Morgan Stanley Forecasts Strong Price Appreciation for FOX (NASDAQ:FOXA) Stock

FOX (NASDAQ:FOXA - Get Free Report) had its price objective hoisted by Morgan Stanley from $55.00 to $57.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Morgan Stanley's target price would indicate a potential upside of 15.08% from the company's previous close.

FOXA has been the subject of a number of other reports. JPMorgan Chase & Co. boosted their target price on FOX from $49.00 to $54.00 and gave the company a "neutral" rating in a research note on Wednesday, February 5th. The Goldman Sachs Group set a $60.00 target price on FOX and gave the stock a "buy" rating in a research note on Tuesday, February 4th. Loop Capital raised their target price on shares of FOX from $60.00 to $62.00 and gave the stock a "buy" rating in a report on Tuesday, April 1st. Guggenheim reissued a "buy" rating and set a $60.00 price objective on shares of FOX in a research report on Tuesday, March 25th. Finally, Wells Fargo & Company cut their price objective on shares of FOX from $63.00 to $58.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $51.65.

FOX Trading Up 0.5 %

FOXA traded up $0.27 during midday trading on Tuesday, reaching $49.53. 535,411 shares of the company were exchanged, compared to its average volume of 4,095,905. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.14 and a current ratio of 2.50. The stock has a market capitalization of $22.46 billion, a P/E ratio of 10.61, a PEG ratio of 1.27 and a beta of 0.51. The stock's 50-day simple moving average is $51.87 and its 200 day simple moving average is $49.72. FOX has a one year low of $31.71 and a one year high of $58.74.

FOX (NASDAQ:FOXA - Get Free Report) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $0.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.62 by $0.34. The firm had revenue of $5.08 billion during the quarter, compared to analysts' expectations of $4.78 billion. FOX had a net margin of 14.39% and a return on equity of 18.50%. The business's revenue for the quarter was up 19.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.34 earnings per share. As a group, analysts forecast that FOX will post 4.38 earnings per share for the current fiscal year.

Insider Transactions at FOX

In related news, Chairman Keith Rupert Murdoch sold 58,000 shares of the business's stock in a transaction on Friday, February 21st. The stock was sold at an average price of $53.17, for a total transaction of $3,083,860.00. Following the sale, the chairman now owns 1,200,862 shares in the company, valued at $63,849,832.54. The trade was a 4.61 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Adam G. Ciongoli sold 1,278 shares of the stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $54.13, for a total value of $69,178.14. Following the completion of the transaction, the insider now owns 29,897 shares of the company's stock, valued at $1,618,324.61. This represents a 4.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 21.77% of the company's stock.

Institutional Investors Weigh In On FOX

A number of institutional investors have recently added to or reduced their stakes in the business. WealthTrak Capital Management LLC bought a new position in FOX during the 4th quarter worth $26,000. SRS Capital Advisors Inc. raised its position in shares of FOX by 91.0% during the fourth quarter. SRS Capital Advisors Inc. now owns 550 shares of the company's stock worth $27,000 after acquiring an additional 262 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of FOX in the fourth quarter worth approximately $28,000. Jones Financial Companies Lllp lifted its stake in shares of FOX by 61.5% in the fourth quarter. Jones Financial Companies Lllp now owns 654 shares of the company's stock worth $32,000 after acquiring an additional 249 shares during the period. Finally, CIBC Private Wealth Group LLC boosted its holdings in FOX by 122.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 669 shares of the company's stock valued at $33,000 after acquiring an additional 368 shares during the last quarter. 52.52% of the stock is owned by institutional investors.

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.

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