The Goldman Sachs Group Increases FOX (NASDAQ:FOXA) Price Target to $44.00

FOX (NASDAQ:FOXA) had its price target lifted by The Goldman Sachs Group from $42.00 to $44.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a buy rating on the stock.

A number of other brokerages have also issued reports on FOXA. Evercore ISI raised their target price on shares of FOX from $33.00 to $38.00 and gave the stock an in-line rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft raised their target price on shares of FOX from $38.00 to $39.00 and gave the stock a buy rating in a research report on Thursday, May 9th. Bank of America upgraded shares of FOX from a neutral rating to a buy rating and raised their target price for the stock from $34.00 to $40.00 in a research report on Thursday, May 9th. Macquarie raised their target price on shares of FOX from $30.00 to $32.00 and gave the stock a neutral rating in a research report on Monday, May 13th. Finally, Barclays raised their target price on shares of FOX from $33.00 to $36.00 and gave the stock an equal weight rating in a research report on Monday, May 13th. One analyst has rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of Hold and an average target price of $36.62.

FOX Price Performance

FOXA traded up $0.03 on Wednesday, hitting $39.33. 2,618,659 shares of the company were exchanged, compared to its average volume of 3,055,185. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.94 and a current ratio of 3.24. The business’s fifty day moving average is $35.64 and its 200 day moving average is $32.73. FOX has a fifty-two week low of $28.28 and a fifty-two week high of $39.81. The firm has a market capitalization of $18.36 billion, a P/E ratio of 12.33, a price-to-earnings-growth ratio of 1.51 and a beta of 0.77.

FOX (NASDAQ:FOXA) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.90 EPS for the quarter, beating the consensus estimate of $0.83 by $0.07. The business had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.10 billion. FOX had a net margin of 11.19% and a return on equity of 15.90%. The company’s quarterly revenue was up 2.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.88 earnings per share. As a group, sell-side analysts anticipate that FOX will post 3.33 EPS for the current year.

FOX Increases Dividend

The company also recently declared a Semi-Annual dividend, which will be paid on Wednesday, September 25th. Investors of record on Wednesday, September 4th will be issued a dividend of $0.27 per share. This represents a yield of 1.4%. This is a positive change from FOX’s previous Semi-Annual dividend of $0.26. The ex-dividend date of this dividend is Wednesday, September 4th. FOX’s dividend payout ratio (DPR) is presently 16.30%.

Insider Activity at FOX

In related news, CFO Steven Tomsic sold 30,000 shares of the firm’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $34.26, for a total transaction of $1,027,800.00. Following the completion of the sale, the chief financial officer now directly owns 110,568 shares of the company’s stock, valued at approximately $3,788,059.68. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other FOX news, Chairman Keith Rupert Murdoch sold 13,176 shares of the firm’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $30.89, for a total transaction of $407,006.64. Following the completion of the transaction, the chairman now directly owns 1,408,862 shares of the company’s stock, valued at approximately $43,519,747.18. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Steven Tomsic sold 30,000 shares of the firm’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $34.26, for a total transaction of $1,027,800.00. Following the transaction, the chief financial officer now directly owns 110,568 shares of the company’s stock, valued at $3,788,059.68. The disclosure for this sale can be found here. Company insiders own 21.77% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of FOXA. Raymond James Financial Services Advisors Inc. boosted its holdings in shares of FOX by 17.1% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 22,632 shares of the company’s stock valued at $671,000 after buying an additional 3,303 shares during the period. Global Retirement Partners LLC boosted its holdings in shares of FOX by 862.2% in the 4th quarter. Global Retirement Partners LLC now owns 943 shares of the company’s stock valued at $29,000 after buying an additional 845 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in shares of FOX by 9.8% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,094,255 shares of the company’s stock valued at $32,467,000 after buying an additional 97,922 shares during the period. Cerity Partners LLC lifted its position in FOX by 44.3% in the 4th quarter. Cerity Partners LLC now owns 17,254 shares of the company’s stock valued at $512,000 after purchasing an additional 5,293 shares during the last quarter. Finally, Louisiana State Employees Retirement System bought a new stake in FOX in the 4th quarter valued at about $442,000. 52.52% of the stock is owned by institutional investors and hedge funds.

About FOX

Fox Corporation operates as a news, sports, and entertainment company in the United States (U.S.). The company operates through Cable Network Programming; Television; and Other, Corporate and Eliminations segments. The Cable Network Programming segment produces and licenses news, business 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.