Fox Corporation (FOXA) shares have soared to a 52-week high, reaching a price level of $37.96. This peak reflects a significant uptrend for the media giant, marking a notable milestone in its financial performance over the past year. Investors have shown increased confidence in Fox Corp, as evidenced by the stock's impressive 1-year change, which stands at a robust 13.03%. The company's strategic moves and robust earnings reports have likely contributed to the stock's strong showing, as market participants continue to monitor its progress in an ever-evolving media landscape.
In other recent news, Fox Corp's earnings and revenue results have been a focal point with the company reporting a net income of $666 million and total revenue of $3.45 billion. Despite a decline in ad revenue, the company managed to surpass Wall Street's profit forecasts. This recent development comes amidst a legal dispute involving Rupert Murdoch and his children over the future leadership of his media empire, which includes Fox Corp.
In analyst news, Wells Fargo maintained its underweight rating on Fox Corp, with a steady price target of $29.00, while Citi raised the company's stock target to $40, maintaining a Buy rating. Similarly, UBS reaffirmed its Buy rating on Fox Corp with a steady price target of $44.00, and Goldman Sachs initiated coverage on the media company, assigning a Buy rating and setting a price target of $42.00.
These ratings reflect the analysts' expectations on Fox Corp's performance, including projections of an EBITDA of $702 million for the fourth fiscal quarter by UBS and an anticipated boost from the upcoming 2024 political season by Goldman Sachs, projecting an additional $280 million in political advertising spend. These projections are based on the company's recent developments and strategic moves in the evolving media landscape.
InvestingPro Insights
Fox Corporation's (FOXA) recent ascent to a 52-week high is underscored by several key metrics and strategic decisions that resonate with investors. With a market capitalization of $17.65 billion and a P/E ratio of 11.03, the company's valuation aligns with its near-term earnings growth, trading at a P/E ratio slightly adjusted to 11.01 over the last twelve months as of Q3 2024. This suggests that the stock is reasonably priced relative to its earnings.
Two notable InvestingPro Tips for FOXA highlight the company's shareholder-friendly activities: management has been actively repurchasing shares, and Fox Corporation has increased its dividend for three consecutive years, with a current dividend yield of 1.38%. These actions are often seen as signs of confidence from the company's leadership in its financial health and commitment to returning value to shareholders.
Additionally, the company's stock has demonstrated low price volatility, which may appeal to investors looking for stable returns. The stock's strong performance is further evidenced by a 21.86% return over the last three months, indicating a bullish trend for the company.
For investors seeking more in-depth analysis and additional insights, InvestingPro offers a wealth of tips, with 10 more available for FOXA. These can be invaluable for making informed decisions and are accessible at https://www.investing.com/pro/FOXA. To enhance your investment journey, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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