Fox Corporation (FOXA) Testing Investors’ Patience Right Now


    Dodge & Cox recently announced the acquisition of new stake in Fox Corporation (NASDAQ:FOXA). The institutional investor has increased its shareholding in the Communication Services company by 0.32% to 29.93 million shares with purchase of 95365.0 shares. This fresh investment now brings its stake to 8.74% valued currently at $771.36 million. In addition, The Vanguard Group, Inc. raised its holdings by 4.59 million to 29.75 million shares. And Independent Franchise Partners LL.. has lifted its position by 15.40% or 3.4 million shares – to 25.46 million shares.

    With over 3.9 million Fox Corporation (FOXA) shares trading Tuesday and a closing price of $26.90 on the day, the dollar volume was approximately $104.84 million. The shares have shown a positive weekly performance of 4.93% and its price on 08/25/20 lost nearly -0.30%. Currently, there are 607.00M common shares owned by the public and among those 494.66M shares have been available to trade.

    An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 26 analysts who have offered their price forecasts for FOXA have a consensus price objective of $29.02. The analysts have set the share’s price value over the next 12 months at a high of $36.00 and a low of $20.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Fox Corporation stock is 2.50 for the next 12 months. The average price target is 6.04% above its last price level and an upside to the estimated low will see the stock lose -34.5% over that period. But an upside of 25.28% will see the stock hit the forecast high price target while mean target price for the stock is $29.50.

    Insiders at the company have transacted a total of 50 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 25 of these insider trades were purchases, accounting for 2,644,978 shares. Insider sales of the common stock occurred on 25 occasions, with total insider shares sold totaling 1,356,253 shares.

    The top 3 mutual fund holders in Fox Corporation are Dodge & Cox Funds – Stock Fund, Vanguard Total Stock Market Index, and Vanguard 500 Index Fund. Dodge & Cox Funds – Stock Fund owns 19.33 million shares of the company’s stock, all valued at over $498.06 million. Vanguard Total Stock Market Index sold 26478.0 shares to see its total holdings shrink to 9.39 million shares valued at over $241.98 million and representing 2.74% of the shares outstanding. Vanguard 500 Index Fund sold 38582.0 shares to bring its total holdings to over 7.04 million shares at a value of $181.35 million. Vanguard 500 Index Fund now owns shares totaling to 2.05% of the shares outstanding.

    Shares of Fox Corporation (NASDAQ: FOXA) opened at $26.95, down -$0.03 from a prior closing price of $26.98. However, the script later closed the day at $26.90, down -0.30%. The company’s stock has a 5-day price change of 4.93% and -9.27% over the past three months. FOXA shares are trading -27.43% year to date (YTD), with the 12-month market performance down to -16.15% lower. It has a 12-month low price of $19.81 and touched a high of $39.74 over the same period. Currently, 3.9 million shares have been traded, compared to an average intraday trading volume of 4.68 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 5.12%, 2.85%, and -11.04% respectively.

    Institutional ownership of Fox Corporation (NASDAQ: FOXA) 607.00M shares outstanding. Mutual fund holders own 48.98%, while other institutional holders and individual stakeholders account for 55.48% and 1.52% respectively.

    It has a market capitalization of $16.21B. The stock’s trailing 12-month PE ratio is 16.69, while the earnings-per-share (ttm) stands at $1.61. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.71% over the week and 3.08% over the month.

    Analysts forecast that Fox Corporation (FOXA) will achieve an EPS of $0.6 for the current quarter, -$0.07 for the next quarter and $2.25 for 2022. The lowest estimate earnings-per-share for the quarter is $0.49 while analysts give the company a high EPS estimate of $0.81. Comparatively, EPS for the current quarter was $0.83 a year ago. Earnings per share for the fiscal year are expected to decrease by -36.90%, and 15.39% over the next financial year.

    If you are looking to buy this stock, then you may note that the average analyst recommendation by 26 brokerage firm advisors rate Fox Corporation (FOXA) as a “Moderate Buy” at a consensus score of 2.50. Specifically, 11 Wall Street analysts polled rate the stock as a buy, while 11 of the 26 advise that investors “hold,” and 3 rated it as a “Sell.”

    Looking at the support for the FOXA, a number of firms have released research notes about the stock. Goldman stated their Sell rating for the stock in a research note on July 13, 2020, with the firm’s price target at $21. Macquarie coverage for the Fox Corporation (FOXA) stock in a research note released on June 19, 2020 offered a Neutral rating with a price target of. RBC Capital Mkts was of a view on April 28, 2020 that the stock is Outperform, while Evercore ISI gave the stock In-line rating on April 23, 2020, issuing a price target of $28. Societe Generale on their part issued Hold rating on April 08, 2020.


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