FOX (NASDAQ:FOXA) Raised to Strong-Buy at Rothschild & Co Redburn

Key Points

• Rothschild & Co Redburn upgraded FOX from “hold” to “strong-buy”, adding to a broader wave of bullish analyst sentiment on the stock.
• FOX’s latest quarterly results beat expectations, with EPS of $1.32 topping the $1.02 consensus and revenue of $3.99 billion coming in above estimates, even though revenue declined year over year.
• Despite the upgrades, FOX shares were trading at $54.12, below both their 50-day and 200-day moving averages, while Wall Street’s consensus rating remains Moderate Buy with a price target of $73.56.

FOX (NASDAQ:FOXA - Get Free Report) was upgraded by analysts at Rothschild & Co Redburn from a "hold" rating to a "strong-buy" rating in a report issued on Friday,Zacks.com reports.

Several other equities analysts have also weighed in on the company. Zacks Research raised FOX from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, May 13th. Wolfe Research upgraded FOX from a "peer perform" rating to an "outperform" rating and set a $71.00 target price for the company in a research report on Tuesday, June 30th. Seaport Research Partners reaffirmed a "buy" rating and issued a $61.00 price target on shares of FOX in a research note on Tuesday, June 16th. Barclays cut their price target on shares of FOX from $67.00 to $60.00 and set an "equal weight" rating on the stock in a research report on Monday, June 15th. Finally, Evercore set a $73.00 price objective on shares of FOX in a research note on Tuesday, May 12th. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $73.56.

FOX Stock Performance

Shares of FOX stock opened at $54.12 on Friday. The firm has a fifty day moving average of $60.19 and a two-hundred day moving average of $62.95. The stock has a market capitalization of $22.74 billion, a price-to-earnings ratio of 14.28, a PEG ratio of 1.53 and a beta of 0.54. FOX has a 52 week low of $48.34 and a 52 week high of $76.39. The company has a debt-to-equity ratio of 0.60, a quick ratio of 2.65 and a current ratio of 2.90.

FOX (NASDAQ:FOXA - Get Free Report) last posted its quarterly earnings results on Monday, May 11th. The company reported $1.32 earnings per share for the quarter, beating analysts' consensus estimates of $1.02 by $0.30. FOX had a return on equity of 18.90% and a net margin of 10.56%.The company had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $3.78 billion. During the same quarter in the prior year, the business posted $1.10 EPS. The firm's quarterly revenue was down 8.6% on a year-over-year basis. As a group, equities research analysts predict that FOX will post 4.93 EPS for the current year.

Institutional Investors Weigh In On FOX

Large investors have recently modified their holdings of the business. Geode Capital Management LLC lifted its holdings in shares of FOX by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 6,534,627 shares of the company's stock valued at $476,248,000 after purchasing an additional 29,923 shares in the last quarter. Ameriprise Financial Inc. grew its position 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. PFA Pension Forsikringsaktieselskab bought a new stake in FOX during the 4th quarter worth approximately $67,467,000. Sumitomo Mitsui Trust Group Inc. increased its stake in FOX by 3.0% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 572,145 shares of the company's stock worth $41,807,000 after purchasing an additional 16,716 shares in the last quarter. Finally, SG Americas Securities LLC raised its holdings in FOX by 299.8% during the 1st quarter. SG Americas Securities LLC now owns 511,811 shares of the company's stock worth $29,890,000 after buying an additional 383,782 shares during the period. 52.52% of the stock is currently owned by institutional investors.

About FOX

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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