FOX (NASDAQ:FOXA) Reaches New 12-Month High on 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) shares reached a new 52-week high 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.

Other equities analysts have also issued reports about the company. Cfra Research raised FOX from a "hold" rating to a "moderate buy" rating in a report on Tuesday, August 5th. Morgan Stanley upped their target price on FOX from $60.00 to $65.00 and gave the company an "equal weight" rating in a report on Wednesday, August 6th. UBS Group set a $65.00 target price on FOX and gave the company a "buy" rating in a report on Wednesday, June 25th. Barclays reaffirmed an "outperform" rating on shares of FOX in a report on Tuesday, May 13th. Finally, Guggenheim reissued a "buy" rating and set a $62.00 price objective (up from $60.00) on shares of FOX in a report on Wednesday, June 25th. Nine equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $56.47.

Institutional Investors Weigh In On FOX

A number of institutional investors and hedge funds have recently made changes to their positions in FOXA. Vanguard Group Inc. raised its position in FOX by 2.1% during the first quarter. Vanguard Group Inc. now owns 25,739,628 shares of the company's stock valued at $1,456,863,000 after purchasing an additional 518,835 shares in the last quarter. Invesco Ltd. raised its holdings in FOX by 3.0% in the 1st quarter. Invesco Ltd. now owns 3,680,293 shares of the company's stock worth $208,305,000 after acquiring an additional 107,687 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in FOX by 1.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,709,021 shares of the company's stock valued at $153,331,000 after buying an additional 32,144 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of FOX by 8.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,676,877 shares of the company's stock valued at $130,043,000 after acquiring an additional 219,016 shares during the period. Finally, AustralianSuper Pty Ltd boosted its holdings in FOX by 8.8% in the 1st quarter. AustralianSuper Pty Ltd now owns 2,636,367 shares of the company's stock worth $149,218,000 after buying an additional 212,348 shares during the period. Hedge funds and other institutional investors own 52.52% of the company's stock.

FOX Stock Performance

The firm's 50 day simple moving average is $57.04 and its 200 day simple moving average is $54.56. The company has a current ratio of 2.91, a quick ratio of 2.76 and a debt-to-equity ratio of 0.55. The firm has a market cap of $27.32 billion, a PE ratio of 12.49, a PEG ratio of 1.47 and a beta of 0.52.

FOX (NASDAQ:FOXA - Get Free Report) last posted its quarterly earnings data 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 net margin of 13.88% and a return on equity of 18.86%. The company had revenue of $3.29 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same period in the prior year, the company posted $0.90 EPS. The firm's revenue for the quarter was up 6.3% on a year-over-year basis. On average, research analysts forecast that Fox Corporation will post 4.38 EPS for the current fiscal year.

FOX Increases Dividend

The firm also recently disclosed a dividend, which will be paid on Wednesday, September 24th. Stockholders of record on Wednesday, September 3rd will be paid a dividend of $0.28 per share. This is a boost from FOX's previous dividend of $0.18. This represents a dividend yield of 93.0%. The ex-dividend date is Wednesday, September 3rd. FOX's payout ratio is 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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