FOX (NASDAQ:FOXA) Sets New 1-Year High on Analyst Upgrade

Fox Corporation (NASDAQ:FOXA)’s stock price hit a new 52-week high on Monday after Wells Fargo & Company raised their price target on the stock from $66.00 to $70.00. Wells Fargo & Company currently has an overweight rating on the stock. FOX traded as high as $61.52 and last traded at $61.32, with a volume of 65165 shares trading hands. The stock had previously closed at $61.50.

Several other research firms have also weighed in on FOXA. Morgan Stanley raised their price objective on shares of FOX from $60.00 to $65.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 6th. Cowen reaffirmed a “hold” rating on shares of FOX in a report on Tuesday, May 13th. Loop Capital raised their price objective on shares of FOX from $62.00 to $64.00 and gave the stock a “buy” rating in a report on Tuesday, May 13th. Cfra Research raised shares of FOX from a “hold” rating to a “moderate buy” rating in a report on Tuesday, August 5th. Finally, Wall Street Zen lowered shares of FOX from a “buy” rating to a “hold” rating in a report on Saturday, August 9th. Nine 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 stock currently has a consensus rating of “Hold” and a consensus target price of $56.47.

Institutional Trading of FOX

Hedge funds have recently modified their holdings of the company. Hemington Wealth Management raised its position in shares of FOX by 217.6% in the 1st quarter. Hemington Wealth Management now owns 524 shares of the company’s stock valued at $29,000 after acquiring an additional 359 shares during the period. CYBER HORNET ETFs LLC acquired a new stake in shares of FOX in the 2nd quarter valued at approximately $35,000. MV Capital Management Inc. raised its position in shares of FOX by 929.9% in the 1st quarter. MV Capital Management Inc. now owns 690 shares of the company’s stock valued at $39,000 after acquiring an additional 623 shares during the period. Zions Bancorporation National Association UT bought a new stake in FOX during the 1st quarter worth approximately $40,000. Finally, Sentry Investment Management LLC bought a new stake in FOX during the 1st quarter worth approximately $43,000. 52.52% of the stock is currently owned by institutional investors and hedge funds.

FOX Trading Up 1.6%

The company has a quick ratio of 2.76, a current ratio of 2.91 and a debt-to-equity ratio of 0.55. The business’s fifty day moving average is $57.17 and its 200 day moving average is $54.60. The firm has a market capitalization of $27.84 billion, a price-to-earnings ratio of 12.73, a price-to-earnings-growth ratio of 1.47 and a beta of 0.52.

FOX (NASDAQ:FOXA) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $1.27 EPS for the quarter, topping analysts’ consensus estimates of $1.01 by $0.26. The business had revenue of $3.29 billion for the quarter, compared to analyst estimates of $3.12 billion. FOX had a net margin of 13.88% and a return on equity of 18.86%. The firm’s quarterly revenue was up 6.3% on a year-over-year basis. During the same period last year, the business posted $0.90 earnings per share. Equities analysts predict that Fox Corporation will post 4.38 earnings per share for the current year.

FOX Increases Dividend

The business also recently declared a dividend, which will be paid on Wednesday, September 24th. Shareholders of record on Wednesday, September 3rd will be paid a $0.28 dividend. This is a positive change from FOX’s previous dividend of $0.18. This represents a yield of 93.0%. The ex-dividend date is Wednesday, September 3rd. FOX’s dividend payout ratio is 11.41%.

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.