FOX (NASDAQ:FOXA) Downgraded to "Hold" Rating by Wall Street Zen

Key Points

• FOX was downgraded by Wall Street Zen from a "buy" rating to a "hold" rating, indicating a shift in analyst sentiment.
• Despite the downgrade, other analysts from various institutions maintained a positive outlook, with Bank of America raising its price target to $65.00 and providing a "buy" rating.
• The company reported better-than-expected earnings of $1.27 per share for the quarter, surpassing the consensus estimate by $0.26.

FOX (NASDAQ:FOXA - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued on Saturday.

Several other research firms have also recently weighed in on FOXA. Bank of America upped their price target on shares of FOX from $60.00 to $65.00 and gave the stock a "buy" rating in a report on Wednesday, June 25th. Cfra Research upgraded shares of FOX from a "hold" rating to a "moderate buy" rating in a report on Tuesday, August 5th. Barclays restated an "outperform" rating on shares of FOX in a report on Tuesday, May 13th. Wells Fargo & Company lifted their target price on shares of FOX from $58.00 to $62.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 13th. Finally, Morgan Stanley lifted their target price on shares of FOX from $60.00 to $65.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 6th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $55.93.

FOX Stock Up 2.7%

NASDAQ:FOXA traded up $1.49 on Friday, hitting $55.99. The stock had a trading volume of 1,271,065 shares, compared to its average volume of 3,968,437. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.76 and a current ratio of 2.91. The stock has a market cap of $25.18 billion, a P/E ratio of 11.40, a price-to-earnings-growth ratio of 1.29 and a beta of 0.54. FOX has a 1 year low of $38.72 and a 1 year high of $58.74. The firm's fifty day simple moving average is $55.38 and its two-hundred day simple moving average is $53.81.

FOX (NASDAQ:FOXA - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $1.27 EPS for the quarter, beating the consensus estimate of $1.01 by $0.26. FOX had a net margin of 13.88% and a return on equity of 18.86%. The firm had revenue of $3.29 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same quarter last year, the business posted $0.90 EPS. The company's revenue for the quarter was up 6.3% on a year-over-year basis. Analysts predict that FOX will post 4.38 earnings per share for the current year.

Insider Buying and Selling at FOX

In other news, CFO Steven Tomsic sold 5,607 shares of the firm's stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $55.37, for a total transaction of $310,459.59. Following the completion of the transaction, the chief financial officer directly owned 133,923 shares in the company, valued at $7,415,316.51. This trade represents a 4.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 21.77% of the stock is owned by insiders.

Institutional Investors Weigh In On FOX

Several institutional investors have recently modified their holdings of FOXA. Assetmark Inc. boosted its position in shares of FOX by 752.1% during the first quarter. Assetmark Inc. now owns 1,951,657 shares of the company's stock valued at $110,464,000 after buying an additional 1,722,616 shares during the last quarter. FMR LLC boosted its stake in shares of FOX by 240.2% in the 4th quarter. FMR LLC now owns 1,884,927 shares of the company's stock worth $91,570,000 after buying an additional 1,330,908 shares during the last quarter. Federated Hermes Inc. lifted its holdings in FOX by 164,675.7% in the first quarter. Federated Hermes Inc. now owns 1,255,591 shares of the company's stock valued at $71,066,000 after acquiring an additional 1,254,829 shares during the period. Nuveen LLC bought a new position in FOX in the first quarter valued at about $63,125,000. Finally, Junto Capital Management LP bought a new position in FOX in the first quarter valued at about $53,681,000. 52.52% of the stock is owned by hedge funds and other institutional investors.

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.