FOX (NASDAQ:FOX) Reaches New 52-Week High - Is It Worth Buying?

Fox Co. (NASDAQ:FOX) hit a new 52-week high during trading on Friday, reaching $44.79. The stock closed slightly lower at $44.76 after trading a total of 168,714 shares, compared to its previous close of $44.36.

Analysts Update Price Predictions

Several analysts have updated their price targets for FOX recently. Seaport Research Partners reduced its rating on FOX from "strong-buy" to "hold" on September 9, 2023. Meanwhile, Barclays raised its rating to "hold" on October 9, 2023. This suggests differing opinions on the stock's potential performance.

Overview of FOX Stock Performance

FOX has a 50-day moving average price of $40.24, and its 200-day moving average is $36.24. The company boasts a market capitalization of $20.43 billion, a price-to-earnings (P/E) ratio of 10.85, and a price-to-earnings growth (PEG) ratio of 1.70. It also has a beta of 0.81, indicating lower volatility compared to the broader market. FOX has solid liquidity, with a quick ratio of 2.33 and a current ratio of 2.59, along with a debt-to-equity ratio of 0.58, indicating a relatively stable financial position.

Insider Trading Activity

In recent news regarding insider transactions, Chairman Keith Rupert Murdoch sold 100,000 shares of FOX on November 6 at an average price of $42.05, resulting in a total transaction of $4,205,000. Murdoch's remaining shares now total 1,258,862, valued at approximately $52.94 million. Notably, this sale represented a 7.36% reduction in his ownership stake. Additionally, COO John Nallen sold 182,481 shares on November 5 at an average price of $43.73, amounting to nearly $8 million. Following this transaction, Nallen now holds 249,424 shares valued at approximately $10.91 million, reflecting a 42.25% decrease in his stake. In total, insiders have sold over 1 million shares worth around $47.71 million in the last three months, with insiders currently owning about 23.06% of the stock.

Institutional Investors and Trading Activity

Recent trading activity shows several institutional investors have bought or sold shares of FOX. Assenagon Asset Management S.A. acquired a significant stake valued at about $65.71 million during the second quarter. National Bank of Canada FI increased its holdings by 212.7% in the third quarter, now owning over 1.43 million shares valued at $55.78 million. Similarly, State Street Corp raised its stake by 7.5%, now owning approximately 9.64 million shares valued at $374 million. Other firms like Healthcare of Ontario Pension Plan Trust Fund and Independent Franchise Partners LLP also boosted their holdings significantly, showing strong institutional interest with a combined ownership of 26.41% of FOX shares.

About Fox Corporation

Fox Corporation is a leading player in the news, sports, and entertainment sectors in the U.S. Its operations are divided into four main segments: Cable Network Programming, Television, Credible, and The FOX Studio Lot. The Cable Network Programming segment focuses on producing and licensing news and sports content distributed through cable networks, satellite operators, and other digital platforms.

Final Thoughts on Investing in FOX

Considering the recent performance and the latest news surrounding Fox Corporation, potential investors might be contemplating whether to invest in FOX. While some analysts maintain a cautious view with a "hold" rating, others suggest exploring alternative investment opportunities. As such, it may be wise for investors to weigh their options before making any decisions.

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