FOX (NASDAQ:FOXA) Hits New 52-Week High - What's Next?

Key Points

• FOX Corporation's stock reached a new 52-week high of $62.85 amid strong trading activity and currently trades at $62.26.
• Analysts have a positive outlook on FOX, with multiple firms issuing buy ratings and target prices ranging from $62 to $65.
• The company has recently increased its dividend from $0.18 to $0.28, reflecting a strong financial position with a dividend yield of 93.0%.

Fox Corporation (NASDAQ:FOXA - Get Free Report) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $62.85 and last traded at $62.26, with a volume of 377352 shares changing hands. The stock had previously closed at $62.42.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on FOXA. Guggenheim reissued a "buy" rating and issued a $62.00 target price (up from $60.00) on shares of FOX in a report on Wednesday, June 25th. UBS Group set a $65.00 price objective on FOX and gave the company a "buy" rating in a report on Wednesday, June 25th. Morgan Stanley set a $65.00 price target on FOX in a research note on Tuesday, September 9th. Bank of America upped their target price on FOX from $60.00 to $65.00 and gave the company a "buy" rating in a research report on Wednesday, June 25th. Finally, Wolfe Research raised FOX from an "underperform" rating to a "peer perform" rating in a research note on Wednesday, July 9th. Nine research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $56.47.

FOX Price Performance

The company has a market capitalization of $27.56 billion, a price-to-earnings ratio of 12.60, a price-to-earnings-growth ratio of 1.45 and a beta of 0.52. The company has a quick ratio of 2.76, a current ratio of 2.91 and a debt-to-equity ratio of 0.55. The company has a 50 day simple moving average of $57.86 and a 200 day simple moving average of $54.77.

FOX (NASDAQ:FOXA - Get Free Report) last issued 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 company had revenue of $3.29 billion during the quarter, compared to analyst estimates of $3.12 billion. FOX had a return on equity of 18.86% and a net margin of 13.88%.The business's revenue was up 6.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.90 EPS. As a group, research analysts predict that Fox Corporation will post 4.38 EPS for the current year.

FOX Increases Dividend

The business also recently disclosed a dividend, which will be paid on Wednesday, September 24th. Stockholders of record on Wednesday, September 3rd will be paid a $0.28 dividend. The ex-dividend date is Wednesday, September 3rd. This represents a dividend yield of 93.0%. This is an increase from FOX's previous dividend of $0.18. FOX's dividend payout ratio is currently 11.41%.

Institutional Investors Weigh In On FOX

A number of large investors have recently bought and sold shares of the business. CYBER HORNET ETFs LLC bought a new stake in FOX during the 2nd quarter worth approximately $35,000. Captrust Financial Advisors lifted its stake in shares of FOX by 6.2% in the 2nd quarter. Captrust Financial Advisors now owns 5,597 shares of the company's stock valued at $314,000 after purchasing an additional 327 shares during the period. Lazard Asset Management LLC lifted its stake in shares of FOX by 624.5% in the 2nd quarter. Lazard Asset Management LLC now owns 281,126 shares of the company's stock valued at $15,753,000 after purchasing an additional 242,321 shares during the period. Ameriprise Financial Inc. lifted its stake in shares of FOX by 72.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,821,284 shares of the company's stock valued at $101,948,000 after purchasing an additional 762,645 shares during the period. Finally, California State Teachers Retirement System lifted its stake in shares of FOX by 16.6% in the 2nd quarter. California State Teachers Retirement System now owns 350,844 shares of the company's stock valued at $19,661,000 after purchasing an additional 49,963 shares during the period. 52.52% of the stock is currently owned by 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.

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