FOX (NASDAQ:FOX) Stock Gets Downgrade from Zacks Research

FOX (NASDAQ:FOX) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Tuesday, Zacks reports.

Several other research analysts also recently weighed in on FOX. Wolfe Research set a $93.00 price target on shares of FOX in a research report on Thursday, August 20th. Guggenheim reissued a “buy” rating on shares of FOX in a research report on Tuesday, August 25th. Fox Advisors restated a “market outperform” rating on shares of FOX in a research note on Tuesday, October 20th. JPMorgan Chase & Co. upgraded FOX from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $70.00 to $82.00 in a research note on Friday, August 14th. Finally, Seaport Research Partners raised FOX from a “hold” rating to a “buy” rating and set a $76.00 target price on the stock in a report on Monday. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $79.50.

FOX Price Performance

NASDAQ FOX opened at $60.63 on Tuesday. The company has a 50-day moving average price of $57.93 and a 200-day moving average price of $55.76. FOX has a 52 week low of $44.08 and a 52 week high of $68.18. The company has a quick ratio of 3.50, a current ratio of 3.79 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $25.57 billion, a P/E ratio of 12.87, a PEG ratio of 1.39 and a beta of 0.66.

FOX (NASDAQ:FOX) last posted its quarterly earnings data on Monday, November 2nd. The company reported $2.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.06 by $0.48. The company had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.32 billion. FOX had a net margin of 11.30% and a return on equity of 23.96%. Equities research analysts anticipate that FOX will post 6.22 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Lachlan Murdoch purchased 149,934 shares of the stock in a transaction on Tuesday, September 15th. The shares were acquired at an average price of $68.53 per share, with a total value of $10,274,977.02. Following the completion of the acquisition, the chief executive officer directly owned 1,401,713 shares of the company’s stock, valued at $96,059,391.89. This trade represents a 11.98% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 23.06% of the stock is owned by corporate insiders.

Institutional Trading of FOX

A number of hedge funds and other institutional investors have recently modified their holdings of FOX. Wedge Capital Management L L P NC purchased a new position in shares of FOX during the 2nd quarter valued at $35,047,000. Cooper Investors PTY Ltd. purchased a new stake in FOX in the 3rd quarter worth $24,136,000. Assenagon Asset Management S.A. raised its holdings in FOX by 54.7% during the third quarter. Assenagon Asset Management S.A. now owns 655,706 shares of the company’s stock valued at $36,916,000 after acquiring an additional 231,724 shares during the period. Foster & Motley Inc. bought a new stake in FOX during the second quarter valued at about $9,237,000. Finally, Perpetual Ltd lifted its position in shares of FOX by 174.1% in the third quarter. Perpetual Ltd now owns 156,900 shares of the company’s stock valued at $8,833,000 after acquiring an additional 99,667 shares in the last quarter. 26.41% of the stock is owned by hedge funds and other institutional investors.

About FOX

Fox Corporation is a U.S. media company that produces and distributes news, sports and entertainment programming. Its operations include the FOX broadcast network, Fox News Media, Fox Sports, FOX Entertainment and Fox Television Stations. The company also owns Tubi, an ad-supported streaming service. Fox Corporation was formed in 2019 after The Walt Disney Company acquired much of 21st Century Fox. The company’s programming and services are primarily aimed at audiences in the United States, with content also distributed to viewers in other markets.