FOX (NASDAQ:FOXA) Reaches New 12-Month High - Here's What Happened

Key Points

• Shares of Fox Corporation (NASDAQ: FOXA) reached a new 52-week high of $60.49, following a notable analyst rating increases from firms like Guggenheim and Bank of America.
• The company reported earnings per share (EPS) of $1.27 for the recent quarter, exceeding expectations significantly, and indicated a year-over-year revenue increase of 6.3%.
• Fox has announced an increase in its dividend to $0.28 per share, reflecting a yield of 94.0% and demonstrating a commitment to returning value to shareholders.

Fox Corporation (NASDAQ:FOXA - Get Free Report) shares reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $60.28 and last traded at $60.49, with a volume of 309680 shares traded. The stock had previously closed at $59.70.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on FOXA shares. UBS Group set a $65.00 price target on shares of FOX and gave the stock a "buy" rating in a research report on Wednesday, June 25th. Loop Capital increased their price target on FOX from $62.00 to $64.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. Wall Street Zen cut FOX from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Cfra Research raised FOX from a "hold" rating to a "moderate buy" rating in a report on Tuesday, August 5th. Finally, Barclays reiterated an "outperform" rating on shares of FOX in a research report on Tuesday, May 13th. Nine investment 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 an average rating of "Hold" and an average price target of $56.20.

FOX Stock Performance

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's fifty day moving average is $57.04 and its 200 day moving average is $54.60. The company has a market cap of $27.40 billion, a PE ratio of 12.53, a price-to-earnings-growth ratio of 1.46 and a beta of 0.52.

FOX (NASDAQ:FOXA - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $1.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.01 by $0.26. The business had revenue of $3.29 billion for the quarter, compared to analyst estimates of $3.12 billion. FOX had a net margin of 13.88% and a return on equity of 18.86%. The company's revenue for the quarter was up 6.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.90 earnings per share. As a group, research analysts predict that Fox Corporation will post 4.38 EPS for the current fiscal year.

FOX Increases Dividend

The company also recently disclosed a dividend, which will be paid on Wednesday, September 24th. Shareholders of record on Wednesday, September 3rd will be paid a dividend of $0.28 per share. This is an increase from FOX's previous dividend of $0.18. The ex-dividend date is Wednesday, September 3rd. This represents a yield of 93.0%. FOX's dividend payout ratio (DPR) is presently 11.41%.

Hedge Funds Weigh In On FOX

Hedge funds and other institutional investors have recently made changes to their positions in the company. Hemington Wealth Management increased its position in shares of FOX by 217.6% during the first quarter. Hemington Wealth Management now owns 524 shares of the company's stock worth $29,000 after purchasing an additional 359 shares in the last quarter. CYBER HORNET ETFs LLC purchased a new position in FOX in the 2nd quarter valued at $35,000. MV Capital Management Inc. lifted its holdings in FOX by 929.9% in the 1st quarter. MV Capital Management Inc. now owns 690 shares of the company's stock valued at $39,000 after purchasing an additional 623 shares in the last quarter. Zions Bancorporation National Association UT purchased a new position in FOX in the 1st quarter valued at $40,000. Finally, Sentry Investment Management LLC purchased a new position in FOX in the 1st quarter valued at $43,000. Hedge funds and other institutional investors own 52.52% of the company's stock.

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.