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

FOX (NASDAQ:FOXA) had its price objective raised by Wells Fargo & Company from $49.00 to $59.00 in a report published on Friday morning,Benzinga reports. Wells Fargo & Company currently has an underweight rating on the stock.

Several other equities analysts have also commented on the stock. Citigroup upped their price objective on shares of FOX from $50.00 to $58.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. Cfra restated a “sell” rating on shares of FOX in a research report on Wednesday, September 25th. Macquarie reiterated a “neutral” rating and issued a $43.00 price objective on shares of FOX in a report on Tuesday, November 5th. Guggenheim raised their target price on FOX from $45.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Finally, The Goldman Sachs Group boosted their price target on shares of FOX from $51.00 to $57.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $47.53.

FOX Trading Down 1.6 %

Shares of FOX stock opened at $48.19 on Friday. The stock has a 50 day moving average of $47.31 and a 200 day moving average of $42.15. 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 $22.01 billion, a price-to-earnings ratio of 11.78, a PEG ratio of 1.21 and a beta of 0.75. FOX has a fifty-two week low of $28.28 and a fifty-two week high of $50.63.

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 analysts’ consensus estimates 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 the consensus estimate of $3.38 billion. During the same period last year, the company earned $1.09 EPS. The company’s quarterly revenue was up 11.1% on a year-over-year basis. As a group, research analysts predict that FOX will post 3.94 earnings per share for the current year.

Insider Transactions at FOX

In related news, COO John Nallen sold 182,481 shares of FOX stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $43.73, for a total transaction of $7,979,894.13. Following the sale, the chief operating officer now directly owns 249,424 shares in the company, valued at $10,907,311.52. This trade represents a 42.25 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Keith Rupert Murdoch sold 100,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $42.05, for a total transaction of $4,205,000.00. Following the completion of the transaction, 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 position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 469,352 shares of company stock valued at $20,822,072. Corporate insiders own 21.77% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. CWA Asset Management Group LLC purchased a new position in shares of FOX during the fourth quarter worth approximately $1,427,000. GAMMA Investing LLC grew its position in FOX by 28.4% during the 4th quarter. GAMMA Investing LLC now owns 7,069 shares of the company’s stock worth $343,000 after purchasing an additional 1,564 shares during the last quarter. Versant Capital Management Inc increased its stake in FOX by 3,551.1% in the fourth quarter. Versant Capital Management Inc now owns 1,716 shares of the company’s stock valued at $83,000 after purchasing an additional 1,669 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of FOX by 10.9% in the third quarter. JPMorgan Chase & Co. now owns 1,125,648 shares of the company’s stock valued at $47,649,000 after buying an additional 110,753 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its stake in shares of FOX by 0.4% during the third quarter. Principal Financial Group Inc. now owns 291,051 shares of the company’s stock worth $12,320,000 after buying an additional 1,178 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.