Zacks Research Upgrades FOX (NASDAQ:FOX) to “Strong-Buy”

FOX (NASDAQ:FOX) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Thursday,Zacks.com reports.

Several other research firms have also issued reports on FOX. Weiss Ratings lowered shares of FOX from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, July 20th. Citigroup reissued a “buy” rating on shares of FOX in a research note on Friday, July 17th. Finally, Rothschild & Co Redburn set a $71.00 price objective on shares of FOX in a research report on Friday, July 10th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, FOX has an average rating of “Moderate Buy” and a consensus price target of $74.33.

FOX Stock Down 0.8%

Shares of NASDAQ:FOX opened at $51.94 on Thursday. The company has a current ratio of 2.90, a quick ratio of 2.65 and a debt-to-equity ratio of 0.60. The stock has a fifty day simple moving average of $52.04 and a two-hundred day simple moving average of $55.13. FOX has a 12-month low of $44.08 and a 12-month high of $68.18. The stock has a market capitalization of $21.82 billion, a price-to-earnings ratio of 13.70, a PEG ratio of 1.49 and a beta of 0.57.

FOX (NASDAQ:FOX) last released its quarterly earnings data on Monday, May 11th. The company reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.30. FOX had a return on equity of 18.90% and a net margin of 10.56%.The business had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $3.78 billion. On average, research analysts anticipate that FOX will post 4.78 earnings per share for the current fiscal year.

Institutional Investors Weigh In On FOX

Several hedge funds have recently made changes to their positions in FOX. Wedge Capital Management L L P NC bought a new position in shares of FOX during the 2nd quarter worth approximately $35,047,000. Arlington Partners LLC boosted its holdings in FOX by 12.4% during the second quarter. Arlington Partners LLC now owns 5,054 shares of the company’s stock worth $237,000 after buying an additional 556 shares in the last quarter. Versant Capital Management Inc grew its stake in FOX by 42.3% in the 2nd quarter. Versant Capital Management Inc now owns 844 shares of the company’s stock valued at $40,000 after acquiring an additional 251 shares during the period. Glenmede Trust Co. NA increased its stake in FOX by 143.9% during the 1st quarter. Glenmede Trust Co. NA now owns 2,697 shares of the company’s stock worth $143,000 after buying an additional 1,591 shares in the last quarter. Finally, Arkadios Wealth Advisors grew its holdings in shares of FOX by 30.6% during the first quarter. Arkadios Wealth Advisors now owns 8,438 shares of the company’s stock worth $448,000 after buying an additional 1,978 shares in the last quarter. 26.41% of the stock is currently owned by hedge funds and other institutional investors.

Key Headlines Impacting FOX

Here are the key news stories impacting FOX this week:

• Positive Sentiment: FOX’s previous reported quarter was stronger than expected, with earnings of $1.32 per share versus the $1.02 consensus estimate and revenue of $3.99 billion, above the $3.78 billion forecast. This provides a favorable comparison point ahead of the upcoming report.
• Neutral Sentiment: Fox Corporation is expected to announce quarterly results on Thursday, making the earnings release the stock’s primary near-term catalyst. FOX projected quarterly earnings announcement
• Neutral Sentiment: Several Fox News headlines involving domestic crime, U.S. foreign policy and international conflicts were published during the period. While such coverage may support audience engagement for Fox News, the articles do not indicate a direct change to Fox Corporation’s financial outlook.
• Negative Sentiment: Analysts and market commentary anticipate a year-over-year decline in FOX’s upcoming fourth-quarter earnings, while the company is not viewed as having the “right combination” of factors for a likely earnings beat. That expectation is the clearest reason for cautious trading ahead of results. Fox Q4 earnings preview

FOX Company Profile

Fox Corporation (NASDAQ:FOX) is a U.S.-based media company that operates television broadcast, news and sports businesses. The company traces its contemporary structure to the 2019 reorganization that followed the sale of certain entertainment assets to The Walt Disney Company; Fox Corporation retained a portfolio centered on the Fox Broadcasting Company, Fox Television Stations, Fox News Media and Fox Sports. Over time the company has expanded its digital footprint through acquisitions and direct-to-consumer services, building a mix of linear and streaming distribution.

FOX’s core activities include the creation, aggregation and distribution of television programming and live sports, the operation of national cable news and business networks, and the ownership and operation of local broadcast stations.