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

FOX (NASDAQ:FOXA) had its price target boosted by 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.

A number of other research firms also recently issued reports on FOXA. Wells Fargo & Company upgraded shares of FOX from an underweight rating to an overweight rating and increased their price objective for the company from $29.00 to $46.00 in a research note on Friday, August 16th. Seaport Res Ptn downgraded shares of FOX from a strong-buy rating to a hold rating in a research note on Monday, September 9th. The Goldman Sachs Group increased their price objective on shares of FOX from $42.00 to $44.00 and gave the company a buy rating in a research note on Wednesday, August 7th. Guggenheim increased their price objective on shares of FOX from $44.00 to $45.00 and gave the company a buy rating in a research note on Tuesday. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of FOX from $39.00 to $42.00 and gave the company a buy rating in a research note on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, FOX presently has an average rating of Hold and an average price target of $39.64.

FOX Stock Performance

FOX stock opened at $42.27 on Wednesday. The firm has a market capitalization of $19.73 billion, a P/E ratio of 13.36, a price-to-earnings-growth ratio of 1.85 and a beta of 0.76. The company’s 50-day moving average is $39.59 and its 200 day moving average is $35.09. FOX has a 1-year low of $28.28 and a 1-year high of $42.63. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.54 and a quick ratio of 2.33.

FOX (NASDAQ:FOXA) last issued its earnings results on Tuesday, August 6th. The company reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.07. The business had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.10 billion. FOX had a net margin of 10.74% and a return on equity of 15.57%. The company’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same period last year, the company posted $0.88 earnings per share. Research analysts forecast that FOX will post 3.72 EPS for the current year.

FOX Increases Dividend

The business also recently declared a Semi-Annual dividend, which was paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 4th were issued a $0.27 dividend. The ex-dividend date was Wednesday, September 4th. This represents a dividend yield of 1.4%. This is a boost from FOX’s previous Semi-Annual dividend of $0.26. FOX’s dividend payout ratio (DPR) is currently 16.93%.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sanctuary Advisors LLC purchased a new position in FOX in the second quarter valued at $962,000. Teachers Retirement System of The State of Kentucky grew its position in shares of FOX by 9.7% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 712,593 shares of the company’s stock valued at $24,492,000 after purchasing an additional 62,920 shares during the period. Creative Planning grew its position in shares of FOX by 119.2% in the second quarter. Creative Planning now owns 29,277 shares of the company’s stock valued at $1,006,000 after purchasing an additional 15,921 shares during the period. Algert Global LLC acquired a new stake in shares of FOX in the second quarter valued at about $362,000. Finally, Kathmere Capital Management LLC acquired a new stake in shares of FOX in the second quarter valued at about $247,000. Hedge funds and other institutional investors own 52.52% of the company’s stock.

FOX Company Profile

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.