31,883 Shares in Fox Corporation $FOXA Purchased by Sumitomo Mitsui DS Asset Management Company Ltd

Key Points

• Sumitomo Mitsui DS Asset Management initiated a position in Fox Corporation by purchasing 31,883 shares valued at approximately $2.0 million. Institutional investors and hedge funds collectively own 52.52% of FOX.
• FOX reported stronger-than-expected quarterly results, with earnings of $1.79 per share and revenue of $4.21 billion, representing 28.1% year-over-year growth.
• Analyst sentiment is generally positive, with a consensus rating of “Moderate Buy” and an average price target of $78.12, while FOX shares recently traded at $66.60.

Sumitomo Mitsui DS Asset Management Company Ltd bought a new position in shares of Fox Corporation (NASDAQ:FOXA - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 31,883 shares of the company's stock, valued at approximately $1,997,000.

Other institutional investors have also made changes to their positions in the company. Junto Capital Management LP acquired a new stake in FOX during the 2nd quarter valued at $34,773,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in FOX in the 2nd quarter worth $21,519,000. Andra AP fonden boosted its position in FOX by 208.1% in the 1st quarter. Andra AP fonden now owns 247,000 shares of the company's stock valued at $14,425,000 after buying an additional 166,822 shares during the last quarter. Counterpoint Mutual Funds LLC purchased a new position in FOX in the 3rd quarter valued at about $10,258,000. Finally, Squarepoint Ops LLC boosted its position in FOX by 12.4% in the 2nd quarter. Squarepoint Ops LLC now owns 1,127,389 shares of the company's stock valued at $58,805,000 after buying an additional 124,143 shares during the last quarter. 52.52% of the stock is owned by institutional investors and hedge funds.

FOX Stock Down 2.4%

FOX stock traded down $1.67 during midday trading on Friday, hitting $66.60. The stock had a trading volume of 5,811,397 shares, compared to its average volume of 4,230,744. The business has a fifty day moving average price of $65.46 and a 200 day moving average price of $62.21. Fox Corporation has a 12 month low of $48.34 and a 12 month high of $76.39. The stock has a market cap of $27.95 billion, a P/E ratio of 17.39, a P/E/G ratio of 1.19 and a beta of 0.60. The company has a current ratio of 3.17, a quick ratio of 2.99 and a debt-to-equity ratio of 0.56.

FOX (NASDAQ:FOXA - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported $1.79 EPS for the quarter, topping analysts' consensus estimates of $1.44 by $0.35. The company had revenue of $4.21 billion for the quarter, compared to the consensus estimate of $3.64 billion. FOX had a return on equity of 20.64% and a net margin of 9.84%. FOX's quarterly revenue was up 28.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.27 EPS. Research analysts predict that Fox Corporation will post 6.06 EPS for the current year.

FOX Dividend Announcement

The company also recently disclosed a dividend, which was paid on Wednesday, September 23rd. Investors of record on Wednesday, September 2nd were paid a dividend of $0.29 per share. The ex-dividend date was Wednesday, September 2nd. This represents a yield of 86.0%. FOX's dividend payout ratio (DPR) is 15.14%.

Insider Transactions at FOX

In other FOX news, CEO Lachlan Murdoch acquired 149,934 shares of the firm's stock in a transaction on Tuesday, September 15th. The stock was purchased at an average price of $68.53 per share, with a total value of $10,274,977.02. Following the completion of the acquisition, the chief executive officer directly owned 1,401,713 shares in the company, valued at $96,059,391.89. This trade represents a 11.98% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 20.89% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on FOXA. Jefferies Financial Group lowered FOX to a "hold" rating in a research report on Friday, October 16th. Bank of America raised FOX from an "underperform" rating to a "buy" rating and increased their price target for the company from $54.00 to $85.00 in a report on Friday, October 16th. Zacks Research raised FOX from a "hold" rating to a "strong-buy" rating in a research report on Monday, October 19th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $80.00 target price on shares of FOX in a research note on Friday, August 14th. Finally, Guggenheim reissued a "buy" rating and set a $85.00 price target on shares of FOX in a research report on Wednesday, September 23rd. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $78.12.

FOX Profile

Fox Corporation NASDAQ: FOXA is a U.S. media and entertainment company that produces and distributes news, sports, and entertainment programming. Its portfolio includes FOX News Media, FOX Sports, FOX Entertainment, FOX Television Stations, and the ad-supported streaming service Tubi.

FOX News Media operates FOX News Channel, FOX Business Network, and related digital platforms. FOX Sports provides national and regional sports programming, while FOX Entertainment develops and distributes scripted and unscripted television content.

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