FOX (NASDAQ:FOXA) Stock Price Breaks Below Two Hundred Day Moving Average - Here's Why

Key Points

• FOX shares fell below their 200-day moving average of $61.68, trading as low as $61.09 before closing at $62.08.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $76.35, well above the recent trading price.
• Fox reported stronger-than-expected quarterly results, with EPS of $1.79 versus the $1.44 consensus estimate and revenue of $4.21 billion, up 28.1% year over year.

Fox Corporation (NASDAQ:FOXA - Get Free Report) shares passed below its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $61.68 and traded as low as $61.09. FOX shares last traded at $62.08, with a volume of 4,605,426 shares.

Analysts Set New Price Targets

A number of analysts recently issued reports on FOXA shares. Fox Advisors set a $95.00 target price on FOX in a research report on Monday, September 14th. Wells Fargo & Company raised FOX from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $65.00 to $80.00 in a research report on Friday, August 14th. Guggenheim reiterated a "buy" rating and issued a $85.00 price objective on shares of FOX in a research note on Wednesday, September 23rd. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $80.00 price objective on shares of FOX in a report on Friday, August 14th. Finally, Rothschild & Co Redburn set a $71.00 target price on shares of FOX and gave the stock a "buy" rating in a research report on Friday, July 10th. Eleven analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $76.35.

FOX Stock Performance

The stock's 50-day moving average is $64.74 and its 200 day moving average is $61.68. The stock has a market cap of $26.05 billion, a price-to-earnings ratio of 16.21, a P/E/G ratio of 1.13 and a beta of 0.60. The company has a debt-to-equity ratio of 0.56, a current ratio of 3.17 and a quick ratio of 2.99.

FOX (NASDAQ:FOXA - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported $1.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $0.35. The company had revenue of $4.21 billion for the quarter, compared to analysts' expectations of $3.64 billion. FOX had a return on equity of 20.64% and a net margin of 9.84%.The firm's quarterly revenue was up 28.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.27 EPS. As a group, analysts predict that Fox Corporation will post 5.94 earnings per share for the current fiscal year.

FOX Dividend Announcement

The firm also recently disclosed a dividend, which was paid on Wednesday, September 23rd. Investors of record on Wednesday, September 2nd were issued a dividend of $0.29 per share. This represents a yield of 86.0%. The ex-dividend date of this dividend was Wednesday, September 2nd. FOX's dividend payout ratio is currently 15.14%.

Insider Transactions at FOX

In other FOX news, CEO Lachlan Murdoch acquired 149,934 shares of the business's stock in a transaction on Tuesday, September 15th. The stock was purchased at an average price of $68.53 per share, for a total transaction of $10,274,977.02. Following the completion of the transaction, the chief executive officer owned 1,401,713 shares of the company's stock, valued at $96,059,391.89. The trade was a 11.98% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 20.89% of the company's stock.

Hedge Funds Weigh In On FOX

A number of institutional investors and hedge funds have recently made changes to their positions in FOXA. MassMutual Private Wealth & Trust FSB purchased a new position in shares of FOX in the 3rd quarter valued at about $44,000. TD Waterhouse Canada Inc. boosted its holdings in FOX by 2,503.4% during the second quarter. TD Waterhouse Canada Inc. now owns 1,536 shares of the company's stock worth $80,000 after buying an additional 1,477 shares in the last quarter. Wilkerson Advisory Group LLC grew its position in FOX by 50.6% during the first quarter. Wilkerson Advisory Group LLC now owns 1,435 shares of the company's stock worth $84,000 after buying an additional 482 shares during the period. EverSource Wealth Advisors LLC increased its holdings in FOX by 20.9% in the first quarter. EverSource Wealth Advisors LLC now owns 1,451 shares of the company's stock valued at $85,000 after buying an additional 251 shares in the last quarter. Finally, Groupe la Francaise acquired a new stake in shares of FOX during the 2nd quarter valued at approximately $99,000. 52.52% of the stock is owned by institutional investors and hedge funds.

About FOX

Fox Corporation NASDAQ: FOXA is a U.S. media company that produces and distributes news, sports, and entertainment programming. Its portfolio includes FOX News Media, FOX Sports, FOX Entertainment, FOX Television Stations, and Tubi, an ad-supported streaming service offering movies, television programs, and other digital content.

FOX News Media operates FOX News Channel, FOX Business Network, FOX News Digital, and related audio and digital platforms. FOX Sports provides national and regional sports programming, while FOX Entertainment develops and broadcasts scripted and unscripted programming through the FOX broadcast network and other platforms.

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