Equities research analysts at Morgan Stanley initiated coverage on shares of FOX (NASDAQ:FOXA – Get Free Report) in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage set an “overweight” rating and a $90.00 price target on the stock. Morgan Stanley‘s target price suggests a potential upside of 36.97% from the company’s previous close.
Other equities analysts have also recently issued research reports about the company. Arete Research raised their price target on FOX from $112.00 to $125.00 and gave the company a “buy” rating in a report on Tuesday, October 20th. Zacks Research raised FOX from a “hold” rating to a “strong-buy” rating in a report on Monday, October 19th. Sanford C. Bernstein upped their price objective on FOX from $73.00 to $74.00 and gave the stock a “market perform” rating in a report on Tuesday, November 3rd. Deutsche Bank increased their target price on FOX from $80.00 to $82.00 and gave the company a “buy” rating in a research report on Tuesday, November 3rd. Finally, Raymond James Financial raised shares of FOX to a “strong-buy” rating in a report on Friday, October 16th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $79.84.
Read Our Latest Stock Analysis on FOXA
FOX Stock Down 3.3%
FOXA opened at $65.71 on Friday. The firm has a 50-day simple moving average of $64.86 and a two-hundred day simple moving average of $62.06. FOX has a 52 week low of $48.34 and a 52 week high of $76.39. The company has a market capitalization of $27.72 billion, a PE ratio of 13.95, a price-to-earnings-growth ratio of 1.12 and a beta of 0.63. The company has a quick ratio of 3.50, a current ratio of 3.79 and a debt-to-equity ratio of 0.53.
FOX (NASDAQ:FOXA – Get Free Report) last issued its quarterly earnings data on Monday, November 2nd. The company reported $2.54 earnings per share for the quarter, beating analysts’ consensus estimates of $2.02 by $0.52. The firm had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.32 billion. FOX had a return on equity of 23.96% and a net margin of 11.30%. The business’s quarterly revenue was up 22.3% compared to the same quarter last year. During the same quarter last year, the business posted $1.51 earnings per share. Analysts forecast that FOX will post 6.02 earnings per share for the current fiscal year.
Insider Activity at FOX
In related news, CEO Lachlan Murdoch purchased 149,934 shares of the company’s stock in a transaction that occurred on Tuesday, September 15th. The stock was bought at an average price of $68.53 per share, for a total transaction of $10,274,977.02. Following the completion of the transaction, the chief executive officer owned 1,401,713 shares in the company, valued at approximately $96,059,391.89. The trade was a 11.98% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 20.89% of the company’s stock.
Institutional Investors Weigh In On FOX
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Evergreen Capital Management LLC boosted its holdings in shares of FOX by 2.1% in the 3rd quarter. Evergreen Capital Management LLC now owns 7,462 shares of the company’s stock worth $467,000 after purchasing an additional 156 shares during the period. XXI Wealth LLC raised its holdings in FOX by 4.2% during the 3rd quarter. XXI Wealth LLC now owns 5,700 shares of the company’s stock valued at $357,000 after buying an additional 232 shares during the period. EverSource Wealth Advisors LLC raised its holdings in FOX by 20.9% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,451 shares of the company’s stock valued at $85,000 after buying an additional 251 shares during the period. Greenleaf Trust lifted its position in FOX by 4.4% in the second quarter. Greenleaf Trust now owns 6,295 shares of the company’s stock worth $328,000 after buying an additional 267 shares during the last quarter. Finally, Sequoia Financial Advisors LLC lifted its position in FOX by 1.1% in the second quarter. Sequoia Financial Advisors LLC now owns 35,335 shares of the company’s stock worth $1,843,000 after buying an additional 389 shares during the last quarter. 52.52% of the stock is currently owned by hedge funds and other institutional investors.
About FOX
Fox Corporation is a media company focused primarily on news, sports and entertainment for audiences in the United States. Its businesses include Fox News Media, Fox Sports and Fox Entertainment, which produce and distribute television programming, news coverage, live sports and entertainment content. The company also operates the Fox broadcast network and local television stations, and offers streaming services including Tubi, an ad-supported streaming platform, and Fox Nation, a subscription service.
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