FOX (NASDAQ:FOXA) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research downgraded shares of FOX (NASDAQ:FOXA) from a strong-buy rating to a hold rating in a report published on Tuesday, Zacks.com reports.

According to Zacks, “Fox Corporation produces and distributes compelling news, sports and entertainment content. The company’s brand includes FOX News, FOX Sports, the FOX Network, the FOX Television Stations and sports cable networks FS1, FS2, Fox Deportes and Big Ten Network. Fox Corporation is based in New York, United States. “

Several other brokerages have also issued reports on FOXA. Bank of America started coverage on FOX in a report on Wednesday, March 20th. They set a buy rating and a $52.00 price target for the company. Gabelli started coverage on FOX in a report on Wednesday, May 15th. They set a buy rating and a $57.00 price target for the company. Buckingham Research started coverage on FOX in a report on Thursday, March 21st. They set a buy rating for the company. Atlantic Securities started coverage on FOX in a report on Thursday, March 21st. They set an overweight rating and a $49.00 price target for the company. Finally, Barclays started coverage on FOX in a report on Friday, March 22nd. They set an equal weight rating and a $40.00 price target for the company. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and fourteen have given a buy rating to the company’s stock. FOX presently has a consensus rating of Hold and an average target price of $46.73.

Shares of FOX stock opened at $35.24 on Tuesday. The company has a current ratio of 4.60, a quick ratio of 3.77 and a debt-to-equity ratio of 0.78. FOX has a 52-week low of $33.78 and a 52-week high of $41.95.

FOX (NASDAQ:FOXA) last announced its quarterly earnings results on Wednesday, May 8th. The company reported $0.76 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.64 by $0.12. The firm had revenue of $2.75 billion for the quarter, compared to analyst estimates of $2.61 billion. The firm’s quarterly revenue was up 11.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.49 earnings per share. As a group, sell-side analysts forecast that FOX will post 2.53 EPS for the current year.

The business also recently announced a Semi-Annual dividend, which was paid on Monday, June 3rd. Investors of record on Monday, May 20th were issued a $0.23 dividend. This is a positive change from FOX’s previous Semi-Annual dividend of $0.18. The ex-dividend date of this dividend was Friday, May 17th.

A number of institutional investors and hedge funds have recently bought and sold shares of FOXA. Oregon Public Employees Retirement Fund lifted its holdings in FOX by 5,167.7% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 14,853,970 shares of the company’s stock worth $309,000 after purchasing an additional 14,571,988 shares during the last quarter. FMR LLC increased its position in FOX by 15.2% in the 4th quarter. FMR LLC now owns 33,154,386 shares of the company’s stock worth $1,595,388,000 after buying an additional 4,364,397 shares during the period. MFN Partners Management LP bought a new position in FOX in the 4th quarter worth approximately $202,104,000. Aravt Global LLC bought a new position in FOX in the 4th quarter worth approximately $147,969,000. Finally, Norges Bank bought a new position in FOX in the 4th quarter worth approximately $98,035,000. Hedge funds and other institutional investors own 51.23% of the company’s stock.

FOX Company Profile

Fox Corporation operates as a news, sports, and entertainment company in the United States. 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 primarily through cable television systems, direct broadcast satellite operators, telecommunications companies, and online video distributors.

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