FOX (NASDAQ:FOXA) Reaches New 52-Week High Following Analyst Upgrade

Key Points

• Fox Corporation's shares reached a new 52-week high after Wells Fargo upgraded their price target from $66.00 to $70.00, with the stock last trading at $61.32.
• The company reported $1.27 earnings per share, exceeding analysts' expectations and showing a 6.3% year-over-year revenue growth to $3.29 billion.
• Fox also announced an increase in its dividend to $0.28 per share, up from $0.18, which reflects a significant dividend yield of 93.0%.

Fox Corporation (NASDAQ:FOXA - Get Free Report)'s stock price hit a new 52-week high during trading on Monday after Wells Fargo & Company raised their price target on the stock from $66.00 to $70.00. Wells Fargo & Company currently has an overweight rating on the stock. FOX traded as high as $61.52 and last traded at $61.32, with a volume of 65165 shares changing hands. The stock had previously closed at $61.50.

A number of other equities research analysts also recently commented on FOXA. Wolfe Research raised FOX from an "underperform" rating to a "peer perform" rating in a research report on Wednesday, July 9th. Morgan Stanley boosted their price target on FOX from $60.00 to $65.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 6th. Wall Street Zen downgraded FOX from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Cowen reissued a "hold" rating on shares of FOX in a research report on Tuesday, May 13th. Finally, Cfra Research raised FOX from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, August 5th. 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 company. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $56.47.

Institutional Investors Weigh In On FOX

Several institutional investors and hedge funds have recently modified their holdings of FOXA. Ameriprise Financial Inc. boosted its position in shares of FOX by 30.5% in the fourth quarter. Ameriprise Financial Inc. now owns 166,202 shares of the company's stock worth $8,074,000 after buying an additional 38,800 shares during the period. Captrust Financial Advisors purchased a new stake in shares of FOX in the fourth quarter worth about $306,000. Cetera Investment Advisers boosted its position in shares of FOX by 5.5% in the fourth quarter. Cetera Investment Advisers now owns 24,643 shares of the company's stock worth $1,197,000 after buying an additional 1,290 shares during the period. Ethic Inc. purchased a new stake in shares of FOX in the fourth quarter worth about $485,000. Finally, Focus Partners Wealth acquired a new position in shares of FOX in the fourth quarter worth about $365,000. Hedge funds and other institutional investors own 52.52% of the company's stock.

FOX Stock Performance

The company has a quick ratio of 2.76, a current ratio of 2.91 and a debt-to-equity ratio of 0.55. The company has a 50 day moving average of $57.36 and a 200 day moving average of $54.66. The firm has a market cap of $25.95 billion, a price-to-earnings ratio of 11.86, a PEG ratio of 1.41 and a beta of 0.52.

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

FOX Increases Dividend

The firm also recently declared a dividend, which will be paid on Wednesday, September 24th. Investors of record on Wednesday, September 3rd will be paid a $0.28 dividend. This represents a dividend yield of 93.0%. This is a positive change from FOX's previous dividend of $0.18. The ex-dividend date is Wednesday, September 3rd. FOX's payout ratio is presently 11.41%.

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.