FOX (NASDAQ:FOXA) Upgraded to "Buy" at Wall Street Zen

Key Points

• Wall Street Zen upgraded FOXA from “Hold” to “Buy,” while analyst sentiment overall remains “Hold,” with nine Buy, eight Hold and one Sell rating and a consensus target price of $74.38.
• FOX reported stronger-than-expected quarterly results, with EPS of $1.79 versus a $1.44 estimate and revenue of $4.21 billion versus $3.64 billion; revenue rose 28.1% year over year.
• FOXA opened at $69.04 and has a 12-month range of $48.34 to $76.39. Institutional investors and hedge funds own approximately 52.52% of the company.

FOX (NASDAQ:FOXA - Get Free Report) was upgraded by Wall Street Zen from a "hold" rating to a "buy" rating in a report released on Saturday.

Several other research analysts also recently issued reports on FOXA. JPMorgan Chase & Co. upgraded FOX from a "neutral" rating to an "overweight" rating and lifted their price objective for the stock from $70.00 to $82.00 in a research report on Friday. Wolfe Research upgraded FOX from a "peer perform" rating to an "outperform" rating and set a $71.00 target price on the stock in a report on Tuesday, June 30th. Fox Advisors set a $82.00 price target on FOX in a research report on Friday. UBS Group reissued a "neutral" rating on shares of FOX in a report on Monday, June 15th. Finally, Barclays reduced their price objective on FOX from $67.00 to $60.00 and set an "equal weight" rating on the stock in a research report on Monday, June 15th. Nine investment 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, the company has a consensus rating of "Hold" and a consensus target price of $74.38.

FOX Stock Performance

NASDAQ:FOXA opened at $69.04 on Friday. The company has a current ratio of 3.17, a quick ratio of 2.99 and a debt-to-equity ratio of 0.56. The company has a market capitalization of $28.97 billion, a P/E ratio of 18.03, a price-to-earnings-growth ratio of 1.83 and a beta of 0.54. The firm has a 50-day moving average price of $57.36 and a two-hundred day moving average price of $60.43. FOX has a twelve month low of $48.34 and a twelve month high of $76.39.

FOX (NASDAQ:FOXA - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported $1.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.44 by $0.35. The company had revenue of $4.21 billion for the quarter, compared to the consensus estimate of $3.64 billion. FOX had a net margin of 9.84% and a return on equity of 20.64%. The company's revenue for the quarter was up 28.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.27 earnings per share. As a group, research analysts expect that FOX will post 5.86 earnings per share for the current fiscal year.

Institutional Trading of FOX

A number of hedge funds have recently bought and sold shares of FOXA. Geode Capital Management LLC raised its holdings in FOX by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 6,534,627 shares of the company's stock valued at $476,248,000 after acquiring an additional 29,923 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in shares of FOX by 72.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,821,284 shares of the company's stock worth $101,948,000 after purchasing an additional 762,645 shares during the period. PFA Pension Forsikringsaktieselskab acquired a new stake in shares of FOX during the fourth quarter worth $67,467,000. SG Americas Securities LLC boosted its holdings in shares of FOX by 299.8% during the first quarter. SG Americas Securities LLC now owns 511,811 shares of the company's stock worth $29,890,000 after purchasing an additional 383,782 shares during the last quarter. Finally, California State Teachers Retirement System grew its position in shares of FOX by 11.5% in the fourth quarter. California State Teachers Retirement System now owns 417,901 shares of the company's stock valued at $30,536,000 after purchasing an additional 43,232 shares during the period. Institutional investors and hedge funds own 52.52% of the company's stock.

About FOX

Fox Corporation NASDAQ: FOXA is a U.S.-based media company focused on television broadcasting, cable news and sports programming, and digital distribution. The company was formed in 2019 as the successor to certain assets of 21st Century Fox after a transaction that transferred many film and television studio assets to The Walt Disney Company. Fox Corp's operations center on the Fox Broadcasting network, a portfolio of local television stations, national news and business cable networks, and sports media properties.

Fox produces, acquires and distributes a range of live and recorded programming, including news, opinion and commentary, national and local sports telecasts, and general entertainment.

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