Guggenheim Forecasts Strong Price Appreciation for FOX (NASDAQ:FOXA) Stock

FOX (NASDAQ:FOXA - Free Report) had its target price lifted by Guggenheim from $60.00 to $62.00 in a research report released on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities analysts have also weighed in on the stock. Cfra Research upgraded shares of FOX from a "hold" rating to a "moderate buy" rating in a research report on Monday, April 7th. Wolfe Research downgraded shares of FOX from a "peer perform" rating to an "underperform" rating and set a $48.00 target price for the company. in a report on Monday, April 7th. Cowen reaffirmed a "hold" rating on shares of FOX in a research note on Tuesday, May 13th. Loop Capital increased their target price on FOX from $62.00 to $64.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. Finally, Morgan Stanley boosted their price target on FOX from $57.00 to $60.00 and gave the stock an "equal weight" rating in a report on Tuesday, May 13th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat, FOX currently has a consensus rating of "Hold" and an average target price of $53.53.

FOX Stock Performance

FOX stock traded up $0.09 during trading on Wednesday, reaching $55.99. The company had a trading volume of 2,163,861 shares, compared to its average volume of 3,566,896. The firm has a market capitalization of $25.17 billion, a price-to-earnings ratio of 13.93, a price-to-earnings-growth ratio of 1.19 and a beta of 0.51. The company has a current ratio of 2.45, a quick ratio of 2.33 and a debt-to-equity ratio of 0.57. The firm's 50-day simple moving average is $52.84 and its 200 day simple moving average is $52.07. FOX has a 52 week low of $33.82 and a 52 week high of $58.74.

FOX (NASDAQ:FOXA - Get Free Report) last posted its quarterly earnings data on Monday, May 12th. The company reported $1.10 EPS for the quarter, topping the consensus estimate of $0.93 by $0.17. FOX had a return on equity of 17.99% and a net margin of 11.58%. The firm had revenue of $4.37 billion for the quarter, compared to the consensus estimate of $4.14 billion. During the same quarter last year, the company earned $1.40 earnings per share. The business's revenue for the quarter was up 26.8% compared to the same quarter last year. Sell-side analysts forecast that FOX will post 4.38 earnings per share for the current fiscal year.

Insider Activity at FOX

In other FOX news, CFO Steven Tomsic sold 39,642 shares of FOX stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $55.30, for a total transaction of $2,192,202.60. Following the completion of the transaction, the chief financial officer now directly owns 133,923 shares of the company's stock, valued at $7,405,941.90. The trade was a 22.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 21.77% of the stock is owned by insiders.

Hedge Funds Weigh In On FOX

Several hedge funds have recently added to or reduced their stakes in the company. Global Retirement Partners LLC grew its position in FOX by 54.6% in the 4th quarter. Global Retirement Partners LLC now owns 1,918 shares of the company's stock valued at $93,000 after acquiring an additional 677 shares during the last quarter. Ieq Capital LLC purchased a new stake in shares of FOX during the fourth quarter valued at $201,000. Handelsbanken Fonder AB grew its holdings in shares of FOX by 184.1% in the fourth quarter. Handelsbanken Fonder AB now owns 41,704 shares of the company's stock worth $2,026,000 after purchasing an additional 27,024 shares during the last quarter. Denali Advisors LLC purchased a new position in FOX in the 4th quarter worth about $804,000. Finally, Proficio Capital Partners LLC purchased a new position in FOX in the 4th quarter worth about $7,767,000. 52.52% of the stock is currently owned by institutional investors.

FOX Company Profile

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.