Guggenheim Reaffirms Buy Rating for FOX (NASDAQ:FOXA)

FOX (NASDAQ:FOXA)‘s stock had its “buy” rating reiterated by investment analysts at Guggenheim in a report released on Wednesday, Marketbeat reports. They presently have a $62.00 price target on the stock, up from their prior price target of $60.00. Guggenheim’s price objective points to a potential upside of 9.39% from the stock’s current price.

Several other equities analysts have also weighed in on FOXA. Cowen reaffirmed a “hold” rating on shares of FOX in a report on Tuesday, May 13th. Wolfe Research lowered shares of FOX from a “peer perform” rating to an “underperform” rating and set a $48.00 target price for the company. in a report on Monday, April 7th. Cfra Research raised shares of FOX from a “hold” rating to a “moderate buy” rating in a report on Monday, April 7th. UBS Group lifted their target price on shares of FOX from $61.00 to $63.00 and gave the company a “buy” rating in a report on Tuesday, May 13th. Finally, Barclays reaffirmed an “outperform” rating on shares of FOX in a report on Tuesday, May 13th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $53.53.

FOX Stock Performance

FOXA opened at $56.68 on Wednesday. FOX has a 12-month low of $33.82 and a 12-month high of $58.74. The company has a current ratio of 2.45, a quick ratio of 2.33 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $25.48 billion, a PE ratio of 14.10, a P/E/G ratio of 1.19 and a beta of 0.51. The firm has a 50 day moving average of $53.17 and a two-hundred day moving average of $52.17.

FOX (NASDAQ:FOXA) last posted its quarterly earnings results on Monday, May 12th. The company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.17. FOX had a net margin of 11.58% and a return on equity of 17.99%. The company had revenue of $4.37 billion during the quarter, compared to analyst estimates of $4.14 billion. During the same period last year, the firm posted $1.40 EPS. FOX’s revenue for the quarter was up 26.8% compared to the same quarter last year. On average, analysts anticipate that FOX will post 4.38 EPS for the current year.

Insider Activity at FOX

In related news, CFO Steven Tomsic sold 5,607 shares of FOX stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $55.37, for a total value of $310,459.59. Following the sale, the chief financial officer now owns 133,923 shares of the company’s stock, valued at approximately $7,415,316.51. This trade represents a 4.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 21.77% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On FOX

A number of institutional investors have recently added to or reduced their stakes in FOXA. Global Retirement Partners LLC boosted its position in shares of FOX by 54.6% during the 4th quarter. Global Retirement Partners LLC now owns 1,918 shares of the company’s stock valued at $93,000 after acquiring an additional 677 shares during the last quarter. Ieq Capital LLC purchased a new stake in shares of FOX during the fourth quarter worth approximately $201,000. Handelsbanken Fonder AB increased its stake in shares of FOX by 184.1% during the fourth quarter. Handelsbanken Fonder AB now owns 41,704 shares of the company’s stock worth $2,026,000 after buying an additional 27,024 shares during the period. Denali Advisors LLC purchased a new stake in shares of FOX during the fourth quarter worth approximately $804,000. Finally, Proficio Capital Partners LLC purchased a new stake in shares of FOX during the fourth quarter worth approximately $7,767,000. Institutional investors and hedge funds own 52.52% of the company’s stock.

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.