FOX (NASDAQ:FOX) Stock Rating Raised to “Strong-Buy” at Zacks Research

Zacks Research upgraded shares of FOX (NASDAQ:FOX) from a hold rating to a strong-buy rating in a research report sent to investors on Tuesday morning,Zacks reports.

FOX has been the subject of a number of other reports. Guggenheim reissued a “buy” rating on shares of FOX in a research note on Tuesday, August 25th. Citigroup started coverage on FOX in a research report on Monday, September 14th. They set an “outperform” rating on the stock. Rothschild & Co Redburn set a $71.00 price objective on FOX in a research note on Friday, July 10th. JPMorgan Chase & Co. upgraded FOX from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $70.00 to $82.00 in a report on Friday, August 14th. Finally, Wolfe Research set a $93.00 target price on FOX in a research report on Thursday, August 20th. Three equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $77.67.

FOX Stock Up 0.7%

FOX opened at $55.98 on Tuesday. The firm has a 50 day moving average price of $57.87 and a 200-day moving average price of $55.33. The stock has a market capitalization of $23.49 billion, a price-to-earnings ratio of 14.62, a PEG ratio of 1.44 and a beta of 0.63. The company has a quick ratio of 2.99, a current ratio of 3.17 and a debt-to-equity ratio of 0.56. FOX has a twelve month low of $44.08 and a twelve month high of $68.18.

FOX (NASDAQ:FOX) last issued its quarterly earnings data on Thursday, August 6th. The company reported $1.79 earnings per share for the quarter, topping the consensus estimate of $1.44 by $0.35. FOX had a net margin of 9.84% and a return on equity of 20.64%. The firm had revenue of $4.21 billion for the quarter, compared to analysts’ expectations of $3.64 billion. Equities research analysts forecast that FOX will post 5.99 earnings per share for the current year.

FOX Dividend Announcement

The company also recently disclosed a dividend, which was paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 2nd were paid a $0.29 dividend. The ex-dividend date of this dividend was Wednesday, September 2nd. This represents a yield of 96.0%. FOX’s dividend payout ratio (DPR) is presently 15.14%.

Insider Activity

In other FOX news, CEO Lachlan Murdoch acquired 149,934 shares of the company’s stock in a transaction that occurred on Tuesday, September 15th. The stock was bought at an average price of $68.53 per share, for a total transaction of $10,274,977.02. Following the acquisition, the chief executive officer directly owned 1,401,713 shares in the company, valued at $96,059,391.89. The trade was a 11.98% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 23.06% of the stock is owned by company insiders.

Institutional Investors Weigh In On FOX

Several large investors have recently added to or reduced their stakes in the stock. CX Institutional grew its stake in FOX by 54.4% in the 3rd quarter. CX Institutional now owns 2,898 shares of the company’s stock worth $163,000 after acquiring an additional 1,021 shares in the last quarter. QRG Capital Management Inc. raised its stake in shares of FOX by 2.6% during the second quarter. QRG Capital Management Inc. now owns 28,896 shares of the company’s stock valued at $1,354,000 after acquiring an additional 723 shares in the last quarter. Sequoia Financial Advisors LLC boosted its holdings in shares of FOX by 4.0% in the second quarter. Sequoia Financial Advisors LLC now owns 6,644 shares of the company’s stock valued at $311,000 after purchasing an additional 254 shares during the period. National Pension Service grew its stake in FOX by 56.2% in the second quarter. National Pension Service now owns 56,048 shares of the company’s stock worth $2,625,000 after purchasing an additional 20,157 shares in the last quarter. Finally, Engineers Gate Manager LP grew its stake in FOX by 1,257.1% in the second quarter. Engineers Gate Manager LP now owns 75,018 shares of the company’s stock worth $3,514,000 after purchasing an additional 69,490 shares in the last quarter. 26.41% of the stock is owned by hedge funds and other institutional investors.

FOX Company Profile

Fox Corporation (NASDAQ: FOX) is a U.S. media company that produces and distributes news, sports, and entertainment programming. Its portfolio includes FOX News Media, FOX Sports, FOX Entertainment, FOX Television Stations, and the Tubi streaming service.

FOX News Media operates FOX News Channel, FOX Business Network, FOX News Digital, FOX Nation, and FOX Weather. FOX Sports provides national and regional sports programming, while FOX Entertainment develops and broadcasts scripted and unscripted television content.