Wells Fargo & Company Raises FOX (NASDAQ:FOXA) Price Target to $70.00

Key Points

• Wells Fargo & Company has raised its price target for FOX (NASDAQ: FOXA) from $66.00 to $70.00, indicating a potential upside of 13.82% from the stock's previous close.
• The company reported $1.27 EPS for the most recent quarter, surpassing analyst expectations of $1.01, with a revenue increase of 6.3% year-over-year.
• Analyst ratings for FOX show a split with nine analysts rating it as a Buy and one as a Sell, resulting in an average rating of "Hold."

FOX (NASDAQ:FOXA - Get Free Report) had its price target upped by equities researchers at Wells Fargo & Company from $66.00 to $70.00 in a report issued on Monday, MarketBeat.com reports. The firm presently has an "overweight" rating on the stock. Wells Fargo & Company's target price would indicate a potential upside of 20.17% from the company's previous close.

A number of other research firms have also issued reports on FOXA. Cfra Research upgraded FOX from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, August 5th. Barclays restated an "outperform" rating on shares of FOX in a research report on Tuesday, May 13th. UBS Group set a $65.00 price objective on FOX and gave the company a "buy" rating in a research report on Wednesday, June 25th. Loop Capital boosted their price target on FOX from $62.00 to $64.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. Finally, Guggenheim reiterated a "buy" rating and set a $62.00 price target (up previously from $60.00) on shares of FOX in a research report on Wednesday, June 25th. Nine equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $56.47.

FOX Stock Performance

Shares of NASDAQ FOXA traded down $0.48 during trading on Monday, reaching $58.25. The stock had a trading volume of 3,542,035 shares, compared to its average volume of 3,067,539. FOX has a one year low of $39.08 and a one year high of $62.69. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.76 and a current ratio of 2.91. The stock has a market cap of $25.95 billion, a PE ratio of 11.86, a P/E/G ratio of 1.41 and a beta of 0.52. The firm's 50 day moving average price is $57.36 and its two-hundred day moving average price is $54.66.

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. CWM LLC increased its position in FOX by 8.6% in the 1st quarter. CWM LLC now owns 6,663 shares of the company's stock worth $377,000 after purchasing an additional 527 shares during the last quarter. Sequoia Financial Advisors LLC boosted its stake in shares of FOX by 7.8% during the 1st quarter. Sequoia Financial Advisors LLC now owns 6,433 shares of the company's stock worth $364,000 after acquiring an additional 464 shares in the last quarter. Private Trust Co. NA boosted its stake in shares of FOX by 86.5% during the 1st quarter. Private Trust Co. NA now owns 929 shares of the company's stock worth $53,000 after acquiring an additional 431 shares in the last quarter. HB Wealth Management LLC bought a new stake in shares of FOX during the 1st quarter worth about $420,000. Finally, Janney Montgomery Scott LLC boosted its stake in shares of FOX by 152.1% during the 1st quarter. Janney Montgomery Scott LLC now owns 31,794 shares of the company's stock worth $1,800,000 after acquiring an additional 19,181 shares in the last quarter. 52.52% of the stock is owned by institutional investors and hedge funds.

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.