FOX (NASDAQ:FOXA) Stock Price Expected to Rise, Bank of America Analyst Says

FOX (NASDAQ:FOXA) had its price target raised by equities research analysts at Bank of America from $65.00 to $70.00 in a report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s price objective would indicate a potential upside of 14.47% from the company’s previous close.

FOXA has been the topic of a number of other research reports. Morgan Stanley set a $65.00 price objective on FOX in a research report on Tuesday, September 9th. UBS Group set a $65.00 price target on shares of FOX and gave the stock a “buy” rating in a research note on Wednesday, June 25th. Cfra Research upgraded shares of FOX from a “hold” rating to a “moderate buy” rating in a report on Tuesday, August 5th. Wolfe Research upgraded FOX from an “underperform” rating to a “peer perform” rating in a report on Wednesday, July 9th. Finally, Wells Fargo & Company boosted their target price on FOX from $66.00 to $70.00 and gave the stock an “overweight” rating in a research report on Monday, September 8th. Nine research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $57.20.

FOX Stock Performance

Shares of NASDAQ:FOXA opened at $61.15 on Friday. The company has a 50-day moving average price of $58.25 and a 200-day moving average price of $54.98. FOX has a 12 month low of $41.13 and a 12 month high of $62.85. The company has a market cap of $27.24 billion, a price-to-earnings ratio of 12.45, a price-to-earnings-growth ratio of 1.46 and a beta of 0.52. The company has a current ratio of 2.91, a quick ratio of 2.76 and a debt-to-equity ratio of 0.55.

FOX (NASDAQ:FOXA) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $1.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.26. The firm had revenue of $3.29 billion during the quarter, compared to analyst estimates of $3.12 billion. FOX had a return on equity of 18.86% and a net margin of 13.88%.FOX’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.90 EPS. As a group, equities analysts anticipate that FOX will post 4.38 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Assetmark Inc. increased its holdings in shares of FOX by 752.1% during the 1st quarter. Assetmark Inc. now owns 1,951,657 shares of the company’s stock worth $110,464,000 after acquiring an additional 1,722,616 shares during the last quarter. Federated Hermes Inc. raised its holdings in shares of FOX by 164,675.7% during the first quarter. Federated Hermes Inc. now owns 1,255,591 shares of the company’s stock valued at $71,066,000 after purchasing an additional 1,254,829 shares during the period. Nuveen LLC bought a new position in FOX in the 1st quarter valued at about $63,125,000. Junto Capital Management LP bought a new position in FOX during the first quarter valued at about $53,681,000. Finally, Ameriprise Financial Inc. boosted its holdings in FOX by 537.0% in the 1st quarter. Ameriprise Financial Inc. now owns 1,058,639 shares of the company’s stock worth $59,909,000 after buying an additional 892,437 shares during the period. Institutional investors own 52.52% of the company’s stock.

FOX Company Profile

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.