FOX (NASDAQ:FOXA) Sets New 12-Month High Following Analyst Upgrade

Fox Corporation (NASDAQ:FOXA) hit a new 52-week high during trading on Monday after Wells Fargo & Company raised their price target on the stock from $66.00 to $70.00. Wells Fargo & Company currently has an overweight rating on the stock. FOX traded as high as $61.52 and last traded at $61.32, with a volume of 65165 shares. The stock had previously closed at $61.50.

Other equities research analysts have also issued reports about the company. Wall Street Zen lowered FOX from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. Barclays reiterated an “outperform” rating on shares of FOX in a research report on Tuesday, May 13th. Cowen reaffirmed a “hold” rating on shares of FOX in a report on Tuesday, May 13th. Bank of America upped their target price on shares of FOX from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, June 25th. Finally, Wolfe Research raised shares of FOX from an “underperform” rating to a “peer perform” rating in a report on Wednesday, July 9th. Nine research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $56.47.

Hedge Funds Weigh In On FOX

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in FOX by 2.1% in the first quarter. Vanguard Group Inc. now owns 25,739,628 shares of the company’s stock valued at $1,456,863,000 after purchasing an additional 518,835 shares during the period. Invesco Ltd. lifted its holdings in FOX by 3.0% during the 1st quarter. Invesco Ltd. now owns 3,680,293 shares of the company’s stock worth $208,305,000 after buying an additional 107,687 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in FOX by 1.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,709,021 shares of the company’s stock worth $153,331,000 after buying an additional 32,144 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in FOX by 8.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,676,877 shares of the company’s stock worth $130,043,000 after buying an additional 219,016 shares during the last quarter. Finally, AustralianSuper Pty Ltd lifted its stake in FOX by 8.8% during the first quarter. AustralianSuper Pty Ltd now owns 2,636,367 shares of the company’s stock worth $149,218,000 after purchasing an additional 212,348 shares during the last quarter. Hedge funds and other institutional investors own 52.52% of the company’s stock.

FOX Stock Performance

The firm has a 50 day moving average of $57.22 and a two-hundred day moving average of $54.63. The stock has a market cap of $26.13 billion, a PE ratio of 11.94, a PEG ratio of 1.50 and a beta of 0.52. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.91 and a quick ratio of 2.76.

FOX (NASDAQ:FOXA) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $1.27 EPS for the quarter, beating the consensus estimate of $1.01 by $0.26. FOX had a return on equity of 18.86% and a net margin of 13.88%.The firm had revenue of $3.29 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the prior year, the business earned $0.90 EPS. The firm’s revenue was up 6.3% compared to the same quarter last year. Research analysts predict that Fox Corporation will post 4.38 EPS for the current fiscal year.

FOX Increases Dividend

The firm also recently disclosed a dividend, which will be paid on Wednesday, September 24th. Shareholders of record on Wednesday, September 3rd will be given a $0.28 dividend. The ex-dividend date is Wednesday, September 3rd. This is a positive change from FOX’s previous dividend of $0.18. This represents a yield of 93.0%. FOX’s dividend payout ratio (DPR) is currently 11.41%.

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.