FOX (NASDAQ:FOXA) Reaches New 1-Year High on Analyst Upgrade

Key Points

• Fox Corporation reached a new 52-week high after Bank of America raised its price target on the stock from $65 to $70.
• The company recently announced a dividend increase from $0.18 to $0.28 per share, reflecting a positive shift in its payout policy.
• Fox reported earnings of $1.27 per share for the last quarter, exceeding expectations and marking a 6.3% year-over-year revenue growth.

Fox Corporation (NASDAQ:FOXA - Get Free Report) reached a new 52-week high during trading on Monday after Bank of America raised their price target on the stock from $65.00 to $70.00. Bank of America currently has a buy rating on the stock. FOX traded as high as $62.90 and last traded at $62.89, with a volume of 1973426 shares trading hands. The stock had previously closed at $61.15.

Other analysts have also recently issued reports about the stock. Morgan Stanley set a $65.00 price target on shares of FOX in a report on Tuesday, September 9th. Wall Street Zen cut shares of FOX from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Cfra Research upgraded shares of FOX from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, August 5th. UBS Group set a $65.00 price target on shares of FOX and gave the company a "buy" rating in a research report on Wednesday, June 25th. Finally, Wells Fargo & Company lifted their price target on shares of FOX from $66.00 to $70.00 and gave the company an "overweight" rating in a research report on Monday, September 8th. Nine research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat.com, FOX presently has an average rating of "Moderate Buy" and a consensus price target of $57.20.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Assetmark Inc. lifted its position in FOX by 752.1% during the 1st quarter. Assetmark Inc. now owns 1,951,657 shares of the company's stock valued at $110,464,000 after purchasing an additional 1,722,616 shares during the period. Federated Hermes Inc. increased its stake in FOX by 164,675.7% during the 1st quarter. Federated Hermes Inc. now owns 1,255,591 shares of the company's stock worth $71,066,000 after purchasing an additional 1,254,829 shares in the last quarter. Nuveen LLC bought a new stake in FOX during the 1st quarter worth approximately $63,125,000. Junto Capital Management LP bought a new position in shares of FOX during the 1st quarter worth approximately $53,681,000. Finally, Ameriprise Financial Inc. grew its stake in shares of FOX by 537.0% during the 1st quarter. Ameriprise Financial Inc. now owns 1,058,639 shares of the company's stock worth $59,909,000 after acquiring an additional 892,437 shares in the last quarter. Institutional investors and hedge funds own 52.52% of the company's stock.

FOX Trading Up 2.8%

The firm has a fifty day moving average price of $58.25 and a 200 day moving average price of $55.00. The company has a market cap of $28.02 billion, a price-to-earnings ratio of 12.81, a P/E/G ratio of 1.46 and a beta of 0.52. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.76 and a current ratio of 2.91.

FOX (NASDAQ:FOXA - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported $1.27 earnings per share for the quarter, topping 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 company had revenue of $3.29 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter last year, the firm earned $0.90 earnings per share. The company's revenue was up 6.3% on a year-over-year basis. As a group, equities analysts predict that Fox Corporation will post 4.38 EPS for the current fiscal year.

FOX Increases Dividend

The company also recently announced a dividend, which was paid on Wednesday, September 24th. Stockholders of record on Wednesday, September 3rd were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Wednesday, September 3rd. This is a positive change from FOX's previous dividend of $0.18. This represents a dividend yield of 93.0%. FOX's payout ratio is currently 11.41%.

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.

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