FOX (NASDAQ:FOXA) Releases Earnings Results, Beats Expectations By $0.26 EPS

Key Points

• FOX (NASDAQ:FOXA) reported earnings of $1.27 EPS for the quarter, surpassing analysts' expectations of $1.01 EPS by $0.26.
• The company achieved a 6.3% year-over-year revenue growth, totaling $3.29 billion, which also exceeded the consensus estimate of $3.12 billion.
• Analysts have a consensus rating of "Hold" on FOX shares, with an average target price of $53.53, despite recent price target increases from several firms.

FOX (NASDAQ:FOXA - Get Free Report) announced its quarterly earnings data on Tuesday. The company reported $1.27 earnings per share for the quarter, beating analysts' consensus estimates of $1.01 by $0.26, Briefing.com reports. FOX had a net margin of 11.58% and a return on equity of 17.99%. The business had revenue of $3.29 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter in the prior year, the firm earned $0.90 EPS. The company's revenue for the quarter was up 6.3% compared to the same quarter last year.

FOX Price Performance

Shares of NASDAQ:FOXA traded down $1.86 during trading hours on Tuesday, hitting $55.12. 6,854,909 shares of the company's stock traded hands, compared to its average volume of 3,971,513. FOX has a 52 week low of $36.85 and a 52 week high of $58.74. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.33 and a current ratio of 2.45. The company's fifty day simple moving average is $55.48 and its two-hundred day simple moving average is $53.60. The company has a market cap of $24.78 billion, a price-to-earnings ratio of 13.72, a price-to-earnings-growth ratio of 1.24 and a beta of 0.54.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on FOXA shares. Wells Fargo & Company boosted their price objective on shares of FOX from $58.00 to $62.00 and gave the company an "overweight" rating in a research report on Tuesday, May 13th. Guggenheim reaffirmed a "buy" rating and issued a $62.00 price objective (up previously from $60.00) on shares of FOX in a report on Wednesday, June 25th. Loop Capital increased their price objective on shares of FOX from $62.00 to $64.00 and gave the stock a "buy" rating in a report on Tuesday, May 13th. Barclays reaffirmed an "outperform" rating on shares of FOX in a report on Tuesday, May 13th. Finally, Cowen reaffirmed a "hold" rating on shares of FOX in a report on Tuesday, May 13th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $53.53.

Insider Buying and Selling at FOX

In other news, CFO Steven Tomsic sold 39,642 shares of the firm's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $55.30, for a total transaction of $2,192,202.60. Following the completion of the transaction, the chief financial officer owned 133,923 shares in the company, valued at approximately $7,405,941.90. This trade represents a 22.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 21.77% of the company's stock.

Institutional Inflows and Outflows

An institutional investor recently raised its position in FOX stock. Geneos Wealth Management Inc. grew its position in Fox Corporation (NASDAQ:FOXA - Free Report) by 205.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 923 shares of the company's stock after buying an additional 621 shares during the quarter. Geneos Wealth Management Inc.'s holdings in FOX were worth $52,000 at the end of the most recent quarter. Institutional investors and hedge funds own 52.52% of the company's stock.

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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