FOX (NASDAQ:FOXA – Get Free Report) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.
Several other analysts have also issued reports on FOXA. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $79.00 price objective on shares of FOX in a report on Tuesday. JPMorgan Chase & Co. boosted their price target on shares of FOX from $69.00 to $70.00 and gave the stock a “neutral” rating in a research note on Tuesday. Barclays boosted their price target on shares of FOX from $63.00 to $67.00 and gave the stock an “equal weight” rating in a research note on Tuesday. UBS Group set a $64.00 price target on shares of FOX in a research note on Tuesday, February 24th. Finally, TD Cowen boosted their price target on shares of FOX from $55.00 to $65.00 and gave the stock a “hold” rating in a research note on Thursday, February 5th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $74.86.
FOX Stock Down 1.7%
FOX (NASDAQ:FOXA – Get Free Report) last issued its quarterly earnings data on Monday, May 11th. The company reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.30. The firm had revenue of $3.99 billion for the quarter, compared to analyst estimates of $3.78 billion. FOX had a net margin of 10.56% and a return on equity of 18.90%. FOX’s revenue was down 8.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.10 EPS. On average, sell-side analysts forecast that FOX will post 4.87 earnings per share for the current year.
Insider Transactions at FOX
In other FOX news, COO John Nallen sold 216,806 shares of the business’s stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $57.68, for a total transaction of $12,505,370.08. Following the sale, the chief operating officer directly owned 362,206 shares in the company, valued at $20,892,042.08. This represents a 37.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Lachlan K. Murdoch sold 637,752 shares of the business’s stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $58.20, for a total transaction of $37,117,166.40. Following the sale, the chief executive officer owned 152 shares in the company, valued at $8,846.40. This trade represents a 99.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,586,871 shares of company stock worth $91,893,926 over the last quarter. Insiders own 19.68% of the company’s stock.
Institutional Trading of FOX
A number of large investors have recently made changes to their positions in FOXA. FWL Investment Management LLC purchased a new stake in shares of FOX during the third quarter worth approximately $26,000. Elyxium Wealth LLC purchased a new stake in shares of FOX during the fourth quarter worth approximately $27,000. CYBER HORNET ETFs LLC purchased a new stake in shares of FOX during the second quarter worth approximately $35,000. Rosenberg Matthew Hamilton increased its stake in shares of FOX by 58.5% during the fourth quarter. Rosenberg Matthew Hamilton now owns 696 shares of the company’s stock worth $51,000 after buying an additional 257 shares during the period. Finally, Quantbot Technologies LP purchased a new stake in shares of FOX during the third quarter worth approximately $51,000. 52.52% of the stock is currently owned by hedge funds and other institutional investors.
About FOX
Fox Corporation (NASDAQ: FOXA) is a U.S.-based media company focused on television broadcasting, cable news and sports programming, and digital distribution. The company was formed in 2019 as the successor to certain assets of 21st Century Fox after a transaction that transferred many film and television studio assets to The Walt Disney Company. Fox Corp’s operations center on the Fox Broadcasting network, a portfolio of local television stations, national news and business cable networks, and sports media properties.
Fox produces, acquires and distributes a range of live and recorded programming, including news, opinion and commentary, national and local sports telecasts, and general entertainment.
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