FOX (NASDAQ:FOXA) Given New $66.00 Price Target at Wells Fargo & Company

Key Points

• Wells Fargo & Company has increased its price target for FOX (NASDAQ:FOXA) from $62.00 to $66.00, indicating a potential upside of 11.25% from the last closing price.
• Overall, the stock currently holds an average rating of "Hold" from analysts, with nine assigned a buy rating and one a sell rating.
• FOX recently reported an EPS of $1.27 for the quarter, exceeding estimates, along with a revenue of $3.29 billion, which is 6.3% higher year-over-year.

FOX (NASDAQ:FOXA - Get Free Report) had its price target upped by stock analysts at Wells Fargo & Company from $62.00 to $66.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Wells Fargo & Company's price objective would suggest a potential upside of 11.25% from the stock's previous close.

Several other research firms have also recently issued reports on FOXA. Cfra Research raised FOX from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, August 5th. Wall Street Zen cut shares of FOX from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Loop Capital increased their price target on shares of FOX from $62.00 to $64.00 and gave the stock a "buy" rating in a report on Tuesday, May 13th. Cowen reissued a "hold" rating on shares of FOX in a report on Tuesday, May 13th. Finally, Morgan Stanley increased their price target on shares of FOX from $60.00 to $65.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 6th. One analyst has rated the stock with a sell rating, ten have given a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $56.20.

FOX Trading Up 0.3%

FOX stock traded up $0.21 during trading on Thursday, hitting $59.33. The company had a trading volume of 627,794 shares, compared to its average volume of 3,957,043. FOX has a 1-year low of $38.72 and a 1-year high of $59.69. The company has a current ratio of 2.91, a quick ratio of 2.76 and a debt-to-equity ratio of 0.55. The company's 50 day simple moving average is $55.50 and its 200-day simple moving average is $53.86. The stock has a market cap of $26.67 billion, a price-to-earnings ratio of 12.08, a price-to-earnings-growth ratio of 1.34 and a beta of 0.54.

FOX (NASDAQ:FOXA - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $1.27 EPS for the quarter, topping the consensus estimate of $1.01 by $0.26. The firm had revenue of $3.29 billion during the quarter, compared to analysts' expectations of $3.12 billion. FOX had a return on equity of 18.86% and a net margin of 13.88%. FOX's revenue for the quarter was up 6.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.90 EPS. As a group, analysts expect that FOX will post 4.38 EPS for the current fiscal year.

Insiders Place Their Bets

In other FOX news, CFO Steven Tomsic sold 39,642 shares of the 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 transaction, the chief financial officer owned 133,923 shares of the company's stock, valued at $7,405,941.90. This trade represents a 22.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 21.77% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On FOX

A number of hedge funds have recently made changes to their positions in FOXA. Hemington Wealth Management raised its stake in shares of FOX by 217.6% in the 1st quarter. Hemington Wealth Management now owns 524 shares of the company's stock valued at $29,000 after acquiring an additional 359 shares during the period. MV Capital Management Inc. raised its stake in shares of FOX by 929.9% in the 1st quarter. MV Capital Management Inc. now owns 690 shares of the company's stock valued at $39,000 after acquiring an additional 623 shares during the period. Zions Bancorporation National Association UT purchased a new position in shares of FOX in the 1st quarter valued at $40,000. Sentry Investment Management LLC purchased a new position in shares of FOX in the 1st quarter valued at $43,000. Finally, Allworth Financial LP raised its stake in shares of FOX by 55.2% in the 1st quarter. Allworth Financial LP now owns 787 shares of the company's stock valued at $45,000 after acquiring an additional 280 shares during the period. Hedge funds and other institutional investors 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.

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