FOX (NASDAQ:FOX) Upgraded to Overweight at JPMorgan Chase & Co.

Key Points

• JPMorgan upgraded FOX to “overweight” from “neutral” and raised its price target to $82 from $70, implying approximately 33.84% upside from the prior close.
• FOX shares rose 5.4% to $61.27, while the stock carries a consensus “Buy” rating and an average analyst price target of $76.
• FOX’s latest quarterly results exceeded expectations, with earnings of $1.79 per share versus the $1.44 consensus and revenue of $4.21 billion versus $3.64 billion expected.

FOX (NASDAQ:FOX - Get Free Report) was upgraded by research analysts at JPMorgan Chase & Co. from a "neutral" rating to an "overweight" rating in a report released on Friday,Benzinga reports. The firm presently has a $82.00 price objective on the stock, up from their prior price objective of $70.00. JPMorgan Chase & Co.'s target price points to a potential upside of 33.84% from the stock's previous close.

FOX has been the topic of several other research reports. Zacks Research upgraded FOX from a "hold" rating to a "strong-buy" rating in a research report on Thursday, July 30th. Seaport Research Partners cut FOX from a "buy" rating to a "hold" rating in a research note on Friday, August 7th. Citigroup reiterated a "buy" rating on shares of FOX in a research report on Friday, July 17th. Weiss Ratings cut shares of FOX from a "buy (b)" rating to a "buy (b-)" rating in a research note on Monday, July 20th. Finally, Rothschild & Co Redburn set a $71.00 target price on shares of FOX in a report on Friday, July 10th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat, FOX currently has an average rating of "Buy" and a consensus price target of $76.00.

FOX Stock Up 5.4%

Shares of FOX stock traded up $3.17 during trading hours on Friday, hitting $61.27. The company had a trading volume of 371,468 shares, compared to its average volume of 1,643,302. The company's 50-day moving average is $51.45 and its two-hundred day moving average is $54.38. The company has a market cap of $25.74 billion, a P/E ratio of 16.02, a price-to-earnings-growth ratio of 1.59 and a beta of 0.57. FOX has a twelve month low of $44.08 and a twelve month high of $68.18. 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:FOX - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported $1.79 EPS for the quarter, beating the consensus estimate of $1.44 by $0.35. FOX had a net margin of 9.84% and a return on equity of 20.64%. The firm had revenue of $4.21 billion during the quarter, compared to the consensus estimate of $3.64 billion. Analysts anticipate that FOX will post 5.69 earnings per share for the current fiscal year.

Institutional Investors Weigh In On FOX

Institutional investors and hedge funds have recently modified their holdings of the company. Globeflex Capital L P acquired a new position in FOX during the second quarter worth $698,000. Great Lakes Advisors LLC acquired a new stake in FOX in the second quarter valued at $4,222,000. Foster & Motley Inc. acquired a new stake in FOX in the second quarter valued at $9,237,000. Plato Investment Management Ltd purchased a new position in shares of FOX in the second quarter valued at $1,261,000. Finally, Wedge Capital Management L L P NC purchased a new position in shares of FOX in the second quarter valued at $35,047,000. Institutional investors and hedge funds own 26.41% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source