FOX (NASDAQ:FOXA) Earns "Buy" Rating from Guggenheim

Guggenheim reaffirmed their buy rating on shares of FOX (NASDAQ:FOXA - Free Report) in a research report sent to investors on Wednesday morning, MarketBeat reports. The brokerage currently has a $62.00 target price on the stock, up from their prior target price of $60.00.

Other equities research analysts have also recently issued reports about the stock. Cfra Research upgraded shares of FOX from a "hold" rating to a "moderate buy" rating in a report on Monday, April 7th. Loop Capital upped their price target on shares of FOX from $62.00 to $64.00 and gave the company a "buy" rating in a report on Tuesday, May 13th. Morgan Stanley increased their target price on shares of FOX from $57.00 to $60.00 and gave the company an "equal weight" rating in a research note on Tuesday, May 13th. UBS Group increased their target price on shares of FOX from $61.00 to $63.00 and gave the company a "buy" rating in a research note on Tuesday, May 13th. Finally, Barclays reiterated an "outperform" rating on shares of FOX in a research note on Tuesday, May 13th. Two analysts have 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 MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $53.53.

FOX Stock Performance

FOXA stock traded up $0.11 during mid-day trading on Wednesday, reaching $56.79. 3,737,562 shares of the stock traded hands, compared to its average volume of 3,575,409. The company has a quick ratio of 2.33, a current ratio of 2.45 and a debt-to-equity ratio of 0.57. FOX has a 52 week low of $33.84 and a 52 week high of $58.74. The business has a 50-day moving average of $53.34 and a two-hundred day moving average of $52.24. The firm has a market capitalization of $25.53 billion, a PE ratio of 14.13, a P/E/G ratio of 1.20 and a beta of 0.51.

FOX (NASDAQ:FOXA - Get Free Report) last released its quarterly earnings results on Monday, May 12th. The company reported $1.10 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.93 by $0.17. FOX had a net margin of 11.58% and a return on equity of 17.99%. The company had revenue of $4.37 billion during the quarter, compared to analysts' expectations of $4.14 billion. During the same period in the prior year, the company earned $1.40 earnings per share. The business's quarterly revenue was up 26.8% compared to the same quarter last year. As a group, equities analysts predict that FOX will post 4.38 EPS for the current fiscal year.

Insider Transactions at FOX

In other news, CFO Steven Tomsic sold 39,642 shares of the firm's stock in a transaction that occurred 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 sale, the chief financial officer now owns 133,923 shares of the company's stock, valued at approximately $7,405,941.90. This trade represents a 22.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 21.77% of the company's stock.

Institutional Trading of FOX

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of FOX by 2.1% during the first quarter. Vanguard Group Inc. now owns 25,739,628 shares of the company's stock worth $1,456,863,000 after buying an additional 518,835 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of FOX by 1.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,815,004 shares of the company's stock valued at $185,344,000 after purchasing an additional 39,959 shares in the last quarter. Invesco Ltd. increased its holdings in shares of FOX by 3.0% in the first quarter. Invesco Ltd. now owns 3,680,293 shares of the company's stock valued at $208,305,000 after purchasing an additional 107,687 shares in the last quarter. Northern Trust Corp increased its holdings in shares of FOX by 17.1% in the fourth quarter. Northern Trust Corp now owns 3,501,659 shares of the company's stock valued at $170,111,000 after purchasing an additional 511,554 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of FOX in the fourth quarter valued at approximately $132,161,000. Institutional investors and hedge funds own 52.52% of the company's stock.

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.