FOX (NASDAQ:FOXA) Price Target Raised to $80.00 at Bank of America

FOX (NASDAQ:FOXA) had its target price raised by Bank of America from $75.00 to $80.00 in a report released on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages have also issued reports on FOXA. TD Cowen raised their target price on shares of FOX from $53.00 to $55.00 and gave the stock a “hold” rating in a research report on Friday, October 31st. Barclays boosted their target price on FOX from $58.00 to $64.00 and gave the company an “equal weight” rating in a report on Friday, October 31st. Morgan Stanley upped their price objective on shares of FOX from $70.00 to $74.00 and gave the stock an “equal weight” rating in a research report on Thursday. Evercore ISI raised their price objective on shares of FOX from $55.00 to $66.00 and gave the company an “in-line” rating in a research report on Friday, October 31st. Finally, Cowen reissued a “hold” rating on shares of FOX in a report on Friday, October 31st. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $72.56.

FOX Price Performance

FOXA stock opened at $71.77 on Friday. FOX has a 1 year low of $46.42 and a 1 year high of $72.96. The firm has a market capitalization of $31.86 billion, a P/E ratio of 16.13, a P/E/G ratio of 1.59 and a beta of 0.51. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.24 and a quick ratio of 3.03. The business’s 50-day moving average is $64.91 and its two-hundred day moving average is $60.06.

FOX (NASDAQ:FOXA) last released its quarterly earnings data on Thursday, October 30th. The company reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.41. FOX had a net margin of 12.35% and a return on equity of 18.61%. The business had revenue of $3.74 billion during the quarter, compared to analysts’ expectations of $3.57 billion. During the same period in the previous year, the company earned $1.45 EPS. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. Analysts anticipate that FOX will post 4.38 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Adam G. Ciongoli sold 29,897 shares of FOX stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $69.55, for a total transaction of $2,079,336.35. Following the completion of the sale, the insider directly owned 35,978 shares in the company, valued at $2,502,269.90. The trade was a 45.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Keith Rupert Murdoch sold 168,756 shares of FOX stock in a transaction that occurred on Friday, November 7th. The stock was sold at an average price of $65.97, for a total transaction of $11,132,833.32. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 454,817 shares of company stock worth $29,490,590. Company insiders own 19.68% of the company’s stock.

Hedge Funds Weigh In On FOX

Large investors have recently bought and sold shares of the stock. FWL Investment Management LLC purchased a new stake in shares of FOX during the 3rd quarter worth about $26,000. CYBER HORNET ETFs LLC purchased a new position in FOX in the 2nd quarter worth approximately $35,000. Quantbot Technologies LP purchased a new stake in shares of FOX during the third quarter valued at approximately $51,000. Geneos Wealth Management Inc. boosted its stake in shares of FOX by 205.6% in the first quarter. Geneos Wealth Management Inc. now owns 923 shares of the company’s stock valued at $52,000 after purchasing an additional 621 shares during the period. Finally, WPG Advisers LLC purchased a new stake in FOX during the 1st quarter worth $54,000. Hedge funds and other institutional investors own 52.52% of the company’s stock.

FOX Company Profile

Fox Corporation (NASDAQ: FOXA) is a U.S.-based media company focused on television broadcasting, cable news and sports programming, and digital distribution. The company was formed in 2019 as the successor to certain assets of 21st Century Fox after a transaction that transferred many film and television studio assets to The Walt Disney Company. Fox Corp’s operations center on the Fox Broadcasting network, a portfolio of local television stations, national news and business cable networks, and sports media properties.

Fox produces, acquires and distributes a range of live and recorded programming, including news, opinion and commentary, national and local sports telecasts, and general entertainment.