The Goldman Sachs Group Raises FOX (NASDAQ:FOXA) Price Target to $57.00

FOX (NASDAQ:FOXA) had its price target raised by equities researchers at The Goldman Sachs Group from $51.00 to $57.00 in a report released on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. The Goldman Sachs Group’s price objective suggests a potential upside of 16.56% from the stock’s current price.

A number of other brokerages have also recently issued reports on FOXA. Macquarie restated a “neutral” rating and set a $43.00 target price on shares of FOX in a research report on Tuesday, November 5th. Wells Fargo & Company lifted their price objective on FOX from $46.00 to $49.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 5th. Evercore ISI raised FOX to a “hold” rating in a research report on Tuesday, November 5th. Cfra restated a “sell” rating on shares of FOX in a research report on Wednesday, September 25th. Finally, Citigroup increased their price objective on FOX from $50.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, ten have given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, FOX currently has an average rating of “Hold” and a consensus price target of $46.87.

FOX Price Performance

FOXA traded down $0.53 on Thursday, hitting $48.90. 986,236 shares of the company were exchanged, compared to its average volume of 3,124,418. The business’s fifty day moving average is $44.83 and its 200 day moving average is $40.39. FOX has a fifty-two week low of $28.28 and a fifty-two week high of $50.63. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.33 and a current ratio of 2.59. The firm has a market capitalization of $22.33 billion, a P/E ratio of 11.96, a price-to-earnings-growth ratio of 1.18 and a beta of 0.77.

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

Insider Activity at FOX

In other FOX news, COO John Nallen sold 182,481 shares of the business’s stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $43.73, for a total value of $7,979,894.13. Following the transaction, the chief operating officer now owns 249,424 shares in the company, valued at $10,907,311.52. The trade was a 42.25 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Keith Rupert Murdoch sold 100,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $42.05, for a total value of $4,205,000.00. Following the sale, the chairman now owns 1,258,862 shares of the company’s stock, valued at $52,935,147.10. This represents a 7.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 469,352 shares of company stock worth $20,822,072. Corporate insiders own 21.77% of the company’s stock.

Institutional Trading of FOX

Hedge funds have recently made changes to their positions in the stock. Fifth Third Bancorp grew its position in shares of FOX by 108.4% in the 2nd quarter. Fifth Third Bancorp now owns 12,488 shares of the company’s stock worth $429,000 after acquiring an additional 6,495 shares in the last quarter. Retirement Systems of Alabama increased its stake in FOX by 1,727.2% during the second quarter. Retirement Systems of Alabama now owns 965,066 shares of the company’s stock valued at $33,169,000 after purchasing an additional 912,250 shares during the last quarter. Raymond James Trust N.A. raised its holdings 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 purchasing an additional 406 shares during the period. Verdence Capital Advisors LLC lifted 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 worth $461,000 after buying an additional 458 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its position in shares of FOX by 1.3% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 987,444 shares of the company’s stock valued at $33,938,000 after buying an additional 12,321 shares during the last quarter. 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 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.