FOX’s (FOXA) Buy Rating Reiterated at Guggenheim

Guggenheim reissued their buy rating on shares of FOX (NASDAQ:FOXA) in a report released on Tuesday,Benzinga reports. Guggenheim currently has a $85.00 price target on the stock.

A number of other equities analysts have also recently weighed in on FOXA. Barclays reduced their price objective on shares of FOX from $67.00 to $60.00 and set an “equal weight” rating for the company in a research report on Monday, June 15th. Wall Street Zen upgraded shares of FOX from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. UBS Group reissued a “neutral” rating on shares of FOX in a research note on Monday, June 15th. JPMorgan Chase & Co. upgraded shares of FOX from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $70.00 to $82.00 in a research report on Friday, August 14th. Finally, Wells Fargo & Company raised shares of FOX from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $65.00 to $80.00 in a research note on Friday, August 14th. Nine analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $74.38.

FOX Trading Down 3.4%

Shares of FOXA stock opened at $67.22 on Tuesday. The company has a debt-to-equity ratio of 0.56, a current ratio of 3.17 and a quick ratio of 2.99. The company has a market cap of $28.21 billion, a price-to-earnings ratio of 17.55, a PEG ratio of 1.25 and a beta of 0.54. The stock has a 50 day simple moving average of $58.77 and a 200-day simple moving average of $60.28. FOX has a 1-year low of $48.34 and a 1-year high of $76.39.

FOX (NASDAQ:FOXA) last announced its earnings results on Thursday, August 6th. The company reported $1.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.35. FOX had a return on equity of 20.64% and a net margin of 9.84%.The firm had revenue of $4.21 billion for the quarter, compared to analyst estimates of $3.64 billion. During the same quarter last year, the firm posted $1.27 EPS. The business’s revenue was up 28.1% on a year-over-year basis. On average, equities research analysts expect that FOX will post 5.94 EPS for the current fiscal year.

FOX Dividend Announcement

The company also recently disclosed a dividend, which will be paid on Wednesday, September 23rd. Investors of record on Wednesday, September 2nd will be paid a $0.29 dividend. This represents a yield of 94.0%. The ex-dividend date of this dividend is Wednesday, September 2nd. FOX’s dividend payout ratio is currently 14.62%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. California State Teachers Retirement System grew its holdings in shares of FOX by 4,720.6% during the second quarter. California State Teachers Retirement System now owns 19,330,183 shares of the company’s stock worth $1,008,262,000 after buying an additional 18,929,193 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of FOX by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 6,534,627 shares of the company’s stock worth $476,248,000 after buying an additional 29,923 shares in the last quarter. Ameriprise Financial Inc. lifted its stake in shares of FOX by 72.0% in the second quarter. Ameriprise Financial Inc. now owns 1,821,284 shares of the company’s stock worth $101,948,000 after buying an additional 762,645 shares in the last quarter. PFA Pension Forsikringsaktieselskab purchased a new position in shares of FOX in the fourth quarter worth about $67,467,000. Finally, SG Americas Securities LLC boosted its position in FOX by 299.8% during the first quarter. SG Americas Securities LLC now owns 511,811 shares of the company’s stock worth $29,890,000 after acquiring an additional 383,782 shares during the last quarter. Hedge funds and other institutional investors own 52.52% of the company’s stock.

About FOX

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.