Bank of America Increases FOX (NASDAQ:FOXA) Price Target to $50.00

FOX (NASDAQ:FOXA) had its target price upped by analysts at Bank of America from $45.00 to $50.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s price target would suggest a potential upside of 18.62% from the company’s current price.

A number of other brokerages have also recently issued reports on FOXA. Evercore ISI increased their price objective on shares of FOX from $33.00 to $38.00 and gave the stock an “in-line” rating in a research note on Wednesday, August 7th. Macquarie increased their price objective on shares of FOX from $32.00 to $35.00 and gave the stock a “neutral” rating in a research note on Monday, August 12th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of FOX from $39.00 to $42.00 and gave the stock a “buy” rating in a research note on Wednesday, August 7th. The Goldman Sachs Group increased their price objective on shares of FOX from $42.00 to $44.00 and gave the stock a “buy” rating in a research note on Wednesday, August 7th. Finally, Seaport Res Ptn cut shares of FOX from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 9th. Ten investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, FOX presently has a consensus rating of “Hold” and a consensus target price of $39.64.

FOX Stock Performance

FOXA stock traded down $0.17 during midday trading on Wednesday, reaching $42.15. 945,912 shares of the company’s stock traded hands, compared to its average volume of 3,057,068. FOX has a 52-week low of $28.28 and a 52-week high of $42.44. The stock has a market cap of $19.40 billion, a P/E ratio of 13.21, a PEG ratio of 1.85 and a beta of 0.76. The company has a current ratio of 2.54, a quick ratio of 2.33 and a debt-to-equity ratio of 0.61. The stock’s 50-day moving average is $39.40 and its 200 day moving average is $34.99.

FOX (NASDAQ:FOXA) last announced its earnings results on Tuesday, August 6th. The company reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $0.07. FOX had a net margin of 10.74% and a return on equity of 15.57%. The business had revenue of $3.09 billion during the quarter, compared to analysts’ expectations of $3.10 billion. During the same period in the prior year, the company earned $0.88 earnings per share. The firm’s revenue was up 2.0% on a year-over-year basis. As a group, analysts anticipate that FOX will post 3.72 EPS for the current year.

Insider Buying and Selling

In other FOX news, CEO Lachlan K. Murdoch acquired 119,705 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was acquired at an average cost of $39.06 per share, for a total transaction of $4,675,677.30. Following the purchase, the chief executive officer now owns 1,076,407 shares in the company, valued at approximately $42,044,457.42. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other FOX news, CEO Lachlan K. Murdoch acquired 119,705 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was acquired at an average cost of $39.06 per share, for a total transaction of $4,675,677.30. Following the purchase, the chief executive officer now owns 1,076,407 shares in the company, valued at approximately $42,044,457.42. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO John Nallen sold 52,874 shares of FOX stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $38.96, for a total transaction of $2,059,971.04. Following the sale, the chief operating officer now owns 249,424 shares of the company’s stock, valued at $9,717,559.04. The disclosure for this sale can be found here. 21.77% of the stock is owned by company insiders.

Hedge Funds Weigh In On FOX

Several large investors have recently made changes to their positions in FOXA. Hsbc Holdings PLC lifted its stake in shares of FOX by 99.9% in the 4th quarter. Hsbc Holdings PLC now owns 652,921 shares of the company’s stock valued at $19,339,000 after purchasing an additional 326,254 shares during the period. TD Asset Management Inc lifted its stake in shares of FOX by 128.0% in the 4th quarter. TD Asset Management Inc now owns 2,294,159 shares of the company’s stock valued at $68,068,000 after purchasing an additional 1,287,911 shares during the period. TFO Wealth Partners LLC lifted its stake in shares of FOX by 69,383.3% in the 4th quarter. TFO Wealth Partners LLC now owns 8,338 shares of the company’s stock valued at $247,000 after purchasing an additional 8,326 shares during the period. Partners Capital Investment Group LLP raised its position in FOX by 2.9% during the fourth quarter. Partners Capital Investment Group LLP now owns 355,500 shares of the company’s stock worth $10,548,000 after acquiring an additional 9,859 shares during the period. Finally, Campbell & CO Investment Adviser LLC raised its position in FOX by 219.1% during the fourth quarter. Campbell & CO Investment Adviser LLC now owns 67,333 shares of the company’s stock worth $1,998,000 after acquiring an additional 46,233 shares during the period. 52.52% of the stock is currently owned by institutional investors and hedge funds.

About FOX

Fox Corporation operates as a news, sports, and entertainment company in the United States (U.S.). The company operates through Cable Network Programming; Television; and Other, Corporate and Eliminations segments. The Cable Network Programming segment produces and licenses news, business 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.