FOX (NASDAQ:FOXA) Price Target Raised to $60.00

FOX (NASDAQ:FOXA - Get Free Report) had its price target lifted by investment analysts at Morgan Stanley from $57.00 to $60.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an "equal weight" rating on the stock. Morgan Stanley's price target would indicate a potential upside of 8.19% from the company's current price.

Several other research firms have also recently issued reports on FOXA. Wolfe Research cut FOX from a "peer perform" rating to an "underperform" rating and set a $48.00 target price on the stock. in a research note on Monday, April 7th. Cfra Research raised FOX from a "hold" rating to a "moderate buy" rating in a report on Monday, April 7th. Wells Fargo & Company dropped their target price on FOX from $63.00 to $58.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Loop Capital boosted their target price on FOX from $60.00 to $62.00 and gave the stock a "buy" rating in a report on Tuesday, April 1st. Finally, Guggenheim reissued a "buy" rating and issued a $60.00 target price on shares of FOX in a report on Tuesday, March 25th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $52.71.

FOX Price Performance

NASDAQ:FOXA traded down $0.00 during mid-day trading on Tuesday, reaching $55.46. The stock had a trading volume of 179,560 shares, compared to its average volume of 3,469,783. 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 firm has a 50 day moving average price of $51.27 and a two-hundred day moving average price of $50.19. The stock has a market capitalization of $25.15 billion, a P/E ratio of 11.88, a P/E/G ratio of 1.27 and a beta of 0.51. FOX has a one year low of $32.45 and a one year high of $58.74.

FOX (NASDAQ:FOXA - Get Free Report) last announced its quarterly earnings results on Monday, May 12th. The company reported $1.10 EPS for the quarter, topping analysts' consensus estimates of $0.93 by $0.17. The business had revenue of $4.37 billion for the quarter, compared to analysts' expectations of $4.14 billion. FOX had a return on equity of 18.50% and a net margin of 14.39%. The business's quarterly revenue was up 26.8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.40 EPS. As a group, analysts expect that FOX will post 4.38 earnings per share for the current year.

Insider Activity at FOX

In related news, Chairman Keith Rupert Murdoch sold 58,000 shares of the company'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 completion of the sale, the chairman now owns 1,200,862 shares in the company, valued at approximately $63,849,832.54. This represents a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 21.77% of the stock is owned by company insiders.

Institutional Trading of FOX

A number of hedge funds have recently bought and sold shares of the company. Cinctive Capital Management LP purchased a new stake in FOX in the first quarter worth about $3,752,000. Clark Capital Management Group Inc. increased its position in FOX by 46.9% in the first quarter. Clark Capital Management Group Inc. now owns 1,023,593 shares of the company's stock worth $57,935,000 after buying an additional 326,867 shares in the last quarter. AQR Capital Management LLC increased its position in FOX by 101.6% in the first quarter. AQR Capital Management LLC now owns 1,420,195 shares of the company's stock worth $78,381,000 after buying an additional 715,583 shares in the last quarter. Royal Bank of Canada increased its position in FOX by 26.5% in the first quarter. Royal Bank of Canada now owns 303,521 shares of the company's stock worth $17,179,000 after buying an additional 63,538 shares in the last quarter. Finally, Caption Management LLC increased its position in FOX by 102.7% in the first quarter. Caption Management LLC now owns 78,487 shares of the company's stock worth $4,442,000 after buying an additional 39,766 shares in the last quarter. 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.