FOX (NASDAQ:FOXA) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Key Points

• Morgan Stanley has raised its price target for FOX (NASDAQ: FOXA) from $60.00 to $65.00, indicating a potential upside of 20.58% from its current price.
• Despite the positive price target adjustments from several analysts, the consensus rating for FOX remains at "Hold" with a consensus target price of $53.82.
• In its recent earnings report, FOX beat analysts' expectations with $1.27 earnings per share, significantly surpassing the consensus estimate of $1.01.

FOX (NASDAQ:FOXA - Get Free Report) had its price objective hoisted by research analysts at Morgan Stanley from $60.00 to $65.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an "equal weight" rating on the stock. Morgan Stanley's price objective indicates a potential upside of 20.53% from the stock's previous close.

Other analysts also recently issued reports about the company. Wolfe Research upgraded FOX from an "underperform" rating to a "peer perform" rating in a research note on Wednesday, July 9th. UBS Group set a $65.00 price objective on FOX and gave the company a "buy" rating in a research note on Wednesday, June 25th. Loop Capital boosted their price objective on FOX from $62.00 to $64.00 and gave the company a "buy" rating in a report on Tuesday, May 13th. Barclays reiterated an "outperform" rating on shares of FOX in a report on Tuesday, May 13th. Finally, Cowen reissued a "hold" rating on shares of FOX in a research report on Tuesday, May 13th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $55.93.

FOX Trading Up 0.1%

Shares of FOXA stock traded up $0.06 during trading hours on Wednesday, hitting $53.93. 570,154 shares of the company were exchanged, compared to its average volume of 3,971,732. The company has a 50 day simple moving average of $55.40 and a two-hundred day simple moving average of $53.65. The firm has a market cap of $24.25 billion, a P/E ratio of 10.98, a P/E/G ratio of 1.19 and a beta of 0.54. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.33 and a current ratio of 2.91. FOX has a fifty-two week low of $38.72 and a fifty-two week high of $58.74.

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

Insider Buying and Selling

In other FOX news, CFO Steven Tomsic sold 5,607 shares of the 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 of the company's stock, valued at approximately $7,415,316.51. This represents a 4.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 21.77% of the company's stock.

Institutional Investors Weigh In On FOX

Several institutional investors have recently added to or reduced their stakes in the business. DJE Kapital AG lifted its position in shares of FOX by 25.5% during the second quarter. DJE Kapital AG now owns 504,443 shares of the company's stock worth $28,509,000 after acquiring an additional 102,472 shares in the last quarter. CSM Advisors LLC purchased a new stake in shares of FOX in the second quarter worth $25,787,000. Andra AP fonden increased its stake in FOX by 19.2% in the 2nd quarter. Andra AP fonden now owns 920,800 shares of the company's stock worth $51,602,000 after acquiring an additional 148,400 shares during the last quarter. First Horizon Advisors Inc. boosted its position in shares of FOX by 1,709.8% during the 2nd quarter. First Horizon Advisors Inc. now owns 2,389 shares of the company's stock valued at $134,000 after acquiring an additional 2,257 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of FOX by 2.6% in the second quarter. Bank of New York Mellon Corp now owns 1,908,218 shares of the company's stock worth $106,937,000 after purchasing an additional 47,475 shares during the last quarter. 52.52% of the stock is owned by hedge funds and other 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.