FOX (NASDAQ:FOXA) Raised to "Overweight" at JPMorgan Chase & Co.

Key Points

• JPMorgan upgraded FOX to “overweight” from “neutral” and set an $82 price target, implying 25.29% upside from the prior close.
• FOX reported quarterly EPS of $1.79, beating the $1.44 consensus estimate, while revenue rose 28.1% year over year to $4.21 billion.
• Analyst sentiment remains mixed, with a consensus “hold” rating and an average target price of $74.31; institutional investors own 52.52% of the stock.

FOX (NASDAQ:FOXA - Get Free Report) was upgraded by equities researchers at JPMorgan Chase & Co. from a "neutral" rating to an "overweight" rating in a note issued to investors on Friday, Marketbeat reports. The brokerage currently has a $82.00 price objective on the stock. JPMorgan Chase & Co.'s price objective points to a potential upside of 25.29% from the company's previous close.

FOXA has been the topic of several other reports. UBS Group reiterated a "neutral" rating on shares of FOX in a report on Monday, June 15th. Wells Fargo & Company raised FOX from an "equal weight" rating to an "overweight" rating and set a $80.00 target price for the company in a report on Friday. Wolfe Research upgraded FOX from a "peer perform" rating to an "outperform" rating and set a $71.00 target price on the stock in a research report on Tuesday, June 30th. Seaport Research Partners lowered FOX from a "buy" rating to a "neutral" rating in a research note on Friday, August 7th. Finally, Zacks Research cut FOX from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 5th. Nine analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $74.31.

FOX Stock Performance

NASDAQ:FOXA opened at $65.45 on Friday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.99 and a current ratio of 3.17. The stock has a market capitalization of $27.50 billion, a PE ratio of 17.09, a P/E/G ratio of 1.79 and a beta of 0.54. FOX has a fifty-two week low of $48.34 and a fifty-two week high of $76.39. The company has a fifty day moving average of $57.32 and a two-hundred day moving average of $60.37.

FOX (NASDAQ:FOXA - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported $1.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.44 by $0.35. FOX had a net margin of 9.84% and a return on equity of 20.64%. The business had revenue of $4.21 billion for the quarter, compared to analyst estimates of $3.64 billion. During the same quarter last year, the business earned $1.27 earnings per share. The company's revenue for the quarter was up 28.1% compared to the same quarter last year. As a group, research analysts forecast that FOX will post 5.76 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in FOXA. PFA Pension Forsikringsaktieselskab acquired a new stake in shares of FOX in the fourth quarter valued at approximately $67,467,000. Ameriprise Financial Inc. boosted its stake in FOX by 72.0% during the second quarter. Ameriprise Financial Inc. now owns 1,821,284 shares of the company's stock worth $101,948,000 after buying an additional 762,645 shares during the last quarter. SG Americas Securities LLC grew its holdings in FOX by 299.8% in the 1st quarter. SG Americas Securities LLC now owns 511,811 shares of the company's stock valued at $29,890,000 after buying an additional 383,782 shares in the last quarter. Lazard Asset Management LLC grew its holdings in 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 buying an additional 242,321 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S increased its stake in shares of FOX by 150.9% in the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 377,731 shares of the company's stock worth $27,601,000 after acquiring an additional 227,209 shares during the last quarter. 52.52% of the stock is currently owned by institutional investors and hedge funds.

FOX Company Profile

Fox Corporation NASDAQ: FOXA is a U.S.-based media company focused on television broadcasting, cable news and sports programming, and digital distribution. The company was formed in 2019 as the successor to certain assets of 21st Century Fox after a transaction that transferred many film and television studio assets to The Walt Disney Company. Fox Corp's operations center on the Fox Broadcasting network, a portfolio of local television stations, national news and business cable networks, and sports media properties.

Fox produces, acquires and distributes a range of live and recorded programming, including news, opinion and commentary, national and local sports telecasts, and general entertainment.

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