Wells Fargo & Company Issues Positive Forecast for FOX (NASDAQ:FOXA) Stock Price

FOX (NASDAQ:FOXA) had its target price increased by analysts at Wells Fargo & Company from $49.00 to $59.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “underweight” rating on the stock. Wells Fargo & Company‘s price target would indicate a potential upside of 20.46% from the stock’s previous close.

FOXA has been the topic of a number of other research reports. Barclays increased their price objective on FOX from $36.00 to $39.00 and gave the company an “equal weight” rating in a report on Wednesday, October 9th. Cfra reissued a “sell” rating on shares of FOX in a report on Wednesday, September 25th. TD Cowen boosted their price objective on shares of FOX from $36.00 to $42.00 and gave the stock a “hold” rating in a research report on Tuesday, November 5th. Guggenheim increased their target price on shares of FOX from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. Finally, StockNews.com cut shares of FOX from a “buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, FOX presently has an average rating of “Hold” and a consensus price target of $47.53.

FOX Price Performance

FOXA stock opened at $48.98 on Friday. The business’s 50-day moving average is $47.18 and its two-hundred day moving average is $42.05. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.59 and a quick ratio of 2.33. The firm has a market capitalization of $22.37 billion, a P/E ratio of 11.98, a P/E/G ratio of 1.21 and a beta of 0.75. FOX has a 1 year low of $28.28 and a 1 year high of $50.63.

FOX (NASDAQ:FOXA) last announced its quarterly earnings data on Monday, November 4th. The company reported $1.45 EPS for the quarter, beating analysts’ consensus estimates of $1.12 by $0.33. The company had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $3.38 billion. FOX had a net margin of 13.40% and a return on equity of 16.49%. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.09 EPS. Analysts anticipate that FOX will post 3.94 earnings per share for the current fiscal year.

Insider Transactions at FOX

In other news, COO John Nallen sold 182,481 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $43.73, for a total value of $7,979,894.13. Following the completion of the sale, the chief operating officer now directly owns 249,424 shares of the company’s stock, valued at $10,907,311.52. This trade represents a 42.25 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Keith Rupert Murdoch sold 100,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $42.05, for a total value of $4,205,000.00. Following the transaction, the chairman now directly owns 1,258,862 shares in the company, valued at $52,935,147.10. This represents a 7.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 469,352 shares of company stock worth $20,822,072 over the last 90 days. 21.77% of the stock is currently owned by insiders.

Institutional Investors Weigh In On FOX

Institutional investors and hedge funds have recently modified their holdings of the company. Pacer Advisors Inc. grew its position in shares of FOX by 44,205.3% in the third quarter. Pacer Advisors Inc. now owns 7,915,576 shares of the company’s stock valued at $335,066,000 after purchasing an additional 7,897,710 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in FOX by 228.4% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,387,107 shares of the company’s stock valued at $58,716,000 after buying an additional 964,737 shares during the last quarter. AXA S.A. increased its position in FOX by 294.2% during the second quarter. AXA S.A. now owns 888,476 shares of the company’s stock worth $30,537,000 after buying an additional 663,089 shares in the last quarter. Independent Franchise Partners LLP lifted its holdings in FOX by 3.3% in the 2nd quarter. Independent Franchise Partners LLP now owns 18,495,954 shares of the company’s stock valued at $635,706,000 after purchasing an additional 597,450 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. lifted its stake in shares of FOX by 25.5% during the second quarter. D. E. Shaw & Co. Inc. now owns 2,420,940 shares of the company’s stock valued at $83,208,000 after buying an additional 492,467 shares during the period. 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.