FOX (NASDAQ:FOXA) Given New $59.00 Price Target at Wells Fargo & Company

FOX (NASDAQ:FOXA) had its price target upped by equities researchers at Wells Fargo & Company from $49.00 to $59.00 in a report released on Friday,Benzinga reports. The brokerage presently has an “underweight” rating on the stock. Wells Fargo & Company‘s price target points to a potential upside of 22.43% from the company’s previous close.

FOXA has been the topic of several other reports. UBS Group boosted their price target on FOX from $44.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. StockNews.com cut shares of FOX from a “buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Morgan Stanley raised their price target on shares of FOX from $38.00 to $40.00 and gave the company an “equal weight” rating in a report on Friday, November 1st. The Goldman Sachs Group boosted their price objective on shares of FOX from $51.00 to $57.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Finally, Bank of America lifted their target price on FOX from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Wednesday, December 18th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $47.53.

FOX Trading Down 1.6 %

Shares of FOXA stock opened at $48.19 on Friday. The company has a quick ratio of 2.33, a current ratio of 2.59 and a debt-to-equity ratio of 0.58. FOX has a fifty-two week low of $28.28 and a fifty-two week high of $50.63. The firm’s 50 day moving average price is $47.31 and its two-hundred day moving average price is $42.20. The stock has a market cap of $22.01 billion, a price-to-earnings ratio of 11.78, a price-to-earnings-growth ratio of 1.21 and a beta of 0.75.

FOX (NASDAQ:FOXA) last posted its earnings results on Monday, November 4th. The company reported $1.45 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.33. FOX had a net margin of 13.40% and a return on equity of 16.49%. The business had revenue of $3.56 billion for the quarter, compared to analyst estimates of $3.38 billion. During the same quarter in the previous year, the business posted $1.09 EPS. The business’s quarterly revenue was up 11.1% on a year-over-year basis. On average, analysts anticipate that FOX will post 3.94 EPS for the current year.

Insider Buying and Selling at FOX

In other FOX news, COO John Nallen sold 182,481 shares of the company’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $43.73, for a total value of $7,979,894.13. Following the completion of the transaction, the chief operating officer now owns 249,424 shares in the company, valued at approximately $10,907,311.52. This represents a 42.25 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Keith Rupert Murdoch sold 100,000 shares of the firm’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 transaction of $4,205,000.00. Following the completion of the sale, the chairman now owns 1,258,862 shares in the company, valued at $52,935,147.10. The trade was a 7.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 469,352 shares of company stock worth $20,822,072 over the last ninety days. Company insiders own 21.77% of the company’s stock.

Hedge Funds Weigh In On FOX

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Commonwealth Equity Services LLC raised its position in shares of FOX by 42.0% during the 2nd quarter. Commonwealth Equity Services LLC now owns 11,346 shares of the company’s stock worth $390,000 after buying an additional 3,357 shares in the last quarter. Acadian Asset Management LLC raised its holdings in FOX by 580.0% during the second quarter. Acadian Asset Management LLC now owns 6,236 shares of the company’s stock worth $213,000 after purchasing an additional 5,319 shares in the last quarter. Caprock Group LLC acquired a new stake in FOX in the second quarter worth approximately $437,000. Choreo LLC bought a new position in FOX during the 2nd quarter valued at $537,000. Finally, Daiwa Securities Group Inc. boosted its stake in FOX by 5.0% during the 2nd quarter. Daiwa Securities Group Inc. now owns 29,670 shares of the company’s stock valued at $1,020,000 after purchasing an additional 1,416 shares in 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.