The Goldman Sachs Group Forecasts Strong Price Appreciation for FOX (NASDAQ:FOXA) Stock

FOX (NASDAQ:FOXA) had its target price lifted by The Goldman Sachs Group from $51.00 to $57.00 in a research report report published on Thursday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities analysts also recently commented on the stock. Barclays upped their target price on shares of FOX from $36.00 to $39.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 9th. TD Cowen upped their price objective on FOX from $36.00 to $42.00 and gave the stock a “hold” rating in a research note on Tuesday, November 5th. Macquarie reiterated a “neutral” rating and issued a $43.00 target price on shares of FOX in a report on Tuesday, November 5th. Morgan Stanley lifted their price objective on shares of FOX from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Friday, November 1st. Finally, Cfra reissued a “sell” rating on shares of FOX in a research report on Wednesday, September 25th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $46.87.

FOX Price Performance

Shares of FOXA stock traded up $0.06 on Thursday, reaching $48.90. The company’s stock had a trading volume of 898,145 shares, compared to its average volume of 3,136,073. The company has a market capitalization of $22.33 billion, a price-to-earnings ratio of 11.96, a price-to-earnings-growth ratio of 1.18 and a beta of 0.77. FOX has a 1 year low of $28.28 and a 1 year high of $50.63. The stock’s fifty day simple moving average is $44.98 and its 200-day simple moving average is $40.45. The company has a current ratio of 2.59, a quick ratio of 2.33 and a debt-to-equity ratio of 0.58.

FOX (NASDAQ:FOXA) last issued its quarterly earnings results on Monday, November 4th. The company reported $1.45 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.33. FOX had a return on equity of 16.49% and a net margin of 13.40%. The firm had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $3.38 billion. During the same period in the prior year, the business posted $1.09 earnings per share. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. Analysts forecast that FOX will post 3.94 earnings per share for the current fiscal year.

Insider Buying and Selling at FOX

In other news, COO John Nallen sold 182,481 shares of the company’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $43.73, for a total value of $7,979,894.13. Following the transaction, the chief operating officer now directly owns 249,424 shares in the company, valued at approximately $10,907,311.52. This represents a 42.25 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Keith Rupert Murdoch sold 100,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $42.05, for a total value of $4,205,000.00. Following the completion of the sale, the chairman now directly owns 1,258,862 shares in the company, valued at approximately $52,935,147.10. The trade was a 7.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 469,352 shares of company stock valued at $20,822,072 over the last quarter. 21.77% of the stock is currently owned by insiders.

Hedge Funds Weigh In On FOX

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Entropy Technologies LP purchased a new position in FOX in the third quarter worth approximately $546,000. Invst LLC purchased a new stake in shares of FOX during the 3rd quarter worth $740,000. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of FOX during the third quarter worth $2,867,000. Edgestream Partners L.P. increased its holdings in FOX by 343.1% in the second quarter. Edgestream Partners L.P. now owns 203,956 shares of the company’s stock valued at $7,010,000 after buying an additional 157,927 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky raised its stake in FOX by 9.7% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 712,593 shares of the company’s stock valued at $24,492,000 after buying an additional 62,920 shares in the last quarter. Hedge funds and other 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.