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

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

Other equities research analysts have also recently issued reports about the company. Guggenheim reaffirmed a “buy” rating and set a $60.00 price objective on shares of FOX in a research report on Tuesday. Moffett Nathanson lowered shares of FOX from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $51.00 to $52.00 in a research note on Tuesday, January 21st. Barclays increased their price objective on shares of FOX from $39.00 to $50.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. Bank of America lifted their target price on shares of FOX from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Wednesday, December 18th. Finally, StockNews.com cut FOX from a “buy” rating to a “hold” rating in a report on Tuesday, December 17th. 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’s stock. According to data from MarketBeat.com, FOX presently has a consensus rating of “Hold” and an average price target of $51.13.

FOX Trading Up 0.5 %

FOX stock opened at $55.21 on Wednesday. FOX has a 12 month low of $30.02 and a 12 month high of $58.74. The company has a market capitalization of $25.03 billion, a price-to-earnings ratio of 11.82, a price-to-earnings-growth ratio of 1.27 and a beta of 0.67. The business’s fifty day simple moving average is $53.42 and its two-hundred day simple moving average is $47.83. 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 (NASDAQ:FOXA) last issued its earnings results on Tuesday, February 4th. The company reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.34. FOX had a net margin of 14.39% and a return on equity of 18.50%. The business had revenue of $5.08 billion during the quarter, compared to analysts’ expectations of $4.78 billion. During the same period in the previous year, the company earned $0.34 earnings per share. The business’s revenue for the quarter was up 19.9% compared to the same quarter last year. As a group, equities analysts predict that FOX will post 4.38 earnings per share for the current fiscal year.

FOX Dividend Announcement

The company also recently announced a semi-annual dividend, which was paid on Wednesday, March 26th. Investors of record on Wednesday, March 5th were issued a $0.27 dividend. This represents a yield of 1%. The ex-dividend date was Wednesday, March 5th. FOX’s dividend payout ratio is 11.56%.

Insider Buying and Selling at FOX

In related news, Chairman Keith Rupert Murdoch sold 58,000 shares of FOX stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $53.17, for a total transaction of $3,083,860.00. Following the sale, the chairman now owns 1,200,862 shares of the company’s stock, valued at approximately $63,849,832.54. This trade represents a 4.61 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Adam G. Ciongoli sold 1,278 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The stock was 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 directly owns 29,897 shares in the company, valued at approximately $1,618,324.61. This represents a 4.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 21.77% of the company’s stock.

Institutional Investors Weigh In On FOX

Institutional investors and hedge funds have recently modified their holdings of the stock. California State Teachers Retirement System grew its stake in FOX by 4.2% during the fourth quarter. California State Teachers Retirement System now owns 307,111 shares of the company’s stock valued at $14,919,000 after acquiring an additional 12,251 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its position in shares of FOX by 7.8% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 10,468 shares of the company’s stock valued at $509,000 after purchasing an additional 754 shares in the last quarter. Siemens Fonds Invest GmbH purchased a new position in shares of FOX during the fourth quarter valued at about $987,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of FOX in the fourth quarter worth about $7,855,000. Finally, Jefferies Financial Group Inc. bought a new position in FOX during the fourth quarter valued at approximately $1,404,000. Institutional investors 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.