1832 Asset Management L.P. Purchases 575,813 Shares of Fox Corporation $FOXA

Key Points

• 1832 Asset Management L.P. increased its holdings in Fox Corporation by an impressive 1,355.2% during the 1st quarter, owning approximately 618,303 shares valued at nearly $35 million.
• Bank of America and Morgan Stanley both raised their target prices for FOX's stock to $65.00, with the latter giving it an "equal weight" rating.
• Fox Corporation announced an increase in its dividend from $0.18 to $0.28 per share, with the dividend payment scheduled for September 24th.

1832 Asset Management L.P. grew its stake in Fox Corporation (NASDAQ:FOXA - Free Report) by 1,355.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 618,303 shares of the company's stock after purchasing an additional 575,813 shares during the period. 1832 Asset Management L.P. owned approximately 0.14% of FOX worth $34,996,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. NewEdge Advisors LLC increased its position in shares of FOX by 390.4% during the 4th quarter. NewEdge Advisors LLC now owns 5,291 shares of the company's stock worth $257,000 after purchasing an additional 4,212 shares in the last quarter. Canada Pension Plan Investment Board acquired a new stake in shares of FOX during the fourth quarter worth approximately $219,000. GeoWealth Management LLC grew its position in FOX by 32.4% during the 4th quarter. GeoWealth Management LLC now owns 1,448 shares of the company's stock worth $70,000 after acquiring an additional 354 shares during the last quarter. Hsbc Holdings PLC grew its position in FOX by 12.0% during the 4th quarter. Hsbc Holdings PLC now owns 547,621 shares of the company's stock worth $26,624,000 after acquiring an additional 58,687 shares during the last quarter. Finally, Pinebridge Investments L.P. bought a new stake in FOX during the 4th quarter worth approximately $1,902,000. 52.52% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on the company. Wall Street Zen cut FOX from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. UBS Group set a $65.00 price objective on shares of FOX and gave the company a "buy" rating in a research report on Wednesday, June 25th. Guggenheim reaffirmed a "buy" rating and issued a $62.00 target price (up from $60.00) on shares of FOX in a research note on Wednesday, June 25th. Bank of America raised their price target on shares of FOX from $60.00 to $65.00 and gave the company a "buy" rating in a report on Wednesday, June 25th. Finally, Morgan Stanley increased their price objective on FOX from $60.00 to $65.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 6th. Nine analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $56.20.

Insider Buying and Selling at FOX

In other news, CFO Steven Tomsic sold 39,642 shares of the firm's stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $55.30, for a total value of $2,192,202.60. Following the completion of the transaction, the chief financial officer owned 133,923 shares in the company, valued at $7,405,941.90. This trade represents a 22.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 21.77% of the stock is owned by insiders.

FOX Trading Up 0.8%

Shares of FOX stock traded up $0.45 on Wednesday, hitting $59.52. 2,128,962 shares of the company's stock traded hands, compared to its average volume of 3,917,732. The firm's 50-day moving average price is $56.33 and its two-hundred day moving average price is $54.30. The stock has a market capitalization of $26.52 billion, a PE ratio of 12.12, a price-to-earnings-growth ratio of 1.43 and a beta of 0.54. Fox Corporation has a one year low of $38.72 and a one year high of $60.24. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.91 and a quick ratio of 2.76.

FOX (NASDAQ:FOXA - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported $1.27 EPS for the quarter, beating analysts' consensus estimates of $1.01 by $0.26. FOX had a net margin of 13.88% and a return on equity of 18.86%. The business had revenue of $3.29 billion during the quarter, compared to analysts' expectations of $3.12 billion. During the same quarter in the prior year, the company earned $0.90 EPS. The firm's quarterly revenue was up 6.3% on a year-over-year basis. On average, research analysts expect that Fox Corporation will post 4.38 EPS for the current fiscal year.

FOX Increases Dividend

The business also recently announced a dividend, which will be paid on Wednesday, September 24th. Investors of record on Wednesday, September 3rd will be paid a $0.28 dividend. The ex-dividend date of this dividend is Wednesday, September 3rd. This is a boost from FOX's previous dividend of $0.18. FOX's dividend payout ratio (DPR) is currently 11.00%.

FOX Company Profile

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.