Adage Capital Partners GP L.L.C. Sells 105,100 Shares of Fox Co. (NASDAQ:FOXA)

Adage Capital Partners GP L.L.C. reduced its stake in Fox Co. (NASDAQ:FOXA - Free Report) by 49.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 106,619 shares of the company's stock after selling 105,100 shares during the period. Adage Capital Partners GP L.L.C.'s holdings in FOX were worth $5,180,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Invst LLC bought a new position in shares of FOX in the 3rd quarter valued at $740,000. World Investment Advisors LLC acquired a new stake in FOX during the third quarter worth approximately $3,587,000. Tidal Investments LLC grew its stake in shares of FOX by 24.6% in the 3rd quarter. Tidal Investments LLC now owns 33,672 shares of the company's stock valued at $1,425,000 after buying an additional 6,658 shares during the period. Franklin Resources Inc. grew its position in FOX by 108.4% in the 3rd quarter. Franklin Resources Inc. now owns 177,342 shares of the company's stock valued at $7,369,000 after purchasing an additional 92,244 shares during the period. Finally, Principal Financial Group Inc. increased its holdings in FOX by 0.4% during the 3rd quarter. Principal Financial Group Inc. now owns 291,051 shares of the company's stock worth $12,320,000 after purchasing an additional 1,178 shares in the last quarter. 52.52% of the stock is owned by institutional investors.

FOX Stock Up 0.5 %

FOXA traded up $0.25 during trading on Friday, reaching $49.47. The stock had a trading volume of 3,737,348 shares, compared to its average volume of 3,403,457. Fox Co. has a one year low of $31.17 and a one year high of $58.74. The company has a market capitalization of $22.43 billion, a price-to-earnings ratio of 10.59, a P/E/G ratio of 1.27 and a beta of 0.51. The stock's 50 day moving average is $52.17 and its two-hundred day moving average is $49.52. The company has a current ratio of 2.50, a quick ratio of 2.14 and a debt-to-equity ratio of 0.57.

FOX (NASDAQ:FOXA - Get Free Report) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.34. The firm had revenue of $5.08 billion during the quarter, compared to the consensus estimate of $4.78 billion. FOX had a return on equity of 18.50% and a net margin of 14.39%. The company's revenue was up 19.9% on a year-over-year basis. During the same period last year, the company earned $0.34 earnings per share. As a group, analysts expect that Fox Co. will post 4.38 earnings per share for the current year.

FOX Announces Dividend

The business also recently announced a semi-annual dividend, which was paid on Wednesday, March 26th. Shareholders of record on Wednesday, March 5th were paid a dividend of $0.27 per share. This represents a yield of 1%. The ex-dividend date of this dividend was Wednesday, March 5th. FOX's dividend payout ratio is currently 11.56%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on FOXA. Wolfe Research lowered FOX from a "peer perform" rating to an "underperform" rating and set a $48.00 target price for the company. in a report on Monday, April 7th. Barclays decreased their price objective on shares of FOX from $50.00 to $45.00 and set an "equal weight" rating for the company in a report on Tuesday, April 8th. Guggenheim reissued a "buy" rating and set a $60.00 target price on shares of FOX in a research report on Tuesday, March 25th. The Goldman Sachs Group set a $60.00 target price on shares of FOX and gave the stock a "buy" rating in a research report on Tuesday, February 4th. Finally, UBS Group reduced their price objective on shares of FOX from $63.00 to $61.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat, FOX currently has an average rating of "Hold" and an average target price of $50.65.

Insider Activity

In related news, insider Adam G. Ciongoli sold 1,278 shares of the company's stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $54.13, for a total transaction of $69,178.14. Following the completion of the sale, the insider now owns 29,897 shares in the company, valued at approximately $1,618,324.61. This represents a 4.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Keith Rupert Murdoch sold 58,000 shares of the business's stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $53.17, for a total value of $3,083,860.00. Following the sale, the chairman now directly owns 1,200,862 shares of the company's stock, valued at $63,849,832.54. This represents a 4.61 % decrease in their position. The disclosure for this sale can be found here. Insiders own 21.77% of the company's stock.

About FOX

Fox Corporation operates as a news, sports, and entertainment company in the United States (U.S.). The company operates through four segments: Cable Network Programming, Television, Credible, and The FOX Studio Lot. The Cable Network Programming segment produces and licenses news and sports content for distribution through traditional cable television systems, direct broadcast satellite operators and telecommunication companies, virtual multi-channel video programming distributors, and other digital platforms primarily in the U.S.