Guggenheim Raises FOX (NASDAQ:FOXA) Price Target to $45.00

FOX (NASDAQ:FOXA) had its price objective boosted by Guggenheim from $44.00 to $45.00 in a research note published on Tuesday, Benzinga reports. They currently have a buy rating on the stock.

Several other analysts have also commented on FOXA. Macquarie boosted their price target on FOX from $32.00 to $35.00 and gave the company a neutral rating in a research note on Monday, August 12th. The Goldman Sachs Group boosted their price target on FOX from $42.00 to $44.00 and gave the company a buy rating in a research note on Wednesday, August 7th. Rosenblatt Securities boosted their price objective on FOX from $37.00 to $38.00 and gave the stock a neutral rating in a research note on Wednesday, August 7th. Wells Fargo & Company raised FOX from an underweight rating to an overweight rating and boosted their price objective for the stock from $29.00 to $46.00 in a research note on Friday, August 16th. Finally, JPMorgan Chase & Co. boosted their price objective on FOX from $36.00 to $38.00 and gave the stock a neutral rating in a research note on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of Hold and an average target price of $39.64.

FOX Stock Performance

FOXA opened at $42.27 on Tuesday. The stock has a market cap of $19.73 billion, a PE ratio of 13.36, a P/E/G ratio of 1.85 and a beta of 0.76. The company has a current ratio of 2.54, a quick ratio of 2.33 and a debt-to-equity ratio of 0.61. FOX has a 1 year low of $28.28 and a 1 year high of $42.63. The stock’s 50 day simple moving average is $39.59 and its 200-day simple moving average is $35.09.

FOX (NASDAQ:FOXA) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.90 EPS for the quarter, beating the consensus estimate of $0.83 by $0.07. The business had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.10 billion. FOX had a return on equity of 15.57% and a net margin of 10.74%. FOX’s quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.88 EPS. Sell-side analysts forecast that FOX will post 3.72 EPS for the current year.

FOX Increases Dividend

The business also recently disclosed a Semi-Annual dividend, which was paid on Wednesday, September 25th. Investors of record on Wednesday, September 4th were issued a $0.27 dividend. This represents a yield of 1.4%. The ex-dividend date was Wednesday, September 4th. This is an increase from FOX’s previous Semi-Annual dividend of $0.26. FOX’s dividend payout ratio is currently 16.93%.

Insider Activity at FOX

In related news, CEO Lachlan K. Murdoch acquired 119,705 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was acquired at an average price of $39.06 per share, for a total transaction of $4,675,677.30. Following the completion of the acquisition, the chief executive officer now owns 1,076,407 shares of the company’s stock, valued at approximately $42,044,457.42. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other FOX news, COO John Nallen sold 52,874 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $38.96, for a total value of $2,059,971.04. Following the completion of the sale, the chief operating officer now directly owns 249,424 shares in the company, valued at $9,717,559.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Lachlan K. Murdoch purchased 119,705 shares of the stock in a transaction on Thursday, August 15th. The stock was acquired at an average price of $39.06 per share, with a total value of $4,675,677.30. Following the completion of the acquisition, the chief executive officer now directly owns 1,076,407 shares of the company’s stock, valued at $42,044,457.42. The disclosure for this purchase can be found here. 21.77% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On FOX

Several large investors have recently modified their holdings of FOXA. Massmutual Trust Co. FSB ADV increased its holdings in shares of FOX by 176.6% in the second quarter. Massmutual Trust Co. FSB ADV now owns 722 shares of the company’s stock worth $25,000 after acquiring an additional 461 shares in the last quarter. UMB Bank n.a. boosted its position in shares of FOX by 254.4% during the first quarter. UMB Bank n.a. now owns 1,127 shares of the company’s stock worth $35,000 after buying an additional 809 shares during the period. Friedenthal Financial acquired a new position in shares of FOX during the second quarter worth about $51,000. Duncker Streett & Co. Inc. acquired a new position in shares of FOX during the second quarter worth about $52,000. Finally, Meeder Asset Management Inc. acquired a new position in shares of FOX during the first quarter worth about $66,000. 52.52% of the stock is currently owned by institutional investors.

About FOX

Fox Corporation operates as a news, sports, and entertainment company in the United States (U.S.). The company operates through Cable Network Programming; Television; and Other, Corporate and Eliminations segments. The Cable Network Programming segment produces and licenses news, business 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.