FOX (NASDAQ:FOXA) Issues Earnings Results, Beats Expectations By $0.34 EPS

FOX (NASDAQ:FOXA) announced its earnings results on Tuesday. The company reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.34, Zacks reports. FOX had a return on equity of 16.49% and a net margin of 13.40%. The company had revenue of $5.08 billion during the quarter, compared to the consensus estimate of $4.78 billion. During the same period last year, the firm earned $0.34 earnings per share. The company’s revenue was up 19.9% on a year-over-year basis.

FOX Price Performance

Shares of NASDAQ:FOXA traded down $0.74 during trading on Thursday, reaching $53.79. The stock had a trading volume of 535,939 shares, compared to its average volume of 3,420,868. FOX has a 1-year low of $28.28 and a 1-year high of $55.56. The stock has a market cap of $24.57 billion, a PE ratio of 13.14, a PEG ratio of 1.25 and a beta of 0.76. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.33 and a current ratio of 2.59. The business has a fifty day moving average price of $48.79 and a 200-day moving average price of $44.03.

FOX Dividend Announcement

The company also recently declared a semi-annual dividend, which will be paid on Wednesday, March 26th. Investors of record on Wednesday, March 5th will be given a dividend of $0.27 per share. The ex-dividend date is Wednesday, March 5th. This represents a yield of 1%. FOX’s dividend payout ratio is presently 13.20%.

Insiders Place Their Bets

In related news, Chairman Keith Rupert Murdoch sold 186,871 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $46.22, for a total transaction of $8,637,177.62. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Adam G. Ciongoli sold 1,278 shares of FOX stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $54.13, for a total value of $69,178.14. Following the transaction, the insider now directly owns 29,897 shares of the company’s stock, valued at approximately $1,618,324.61. This represents a 4.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 21.77% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts recently commented on the stock. Barclays increased their target price on shares of FOX from $39.00 to $50.00 and gave the company an “equal weight” rating in a research note on Wednesday. Macquarie reissued a “neutral” rating and issued a $43.00 price target on shares of FOX in a research report on Tuesday, November 5th. Evercore ISI raised shares of FOX to a “hold” rating in a research note on Tuesday, November 5th. Loop Capital increased their price target on FOX from $48.00 to $55.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. Finally, StockNews.com cut FOX from a “buy” rating to a “hold” rating in a report on Tuesday, December 17th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $50.19.

About FOX

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.