Citigroup Forecasts Strong Price Appreciation for FOX (NASDAQ:FOXA) Stock

FOX (NASDAQ:FOXA) had its target price raised by investment analysts at Citigroup from $50.00 to $58.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price objective suggests a potential upside of 16.28% from the stock’s previous close.

Several other equities research analysts also recently commented on the company. Guggenheim boosted their target price on FOX from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of FOX from $42.00 to $47.00 and gave the company 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 report on Tuesday. TD Cowen increased their price target on shares of FOX from $36.00 to $42.00 and gave the company a “hold” rating in a report on Tuesday, November 5th. Finally, Morgan Stanley boosted their price objective 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. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, FOX has a consensus rating of “Hold” and a consensus target price of $45.87.

FOX Stock Up 1.7 %

Shares of NASDAQ:FOXA traded up $0.81 during trading on Wednesday, hitting $49.88. The stock had a trading volume of 726,093 shares, compared to its average volume of 3,103,642. 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 12 month low of $28.28 and a 12 month high of $49.97. The company has a market capitalization of $22.78 billion, a PE ratio of 12.20, a PEG ratio of 1.18 and a beta of 0.77. The firm’s fifty day moving average is $44.68 and its 200 day moving average is $40.33.

FOX (NASDAQ:FOXA) last posted its quarterly earnings data on Monday, November 4th. The company reported $1.45 EPS for the quarter, topping 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 firm posted $1.09 earnings per share. FOX’s quarterly revenue was up 11.1% on a year-over-year basis. Analysts anticipate that FOX will post 3.94 EPS for the current fiscal year.

Insider Buying and Selling at FOX

In other news, Chairman Keith Rupert Murdoch sold 186,871 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $46.22, for a total transaction of $8,637,177.62. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO John Nallen sold 182,481 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $43.73, for a total value of $7,979,894.13. Following the sale, the chief operating officer now directly owns 249,424 shares of the company’s stock, valued at $10,907,311.52. This represents a 42.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 469,352 shares of company stock valued at $20,822,072 over the last 90 days. 21.77% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On FOX

Hedge funds have recently bought and sold shares of the business. Pacer Advisors Inc. boosted its stake in shares of FOX by 44,205.3% during the third quarter. Pacer Advisors Inc. now owns 7,915,576 shares of the company’s stock valued at $335,066,000 after purchasing an additional 7,897,710 shares during the period. Jacobs Levy Equity Management Inc. lifted its position in shares of FOX by 228.4% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,387,107 shares of the company’s stock worth $58,716,000 after purchasing an additional 964,737 shares during the period. Retirement Systems of Alabama boosted its position in FOX by 1,727.2% during the 2nd quarter. Retirement Systems of Alabama now owns 965,066 shares of the company’s stock valued at $33,169,000 after acquiring an additional 912,250 shares in the last quarter. AXA S.A. increased its holdings in shares of FOX by 294.2% in the 2nd quarter. AXA S.A. now owns 888,476 shares of the company’s stock valued at $30,537,000 after acquiring an additional 663,089 shares during the period. Finally, Independent Franchise Partners LLP raised its position in shares of FOX by 3.3% in the 2nd quarter. Independent Franchise Partners LLP now owns 18,495,954 shares of the company’s stock worth $635,706,000 after acquiring an additional 597,450 shares in 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.