Wells Fargo & Company Lowers FOX (NASDAQ:FOXA) Price Target to $67.00

FOX (NASDAQ:FOXA) had its target price cut by equities research analysts at Wells Fargo & Company from $75.00 to $67.00 in a research report issued on Friday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 13.35% from the stock’s current price.

Other analysts also recently issued research reports about the stock. Guggenheim upped their price target on shares of FOX from $75.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, December 22nd. TD Cowen lifted their price objective on shares of FOX from $55.00 to $65.00 and gave the company a “hold” rating in a research note on Thursday, February 5th. Evercore boosted their price objective on shares of FOX from $66.00 to $70.00 and gave the company an “in-line” rating in a research report on Thursday, February 5th. JPMorgan Chase & Co. upped their target price on FOX from $65.00 to $69.00 and gave the stock a “neutral” rating in a research note on Thursday, February 5th. Finally, The Goldman Sachs Group reiterated a “buy” rating and issued a $80.00 price target on shares of FOX in a research note on Wednesday, February 4th. Seven investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $71.27.

FOX Stock Up 0.8%

Shares of NASDAQ FOXA opened at $59.11 on Friday. The stock has a market capitalization of $25.15 billion, a P/E ratio of 14.21, a PEG ratio of 7.28 and a beta of 0.55. The stock’s fifty day moving average is $61.75 and its 200 day moving average is $64.32. FOX has a 52 week low of $46.42 and a 52 week high of $76.39. The company has a debt-to-equity ratio of 0.60, a quick ratio of 2.44 and a current ratio of 2.78.

FOX (NASDAQ:FOXA) last posted its quarterly earnings data on Wednesday, February 4th. The company reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.35. FOX had a net margin of 11.41% and a return on equity of 18.14%. The business had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.02 billion. During the same quarter in the prior year, the business posted $0.96 earnings per share. FOX’s revenue was up 2.0% compared to the same quarter last year. Sell-side analysts forecast that FOX will post 4.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In other FOX news, COO John Nallen sold 242,309 shares of the business’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $57.74, for a total transaction of $13,990,921.66. Following the sale, the chief operating officer owned 357,653 shares of the company’s stock, valued at approximately $20,650,884.22. The trade was a 40.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Lachlan K. Murdoch sold 637,752 shares of the company’s stock in a transaction on Friday, March 13th. The stock was sold at an average price of $58.20, for a total transaction of $37,117,166.40. Following the transaction, the chief executive officer owned 152 shares of the company’s stock, valued at $8,846.40. This trade represents a 99.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 1,586,871 shares of company stock valued at $91,893,926. 19.68% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On FOX

Hedge funds have recently modified their holdings of the company. PFA Pension Forsikringsaktieselskab acquired a new position in FOX in the 4th quarter worth about $67,467,000. Ameriprise Financial Inc. boosted its stake in shares of FOX by 72.0% during the second quarter. Ameriprise Financial Inc. now owns 1,821,284 shares of the company’s stock valued at $101,948,000 after purchasing an additional 762,645 shares in the last quarter. Lazard Asset Management LLC boosted its stake in shares of FOX by 624.5% during the second quarter. Lazard Asset Management LLC now owns 281,126 shares of the company’s stock valued at $15,753,000 after purchasing an additional 242,321 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S grew its holdings in shares of FOX by 150.9% during the fourth quarter. BI Asset Management Fondsmaeglerselskab A S now owns 377,731 shares of the company’s stock worth $27,601,000 after purchasing an additional 227,209 shares during the last quarter. Finally, Marshall Wace LLP grew its holdings in shares of FOX by 415.7% during the second quarter. Marshall Wace LLP now owns 230,570 shares of the company’s stock worth $12,921,000 after purchasing an additional 185,859 shares during the last quarter. Institutional investors and hedge funds 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.