FOX (NASDAQ:FOXA) Raised to “Overweight” at Wells Fargo & Company

Wells Fargo & Company upgraded shares of FOX (NASDAQ:FOXA) from an underweight rating to an overweight rating in a research note released on Friday, MarketBeat reports. Wells Fargo & Company currently has $46.00 price objective on the stock, up from their previous price objective of $29.00.

Other analysts have also recently issued research reports about the company. Macquarie raised their target price on FOX from $32.00 to $35.00 and gave the stock a neutral rating in a research report on Monday, August 12th. Deutsche Bank Aktiengesellschaft lifted their target price on FOX from $39.00 to $42.00 and gave the company a buy rating in a research note on Wednesday, August 7th. Rosenblatt Securities increased their price target on shares of FOX from $37.00 to $38.00 and gave the stock a neutral rating in a research report on Wednesday, August 7th. The Goldman Sachs Group raised their price target on shares of FOX from $42.00 to $44.00 and gave the stock a buy rating in a report on Wednesday, August 7th. Finally, Barclays upped their price objective on shares of FOX from $33.00 to $36.00 and gave the company an equal weight rating in a research note on Monday, May 13th. Nine investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of Hold and a consensus price target of $38.23.

FOX Price Performance

FOXA stock opened at $39.54 on Friday. FOX has a one year low of $28.28 and a one year high of $39.84. The firm has a 50-day moving average of $36.10 and a two-hundred day moving average of $32.98. The firm has a market capitalization of $18.45 billion, a PE ratio of 12.39, a P/E/G ratio of 1.51 and a beta of 0.77. The company has a current ratio of 3.24, a quick ratio of 2.94 and a debt-to-equity ratio of 0.67.

FOX (NASDAQ:FOXA) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.07. FOX had a net margin of 11.19% and a return on equity of 15.90%. The business had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.10 billion. During the same quarter in the previous year, the business earned $0.88 earnings per share. The firm’s revenue was up 2.0% compared to the same quarter last year. On average, analysts forecast that FOX will post 3.33 earnings per share for the current year.

FOX Increases Dividend

The firm also recently announced a Semi-Annual dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 4th will be given a dividend of $0.27 per share. This represents a yield of 1.4%. This is an increase from FOX’s previous Semi-Annual dividend of $0.26. The ex-dividend date is Wednesday, September 4th. FOX’s dividend payout ratio is presently 16.93%.

Insider Buying and Selling at FOX

In related news, CEO Lachlan K. Murdoch purchased 119,705 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was bought at an average price of $39.06 per share, for a total transaction of $4,675,677.30. Following the purchase, the chief executive officer now owns 1,076,407 shares in the company, valued at approximately $42,044,457.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Steven Tomsic sold 30,000 shares of the business’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $34.26, for a total value of $1,027,800.00. Following the completion of the sale, the chief financial officer now directly owns 110,568 shares in the company, valued at $3,788,059.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Lachlan K. Murdoch acquired 119,705 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were purchased at an average cost 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 owns 1,076,407 shares in the company, valued at approximately $42,044,457.42. The disclosure for this purchase can be found here. Corporate insiders own 21.77% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Massmutual Trust Co. FSB ADV increased its stake 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 purchasing an additional 461 shares during the period. UMB Bank n.a. grew its holdings in FOX by 254.4% in the 1st quarter. UMB Bank n.a. now owns 1,127 shares of the company’s stock valued at $35,000 after buying an additional 809 shares during the last quarter. Global Retirement Partners LLC increased its position in FOX by 38.4% in the 1st quarter. Global Retirement Partners LLC now owns 1,305 shares of the company’s stock worth $41,000 after buying an additional 362 shares during the period. Altshuler Shaham Ltd bought a new position in FOX in the 4th quarter worth approximately $43,000. Finally, Friedenthal Financial acquired a new position in shares of FOX during the second quarter worth approximately $51,000. Institutional investors and hedge funds 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 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.