With a market cap of $24.9 billion, Fox Corporation (FOXA) operates as a news, sports, and entertainment company in the United States. Based in New York, the company operates through four segments: Cable Network Programming, Television, Credible, and The FOX Studio Lot.
Companies with a market value of $10 billion or more are classified as “large-cap stocks,” and FOXA is a prominent member of this category. As one of the leading cable news channels in the country, the company benefits from a large viewership acquired over the years.
FOXA has been trading 6% below its 52-week high of $58.74, recorded recently on Mar. 3. However, the stock has surged 10.8% over the three months, outperforming The Communication Services Select Sector SPDR ETF Fund’s (XLC) marginal rise over the same time frame.
Over the past six months, FOXA has surged 30.5%, outperforming XLC’s 10.8% rally. Moreover, over the past year, FOXA has gained 80.5%, beating XLC’s 21.8% gain over the same period.
The stock has been trading above its 200-day moving average since last year and over its 50-day moving average for a couple trading session, indicating an uptrend.
FOXA stock surged 5.2% following its Q2 earnings release on Feb. 4. The company reported a 20% increase in its quarterly revenue, which amounted to $5.1 billion. The growth was primarily driven by a 6% growth in its affiliate fee revenues, a 9% growth in its Television segment and a 4% growth in its Cable Network Programming segment. Additionally, the company’s EPS amounted to $0.96, surpassing the Wall Street EPS estimates by 47.7%.
Its rival, News Corporation (NWSA), has also shown positive stock movement over the past year, with it surging 4.1% over the past six months and 5.4% over the past year.
Analysts are maintaining a moderately optimistic outlook on the stock's prospects. Of the 20 analysts covering it, the consensus rating is “Moderate Buy.” The stock is currently trading above its mean price target of $53.65.
On the date of publication, Kritika Sarmah did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
