FOX (NASDAQ:FOXA) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

FOX (NASDAQ:FOXA) had its price target increased by equities researchers at JPMorgan Chase & Co. from $69.00 to $70.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 5.31% from the stock’s current price.

A number of other research firms have also recently weighed in on FOXA. Evercore set a $73.00 price target on FOX in a report on Tuesday. Argus raised FOX to a “hold” rating in a report on Thursday, February 19th. Barclays raised their price target on FOX from $63.00 to $67.00 and gave the company an “equal weight” rating in a report on Tuesday. Wells Fargo & Company lifted their target price on FOX from $67.00 to $71.00 and gave the company an “equal weight” rating in a research note on Tuesday. Finally, Citigroup lifted their target price on FOX from $77.00 to $78.00 and gave the company a “buy” rating in a research note on Thursday, February 5th. Seven analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $74.86.

FOX Trading Up 0.5%

Shares of FOXA opened at $66.47 on Tuesday. FOX has a 1 year low of $52.96 and a 1 year high of $76.39. The company has a current ratio of 2.90, a quick ratio of 2.44 and a debt-to-equity ratio of 0.60. The stock has a 50 day simple moving average of $60.94 and a 200-day simple moving average of $64.99. The stock has a market cap of $28.28 billion, a PE ratio of 17.54, a PEG ratio of 7.90 and a beta of 0.52.

FOX (NASDAQ:FOXA) last issued its earnings results on Monday, May 11th. The company reported $1.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.30. FOX had a return on equity of 18.90% and a net margin of 10.56%.The business had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $3.78 billion. During the same period in the prior year, the firm posted $1.10 EPS. FOX’s quarterly revenue was down 8.6% compared to the same quarter last year. On average, sell-side analysts predict that FOX will post 4.74 EPS for the current fiscal year.

Insider Activity

In other FOX news, CEO Lachlan K. Murdoch sold 637,752 shares of FOX stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $58.20, for a total transaction of $37,117,166.40. Following the transaction, the chief executive officer directly owned 152 shares in the company, valued at approximately $8,846.40. The trade was a 99.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO John Nallen sold 242,309 shares of FOX stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $57.74, for a total value of $13,990,921.66. Following the transaction, the chief operating officer owned 357,653 shares in the company, valued at approximately $20,650,884.22. This represents a 40.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 1,586,871 shares of company stock worth $91,893,926. Corporate insiders own 19.68% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Winnow Wealth LLC acquired a new stake in shares of FOX in the third quarter valued at about $1,238,000. BI Asset Management Fondsmaeglerselskab A S increased its position in shares of FOX by 23.0% in the third quarter. BI Asset Management Fondsmaeglerselskab A S now owns 150,522 shares of the company’s stock valued at $9,492,000 after acquiring an additional 28,118 shares during the last quarter. SG Americas Securities LLC increased its position in shares of FOX by 346.6% in the fourth quarter. SG Americas Securities LLC now owns 128,029 shares of the company’s stock valued at $9,355,000 after acquiring an additional 99,363 shares during the last quarter. Bank of New York Mellon Corp increased its position in FOX by 0.9% during the third quarter. Bank of New York Mellon Corp now owns 1,924,975 shares of the company’s stock worth $121,389,000 after buying an additional 16,757 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its position in FOX by 3.0% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 572,145 shares of the company’s stock worth $41,807,000 after buying an additional 16,716 shares during the last quarter. 52.52% of the stock is currently owned by institutional investors.

FOX Company Profile

Fox Corporation (NASDAQ: FOXA) is a U.S.-based media company focused on television broadcasting, cable news and sports programming, and digital distribution. The company was formed in 2019 as the successor to certain assets of 21st Century Fox after a transaction that transferred many film and television studio assets to The Walt Disney Company. Fox Corp’s operations center on the Fox Broadcasting network, a portfolio of local television stations, national news and business cable networks, and sports media properties.

Fox produces, acquires and distributes a range of live and recorded programming, including news, opinion and commentary, national and local sports telecasts, and general entertainment.