Q2 2024 EPS Estimates for Fox Co. Decreased by Analyst (NASDAQ:FOXA)

Fox Co. (NASDAQ:FOXA) – Stock analysts at Zacks Research cut their Q2 2024 earnings per share estimates for shares of FOX in a research report issued to clients and investors on Tuesday, August 22nd. Zacks Research analyst V. Sawalka now forecasts that the company will post earnings of $0.08 per share for the quarter, down from their prior estimate of $0.34. The consensus estimate for FOX’s current full-year earnings is $3.03 per share.

FOX (NASDAQ:FOXA) last released its earnings results on Tuesday, August 8th. The company reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.17. The firm had revenue of $3.03 billion for the quarter, compared to analyst estimates of $3.03 billion. FOX had a return on equity of 16.98% and a net margin of 8.31%. FOX’s revenue was up .0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.74 earnings per share.

FOXA has been the subject of several other reports. StockNews.com initiated coverage on shares of FOX in a research report on Thursday, August 17th. They issued a “hold” rating for the company. Citigroup lifted their price target on shares of FOX from $35.00 to $38.00 and gave the company a “neutral” rating in a research report on Thursday, August 17th. Morgan Stanley boosted their target price on shares of FOX from $37.00 to $39.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 9th. Credit Suisse Group reissued a “neutral” rating and issued a $33.00 price objective on shares of FOX in a research report on Wednesday, August 9th. Finally, Wells Fargo & Company downgraded FOX from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $35.00 to $31.00 in a research report on Monday, July 10th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $36.50.

FOX Stock Performance

Shares of FOXA opened at $32.43 on Friday. The company’s 50 day moving average price is $33.57 and its 200 day moving average price is $33.46. FOX has a 52 week low of $28.01 and a 52 week high of $37.26. The company has a market capitalization of $16.37 billion, a PE ratio of 13.98, a PEG ratio of 1.12 and a beta of 0.86. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.78 and a current ratio of 1.93.

FOX Increases Dividend

The business also recently disclosed a Semi-Annual dividend, which will be paid on Wednesday, September 27th. Shareholders of record on Wednesday, August 30th will be given a $0.26 dividend. This represents a yield of 1.5%. The ex-dividend date is Tuesday, August 29th. This is a boost from FOX’s previous Semi-Annual dividend of $0.25. FOX’s dividend payout ratio (DPR) is presently 21.55%.

Insiders Place Their Bets

In related news, insider Viet D. Dinh sold 231,865 shares of the firm’s stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $33.40, for a total value of $7,744,291.00. Following the completion of the sale, the insider now owns 56,161 shares of the company’s stock, valued at $1,875,777.40. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other FOX news, insider Viet D. Dinh sold 231,865 shares of the company’s stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $33.40, for a total transaction of $7,744,291.00. Following the transaction, the insider now directly owns 56,161 shares in the company, valued at approximately $1,875,777.40. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Lachlan K. Murdoch purchased 141,367 shares of the stock in a transaction dated Tuesday, August 15th. The shares were acquired at an average price of $33.84 per share, with a total value of $4,783,859.28. Following the transaction, the chief executive officer now owns 956,702 shares in the company, valued at $32,374,795.68. The disclosure for this purchase can be found here. Insiders own 19.86% of the company’s stock.

Hedge Funds Weigh In On FOX

Several institutional investors have recently modified their holdings of the stock. GPS Wealth Strategies Group LLC bought a new stake in FOX in the second quarter valued at approximately $27,000. Belpointe Asset Management LLC bought a new position in FOX during the fourth quarter worth about $32,000. Exchange Traded Concepts LLC acquired a new position in FOX in the second quarter valued at about $33,000. MV Capital Management Inc. raised its position in shares of FOX by 1,402.9% during the second quarter. MV Capital Management Inc. now owns 1,037 shares of the company’s stock worth $35,000 after purchasing an additional 968 shares during the period. Finally, Covestor Ltd lifted its holdings in shares of FOX by 68.8% during the 2nd quarter. Covestor Ltd now owns 1,219 shares of the company’s stock valued at $41,000 after purchasing an additional 497 shares in the last quarter. 57.81% of the stock is currently owned by institutional investors and hedge funds.

FOX Company Profile

Fox Corporation operates as a news, sports, and entertainment company in the United States (U.S.). The company operates through Cable Network Programming; Television; and Other, Corporate and Eliminations segments. The Cable Network Programming segment produces and licenses news, business news, and sports content for distribution through traditional and virtual multi-channel video programming distributors (MVPDs) and other digital platforms, primarily in the U.S.