Guggenheim Reaffirms Buy Rating for FOX (NASDAQ:FOXA)

Guggenheim restated their buy rating on shares of FOX (NASDAQ:FOXA) in a research note issued to investors on Tuesday morning,Benzinga reports. The firm currently has a $60.00 price objective on the stock.

Several other equities research analysts have also issued reports on the company. Wells Fargo & Company lifted their price target on FOX from $59.00 to $64.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 5th. StockNews.com lowered FOX from a “buy” rating to a “hold” rating in a research note on Tuesday, December 17th. The Goldman Sachs Group set a $60.00 price target on shares of FOX and gave the company a “buy” rating in a research report on Tuesday, February 4th. Barclays boosted their price objective on shares of FOX from $39.00 to $50.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Finally, UBS Group increased their target price on shares of FOX from $50.00 to $63.00 and gave the company a “buy” rating in a report on Thursday, February 13th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, FOX has a consensus rating of “Hold” and an average price target of $51.19.

FOX Price Performance

FOX stock opened at $54.96 on Tuesday. The business has a 50-day simple moving average of $53.29 and a 200 day simple moving average of $47.77. FOX has a 52 week low of $30.02 and a 52 week high of $58.74. The stock has a market cap of $24.92 billion, a price-to-earnings ratio of 11.77, a PEG ratio of 1.27 and a beta of 0.67. The company has a quick ratio of 2.14, a current ratio of 2.50 and a debt-to-equity ratio of 0.57.

FOX (NASDAQ:FOXA) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $0.96 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.34. The firm had revenue of $5.08 billion for the quarter, compared to analyst estimates of $4.78 billion. FOX had a net margin of 14.39% and a return on equity of 18.50%. The business’s revenue for the quarter was up 19.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.34 EPS. On average, research analysts forecast that FOX will post 4.38 earnings per share for the current fiscal year.

FOX Dividend Announcement

The firm also recently disclosed a semi-annual dividend, which will be paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 5th will be given a $0.27 dividend. The ex-dividend date is Wednesday, March 5th. This represents a dividend yield of 1%. FOX’s dividend payout ratio is currently 11.56%.

Insider Activity at FOX

In other news, insider Adam G. Ciongoli sold 1,278 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the insider now owns 29,897 shares in the company, valued at $1,618,324.61. This trade represents a 4.10 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Keith Rupert Murdoch sold 58,000 shares of the firm’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $53.17, for a total value of $3,083,860.00. Following the transaction, the chairman now directly owns 1,200,862 shares of the company’s stock, valued at $63,849,832.54. This represents a 4.61 % decrease in their position. The disclosure for this sale can be found here. 21.77% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of FOXA. Quest Partners LLC purchased a new position in shares of FOX during the third quarter valued at approximately $51,000. Commerce Bank bought a new position in FOX during the 3rd quarter valued at approximately $301,000. Citigroup Inc. raised its stake in FOX by 35.3% during the third quarter. Citigroup Inc. now owns 593,104 shares of the company’s stock valued at $25,106,000 after buying an additional 154,680 shares during the last quarter. Cerity Partners LLC boosted its holdings in FOX by 98.3% in the third quarter. Cerity Partners LLC now owns 34,198 shares of the company’s stock worth $1,448,000 after acquiring an additional 16,950 shares in the last quarter. Finally, Daiwa Securities Group Inc. boosted its holdings in FOX by 5.1% in the third quarter. Daiwa Securities Group Inc. now owns 31,172 shares of the company’s stock worth $1,320,000 after acquiring an additional 1,502 shares in the last quarter. 52.52% of the stock is owned by hedge funds and other institutional investors.

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.