JPMorgan Chase & Co. upgraded shares of FOX (NASDAQ:FOXA – Free Report) from a neutral rating to an overweight rating in a research note issued to investors on Friday morning, Marketbeat.com reports. They currently have $82.00 price objective on the stock, up from their prior price objective of $70.00.
Several other analysts have also recently issued reports on the stock. Evercore set a $73.00 price target on shares of FOX in a report on Tuesday, May 12th. UBS Group reissued a “neutral” rating on shares of FOX in a research report on Monday, June 15th. Rothschild & Co Redburn set a $71.00 target price on shares of FOX and gave the company a “buy” rating in a research note on Friday, July 10th. Zacks Research cut shares of FOX from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 5th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $79.00 price target on shares of FOX in a research note on Tuesday, May 12th. Nine research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $74.38.
Check Out Our Latest Analysis on FOX
FOX Price Performance
FOX (NASDAQ:FOXA – Get Free Report) last released its earnings results on Thursday, August 6th. The company reported $1.79 EPS for the quarter, beating the consensus estimate of $1.44 by $0.35. FOX had a return on equity of 20.64% and a net margin of 9.84%.The company had revenue of $4.21 billion during the quarter, compared to analysts’ expectations of $3.64 billion. During the same period in the prior year, the business posted $1.27 EPS. The business’s revenue was up 28.1% on a year-over-year basis. Analysts predict that FOX will post 5.86 earnings per share for the current fiscal year.
FOX Announces Dividend
The firm also recently disclosed a dividend, which will be paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 2nd will be issued a $0.29 dividend. This represents a yield of 94.0%. The ex-dividend date of this dividend is Wednesday, September 2nd. FOX’s payout ratio is currently 14.62%.
Institutional Trading of FOX
Institutional investors and hedge funds have recently modified their holdings of the business. Geneos Wealth Management Inc. boosted its holdings in shares of FOX by 205.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 923 shares of the company’s stock valued at $52,000 after buying an additional 621 shares during the period. EverSource Wealth Advisors LLC raised its stake in FOX by 286.4% during the second quarter. EverSource Wealth Advisors LLC now owns 1,368 shares of the company’s stock worth $77,000 after acquiring an additional 1,014 shares during the period. Baird Financial Group Inc. raised its stake in FOX by 19.7% during the second quarter. Baird Financial Group Inc. now owns 17,500 shares of the company’s stock worth $981,000 after acquiring an additional 2,876 shares during the period. California State Teachers Retirement System raised its stake in FOX by 16.6% during the second quarter. California State Teachers Retirement System now owns 350,844 shares of the company’s stock worth $19,661,000 after acquiring an additional 49,963 shares during the period. Finally, Ameriprise Financial Inc. boosted its stake in FOX by 72.0% in the second quarter. Ameriprise Financial Inc. now owns 1,821,284 shares of the company’s stock valued at $101,948,000 after acquiring an additional 762,645 shares during the period. 52.52% of the stock is owned by institutional investors and hedge funds.
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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