FOX (NASDAQ:FOXA) Price Target Raised to $49.00

FOX (NASDAQ:FOXA) had its price target boosted by equities research analysts at JPMorgan Chase & Co. from $42.00 to $49.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential downside of 0.35% from the stock’s previous close.

A number of other research firms have also recently commented on FOXA. The Goldman Sachs Group boosted their price target on FOX from $51.00 to $57.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Citigroup upped their price target on FOX from $50.00 to $58.00 and gave the stock a “buy” rating in a research note on Wednesday, December 18th. Bank of America upped their target price on FOX from $50.00 to $55.00 and gave the company a “buy” rating in a report on Wednesday, December 18th. StockNews.com lowered FOX from a “buy” rating to a “hold” rating in a report on Tuesday, December 17th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on FOX from $42.00 to $47.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, FOX presently has an average rating of “Hold” and an average target price of $48.00.

FOX Stock Performance

Shares of FOXA stock traded up $0.98 during trading hours on Tuesday, reaching $49.17. 589,554 shares of the company’s stock were exchanged, compared to its average volume of 2,363,271. The business has a fifty day moving average price of $47.41 and a 200-day moving average price of $42.35. The company has a quick ratio of 2.33, a current ratio of 2.59 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $22.46 billion, a P/E ratio of 12.02, a P/E/G ratio of 1.21 and a beta of 0.75. FOX has a fifty-two week low of $28.28 and a fifty-two week high of $50.63.

FOX (NASDAQ:FOXA) last posted its quarterly earnings results on Monday, November 4th. The company reported $1.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.33. FOX had a return on equity of 16.49% and a net margin of 13.40%. The business had revenue of $3.56 billion for the quarter, compared to analysts’ expectations of $3.38 billion. During the same quarter last year, the business earned $1.09 earnings per share. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. Analysts predict that FOX will post 3.94 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Chairman Keith Rupert Murdoch sold 100,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $42.05, for a total value of $4,205,000.00. Following the completion of the sale, the chairman now directly owns 1,258,862 shares in the company, valued at approximately $52,935,147.10. The trade was a 7.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO John Nallen sold 182,481 shares of FOX stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $43.73, for a total transaction of $7,979,894.13. Following the transaction, the chief operating officer now directly owns 249,424 shares in the company, valued at approximately $10,907,311.52. This trade represents a 42.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 469,352 shares of company stock valued at $20,822,072. Insiders own 21.77% of the company’s stock.

Hedge Funds Weigh In On FOX

Several institutional investors have recently modified their holdings of FOXA. Pacer Advisors Inc. boosted its stake in FOX by 44,205.3% in the 3rd quarter. Pacer Advisors Inc. now owns 7,915,576 shares of the company’s stock worth $335,066,000 after purchasing an additional 7,897,710 shares during the period. Jacobs Levy Equity Management Inc. boosted its holdings in shares of FOX by 228.4% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,387,107 shares of the company’s stock worth $58,716,000 after buying an additional 964,737 shares during the period. AXA S.A. grew its position in shares of FOX by 294.2% in the second quarter. AXA S.A. now owns 888,476 shares of the company’s stock valued at $30,537,000 after purchasing an additional 663,089 shares during the last quarter. Independent Franchise Partners LLP increased its position in FOX by 3.3% in the 2nd quarter. Independent Franchise Partners LLP now owns 18,495,954 shares of the company’s stock worth $635,706,000 after buying an additional 597,450 shares during the period. Finally, D. E. Shaw & Co. Inc. increased its position in FOX by 25.5% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 2,420,940 shares of the company’s stock worth $83,208,000 after buying an additional 492,467 shares during the period. Institutional investors own 52.52% of the company’s stock.

FOX Company Profile

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.