FOX (NASDAQ:FOXA) Hits New 52-Week High After Analyst Upgrade

Fox Corporation (NASDAQ:FOXA)’s share price reached a new 52-week high during trading on Monday after Bank of America raised their price target on the stock from $65.00 to $70.00. Bank of America currently has a buy rating on the stock. FOX traded as high as $62.90 and last traded at $62.89, with a volume of 1973426 shares. The stock had previously closed at $61.15.

Other equities analysts also recently issued reports about the company. Wolfe Research upgraded FOX from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, July 9th. Wall Street Zen lowered FOX from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. Guggenheim increased their price target on FOX from $62.00 to $68.00 and gave the stock a “buy” rating in a research note on Friday. Morgan Stanley set a $65.00 price objective on shares of FOX in a research note on Tuesday, September 9th. Finally, Wells Fargo & Company increased their target price on shares of FOX from $66.00 to $70.00 and gave the company an “overweight” rating in a research report on Monday, September 8th. Nine analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $57.20.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of FOXA. Hemington Wealth Management boosted its position in shares of FOX by 217.6% during the 1st quarter. Hemington Wealth Management now owns 524 shares of the company’s stock valued at $29,000 after purchasing an additional 359 shares in the last quarter. CYBER HORNET ETFs LLC acquired a new position in shares of FOX in the 2nd quarter worth $35,000. MV Capital Management Inc. raised its position in shares of FOX by 929.9% during the first quarter. MV Capital Management Inc. now owns 690 shares of the company’s stock worth $39,000 after purchasing an additional 623 shares during the period. Zions Bancorporation National Association UT purchased a new stake in shares of FOX during the first quarter valued at $40,000. Finally, Sentry Investment Management LLC acquired a new position in shares of FOX in the 1st quarter valued at $43,000. Institutional investors own 52.52% of the company’s stock.

FOX Price Performance

The stock has a 50 day moving average of $58.40 and a two-hundred day moving average of $55.08. The stock has a market cap of $28.02 billion, a PE ratio of 12.81, a PEG ratio of 1.46 and a beta of 0.52. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.76 and a current ratio of 2.91.

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

FOX Increases Dividend

The company also recently disclosed a dividend, which was paid on Wednesday, September 24th. Investors of record on Wednesday, September 3rd were paid a $0.28 dividend. The ex-dividend date of this dividend was Wednesday, September 3rd. This represents a yield of 93.0%. This is a positive change from FOX’s previous dividend of $0.18. FOX’s dividend payout ratio (DPR) is 11.41%.

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.