FOX (NASDAQ:FOXA) Price Target Raised to $60.00

FOX (NASDAQ:FOXA) had its price objective boosted by Morgan Stanley from $57.00 to $60.00 in a research note issued to investors on Tuesday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

Several other research firms have also recently commented on FOXA. Loop Capital increased their price target on FOX from $60.00 to $62.00 and gave the company a “buy” rating in a report on Tuesday, April 1st. Guggenheim reaffirmed a “buy” rating and issued a $60.00 price target on shares of FOX in a report on Tuesday, March 25th. Barclays cut their price target on FOX from $50.00 to $45.00 and set an “equal weight” rating for the company in a report on Tuesday, April 8th. UBS Group cut their price target on FOX from $63.00 to $61.00 and set a “buy” rating for the company in a report on Tuesday, April 15th. Finally, Wolfe Research cut FOX from a “peer perform” rating to an “underperform” rating and set a $48.00 price target for the company. in a report on Monday, April 7th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $52.71.

FOX Stock Performance

NASDAQ FOXA opened at $55.46 on Tuesday. The company has a market cap of $25.15 billion, a PE ratio of 11.88, a price-to-earnings-growth ratio of 1.27 and a beta of 0.51. The stock’s 50 day simple moving average is $51.27 and its 200-day simple moving average is $50.19. FOX has a 1-year low of $32.45 and a 1-year high of $58.74. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.50 and a quick ratio of 2.14.

FOX (NASDAQ:FOXA) last released its earnings results on Monday, May 12th. The company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.17. The business had revenue of $4.37 billion for the quarter, compared to the consensus estimate of $4.14 billion. FOX had a return on equity of 18.50% and a net margin of 14.39%. The business’s quarterly revenue was up 26.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.40 earnings per share. As a group, equities research analysts anticipate that FOX will post 4.38 EPS for the current fiscal year.

Insider Transactions at FOX

In other news, Chairman Keith Rupert Murdoch sold 58,000 shares of the firm’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $53.17, for a total transaction of $3,083,860.00. Following the completion of the transaction, the chairman now directly owns 1,200,862 shares in the company, valued at $63,849,832.54. This trade represents a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 21.77% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Royal Bank of Canada boosted its position in shares of FOX by 26.5% during the first quarter. Royal Bank of Canada now owns 303,521 shares of the company’s stock worth $17,179,000 after buying an additional 63,538 shares during the period. Caption Management LLC grew its stake in FOX by 102.7% during the 1st quarter. Caption Management LLC now owns 78,487 shares of the company’s stock worth $4,442,000 after purchasing an additional 39,766 shares in the last quarter. Ardmore Road Asset Management LP grew its stake in FOX by 40.0% during the 1st quarter. Ardmore Road Asset Management LP now owns 420,000 shares of the company’s stock worth $23,772,000 after purchasing an additional 120,000 shares in the last quarter. Junto Capital Management LP acquired a new position in FOX during the 1st quarter worth $53,681,000. Finally, Aragon Global Management LP acquired a new position in FOX during the 1st quarter worth $1,643,000. 52.52% of the stock is currently owned by hedge funds and other 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.