Bank of America Issues Positive Forecast for FOX (NASDAQ:FOXA) Stock Price

FOX (NASDAQ:FOXA) had its price target hoisted by investment analysts at Bank of America from $50.00 to $55.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s price objective indicates a potential upside of 12.61% from the company’s previous close.

FOXA has been the subject of a number of other reports. Seaport Res Ptn lowered FOX from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 9th. Deutsche Bank Aktiengesellschaft lifted their target price on FOX from $42.00 to $47.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Wells Fargo & Company boosted their target price on shares of FOX from $46.00 to $49.00 and gave the company an “overweight” rating in a research note on Tuesday, November 5th. Cfra reaffirmed a “sell” rating on shares of FOX in a research note on Wednesday, September 25th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of FOX from $41.00 to $42.00 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $46.87.

FOX Price Performance

FOX stock opened at $48.84 on Wednesday. FOX has a 12-month low of $28.28 and a 12-month high of $50.63. The company has a current ratio of 2.59, a quick ratio of 2.33 and a debt-to-equity ratio of 0.58. The firm has a 50-day moving average price of $44.98 and a 200-day moving average price of $40.45. The firm has a market capitalization of $22.31 billion, a PE ratio of 11.94, a price-to-earnings-growth ratio of 1.18 and a beta of 0.77.

FOX (NASDAQ:FOXA) last posted its quarterly earnings data on Monday, November 4th. The company reported $1.45 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.33. FOX had a net margin of 13.40% and a return on equity of 16.49%. The company had revenue of $3.56 billion for the quarter, compared to analyst estimates of $3.38 billion. During the same period in the prior year, the company posted $1.09 EPS. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. As a group, equities research analysts forecast that FOX will post 3.94 EPS for the current year.

Insider Activity at FOX

In other FOX news, Chairman Keith Rupert Murdoch sold 100,000 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $42.05, for a total transaction of $4,205,000.00. Following the completion of the sale, the chairman now directly owns 1,258,862 shares of the company’s stock, valued at approximately $52,935,147.10. This represents a 7.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO John Nallen sold 182,481 shares of the firm’s stock in a transaction dated 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 completion of the sale, the chief operating officer now owns 249,424 shares in the company, valued at $10,907,311.52. This represents a 42.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 469,352 shares of company stock valued at $20,822,072 over the last quarter. 21.77% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On FOX

A number of large investors have recently made changes to their positions in FOXA. Crossmark Global Holdings Inc. boosted its position in shares of FOX by 1.7% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 23,408 shares of the company’s stock worth $991,000 after purchasing an additional 385 shares in the last quarter. Raymond James Trust N.A. grew its stake in shares of FOX by 4.4% during the second quarter. Raymond James Trust N.A. now owns 9,691 shares of the company’s stock worth $333,000 after acquiring an additional 406 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of FOX by 1.6% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 29,501 shares of the company’s stock valued at $1,249,000 after acquiring an additional 451 shares in the last quarter. Verdence Capital Advisors LLC raised its position in shares of FOX by 3.5% in the 2nd quarter. Verdence Capital Advisors LLC now owns 13,403 shares of the company’s stock valued at $461,000 after purchasing an additional 458 shares during the last quarter. Finally, US Bancorp DE boosted its stake in FOX by 4.0% in the 3rd quarter. US Bancorp DE now owns 14,239 shares of the company’s stock worth $603,000 after purchasing an additional 550 shares in the last quarter. 52.52% of the stock is owned by institutional investors and hedge funds.

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.