Wells Fargo & Company Cuts FOX (NASDAQ:FOXA) Price Target to $63.00

FOX (NASDAQ:FOXA) had its target price cut by Wells Fargo & Company from $64.00 to $63.00 in a research report report published on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research firms have also recently weighed in on FOXA. Citigroup boosted their price objective on shares of FOX from $50.00 to $58.00 and gave the company a “buy” rating in a research report on Wednesday, December 18th. UBS Group upped their price target on shares of FOX from $50.00 to $63.00 and gave the company a “buy” rating in a report on Thursday, February 13th. The Goldman Sachs Group set a $60.00 price objective on shares of FOX and gave the stock a “buy” rating in a research note on Tuesday, February 4th. Barclays upped their target price on FOX from $39.00 to $50.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Finally, Guggenheim reissued a “buy” rating and set a $60.00 price target on shares of FOX in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat, FOX presently has a consensus rating of “Hold” and an average price target of $51.13.

FOX Trading Down 0.3 %

FOXA opened at $54.73 on Wednesday. The stock has a 50-day moving average of $53.69 and a 200 day moving average of $47.98. The company has a current ratio of 2.50, a quick ratio of 2.14 and a debt-to-equity ratio of 0.57. FOX has a 12 month low of $30.02 and a 12 month high of $58.74. The firm has a market cap of $24.82 billion, a P/E ratio of 11.72, a P/E/G ratio of 1.27 and a beta of 0.67.

FOX (NASDAQ:FOXA) last announced its earnings results on Tuesday, February 4th. The company reported $0.96 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.34. FOX had a return on equity of 18.50% and a net margin of 14.39%. The firm had revenue of $5.08 billion during the quarter, compared to analysts’ expectations of $4.78 billion. During the same quarter in the previous year, the business earned $0.34 EPS. The company’s quarterly revenue was up 19.9% on a year-over-year basis. As a group, research analysts forecast that FOX will post 4.38 EPS for the current year.

FOX Dividend Announcement

The firm also recently announced a semi-annual dividend, which was paid on Wednesday, March 26th. Shareholders of record on Wednesday, March 5th were given a dividend of $0.27 per share. This represents a yield of 1%. The ex-dividend date of this dividend was Wednesday, March 5th. FOX’s dividend payout ratio (DPR) is 11.56%.

Insider Transactions at FOX

In related news, insider Adam G. Ciongoli sold 1,278 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $54.13, for a total value of $69,178.14. Following the completion of the transaction, the insider now owns 29,897 shares of the company’s stock, valued at $1,618,324.61. The trade was a 4.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Keith Rupert Murdoch sold 58,000 shares of the stock in a transaction on Friday, February 21st. The shares were sold at an average price of $53.17, for a total value of $3,083,860.00. Following the sale, the chairman now directly owns 1,200,862 shares in the company, valued at $63,849,832.54. This trade represents a 4.61 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 21.77% of the company’s stock.

Hedge Funds Weigh In On FOX

A number of large investors have recently added to or reduced their stakes in FOXA. WealthTrak Capital Management LLC purchased a new position in shares of FOX in the 4th quarter worth approximately $26,000. SRS Capital Advisors Inc. boosted its stake in FOX by 91.0% in the fourth quarter. SRS Capital Advisors Inc. now owns 550 shares of the company’s stock valued at $27,000 after acquiring an additional 262 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in FOX in the fourth quarter valued at approximately $28,000. Jones Financial Companies Lllp increased its position in shares of FOX by 61.5% during the fourth quarter. Jones Financial Companies Lllp now owns 654 shares of the company’s stock worth $32,000 after purchasing an additional 249 shares in the last quarter. Finally, CIBC Private Wealth Group LLC lifted its holdings in shares of FOX by 122.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 669 shares of the company’s stock valued at $33,000 after purchasing an additional 368 shares during the last quarter. 52.52% of the stock is currently owned by institutional investors.

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.