Wells Fargo & Company Forecasts Strong Price Appreciation for FOX (NASDAQ:FOXA) Stock

FOX (NASDAQ:FOXA) had its target price lifted by equities researchers at Wells Fargo & Company from $46.00 to $49.00 in a report released on Tuesday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 7.74% from the company’s current price.

A number of other equities research analysts also recently issued reports on FOXA. Loop Capital increased their price objective on shares of FOX from $43.00 to $46.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Rosenblatt Securities boosted their price objective on FOX from $37.00 to $38.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. The Goldman Sachs Group raised their target price on FOX from $42.00 to $44.00 and gave the company a “buy” rating in a research report on Wednesday, August 7th. Morgan Stanley boosted their price target on shares of FOX from $38.00 to $40.00 and gave the stock an “equal weight” rating in a report on Friday, November 1st. Finally, Barclays lifted their price objective on shares of FOX from $36.00 to $39.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 9th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, FOX currently has an average rating of “Hold” and an average target price of $44.00.

FOX Stock Performance

Shares of FOXA opened at $45.48 on Tuesday. The firm has a market capitalization of $20.93 billion, a P/E ratio of 11.12, a P/E/G ratio of 1.95 and a beta of 0.76. FOX has a 52 week low of $28.28 and a 52 week high of $45.82. The stock has a 50 day moving average price of $41.53 and a two-hundred day moving average price of $37.48. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.33 and a current ratio of 2.59.

FOX (NASDAQ:FOXA) last announced its quarterly earnings results on Monday, November 4th. The company reported $1.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.33. The business had revenue of $3.56 billion during the quarter, compared to the consensus estimate of $3.38 billion. FOX had a return on equity of 16.49% and a net margin of 13.40%. FOX’s revenue was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.09 earnings per share. Equities analysts forecast that FOX will post 3.7 earnings per share for the current fiscal year.

Insider Activity

In related news, Chairman Keith Rupert Murdoch sold 100,000 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $42.05, for a total value of $4,205,000.00. Following the sale, the chairman now owns 1,258,862 shares in the company, valued at approximately $52,935,147.10. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Chairman Keith Rupert Murdoch sold 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $42.05, for a total value of $4,205,000.00. Following the transaction, the chairman now directly owns 1,258,862 shares in the company, valued at approximately $52,935,147.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO John Nallen sold 182,481 shares of FOX stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $43.73, for a total transaction of $7,979,894.13. Following the sale, the chief operating officer now owns 249,424 shares of the company’s stock, valued at approximately $10,907,311.52. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 335,355 shares of company stock worth $14,244,865 in the last three months. Corporate insiders own 21.77% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. increased its position in shares of FOX by 70.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 74,595 shares of the company’s stock valued at $2,378,000 after purchasing an additional 30,866 shares during the last quarter. Janney Montgomery Scott LLC grew its position in FOX by 66.1% during the first quarter. Janney Montgomery Scott LLC now owns 13,396 shares of the company’s stock valued at $419,000 after acquiring an additional 5,331 shares during the last quarter. Daiwa Securities Group Inc. raised its stake in shares of FOX by 2.9% during the first quarter. Daiwa Securities Group Inc. now owns 28,254 shares of the company’s stock worth $884,000 after acquiring an additional 784 shares in the last quarter. Central Pacific Bank Trust Division purchased a new position in shares of FOX during the first quarter worth approximately $329,000. Finally, Envestnet Portfolio Solutions Inc. lifted its holdings in shares of FOX by 16.5% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 33,659 shares of the company’s stock worth $1,053,000 after acquiring an additional 4,776 shares during the last quarter. 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.