh In On FOX

Several hedge funds and other institutional investors have recently modified their holdings of FOX. AQR Capital Management LLC increased its stake in shares of FOX by 65.6% during the first quarter. AQR Capital Management LLC now owns 26,715 shares of the company's stock valued at $1,408,000 after buying an additional 10,579 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of FOX by 4.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,446 shares of the company's stock valued at $656,000 after acquiring an additional 586 shares in the last quarter. NewEdge Advisors LLC purchased a new stake in FOX in the first quarter worth $224,000. Woodline Partners LP boosted its holdings in FOX by 40.7% in the first quarter. Woodline Partners LP now owns 11,145 shares of the company's stock valued at $587,000 after acquiring an additional 3,222 shares in the last quarter. Finally, Jane Street Group LLC boosted its holdings in FOX by 427.0% in the first quarter. Jane Street Group LLC now owns 97,261 shares of the company's stock valued at $5,127,000 after acquiring an additional 78,804 shares in the last quarter. 26.41% of the stock is owned by institutional investors.

Trending Headlines about FOX

Here are the key news stories impacting FOX this week:

• Positive Sentiment: FOX’s previous reported quarter was stronger than expected, with earnings of $1.32 per share versus the $1.02 consensus estimate and revenue of $3.99 billion, above the $3.78 billion forecast. This provides a favorable comparison point ahead of the upcoming report.
• Neutral Sentiment: Fox Corporation is expected to announce quarterly results on Thursday, making the earnings release the stock’s primary near-term catalyst. FOX projected quarterly earnings announcement
• Neutral Sentiment: Several Fox News headlines involving domestic crime, U.S. foreign policy and international conflicts were published during the period. While such coverage may support audience engagement for Fox News, the articles do not indicate a direct change to Fox Corporation’s financial outlook.
• Negative Sentiment: Analysts and market commentary anticipate a year-over-year decline in FOX’s upcoming fourth-quarter earnings, while the company is not viewed as having the “right combination” of factors for a likely earnings beat. That expectation is the clearest reason for cautious trading ahead of results. Fox Q4 earnings preview

FOX Company Profile

Fox Corporation NASDAQ: FOX is a U.S.-based media company that operates television broadcast, news and sports businesses. The company traces its contemporary structure to the 2019 reorganization that followed the sale of certain entertainment assets to The Walt Disney Company; Fox Corporation retained a portfolio centered on the Fox Broadcasting Company, Fox Television Stations, Fox News Media and Fox Sports. Over time the company has expanded its digital footprint through acquisitions and direct-to-consumer services, building a mix of linear and streaming distribution.

FOX's core activities include the creation, aggregation and distribution of television programming and live sports, the operation of national cable news and business networks, and the ownership and operation of local broadcast stations.

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