Virtus Advisers LLC Takes $292,000 Position in Fox Corporation $FOXA

Key Points

• Virtus Advisers LLC acquired 5,165 shares of Fox Corporation ($FOXA) valued at approximately $292,000, marking a new position in the company during the first quarter.
• Fox Corporation reported earnings per share (EPS) of $1.27, surpassing analyst expectations of $1.01, and a quarterly revenue of $3.29 billion, indicating a year-over-year revenue increase of 6.3%.
• The company declared a dividend increase to $0.28, up from the previous $0.18, with a payment date set for September 24th for shareholders on record as of September 3rd.

Virtus Advisers LLC purchased a new position in shares of Fox Corporation (NASDAQ:FOXA - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 5,165 shares of the company's stock, valued at approximately $292,000.

A number of other institutional investors have also modified their holdings of the company. Hemington Wealth Management raised its holdings in shares of FOX by 217.6% in the 1st quarter. Hemington Wealth Management now owns 524 shares of the company's stock valued at $29,000 after buying an additional 359 shares during the period. MV Capital Management Inc. raised its holdings in shares of FOX by 929.9% in the 1st quarter. MV Capital Management Inc. now owns 690 shares of the company's stock valued at $39,000 after buying an additional 623 shares during the period. Zions Bancorporation National Association UT purchased a new position in FOX in the 1st quarter valued at approximately $40,000. Sentry Investment Management LLC acquired a new position in FOX during the 1st quarter worth $43,000. Finally, Allworth Financial LP increased its holdings in FOX by 55.2% during the 1st quarter. Allworth Financial LP now owns 787 shares of the company's stock worth $45,000 after purchasing an additional 280 shares during the period. 52.52% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on FOXA. Wells Fargo & Company boosted their price objective on FOX from $62.00 to $66.00 and gave the stock an "overweight" rating in a research report on Thursday, August 14th. Loop Capital increased their price objective on shares of FOX from $62.00 to $64.00 and gave the company a "buy" rating in a research report on Tuesday, May 13th. Bank of America lifted their price objective on shares of FOX from $60.00 to $65.00 and gave the stock a "buy" rating in a research report on Wednesday, June 25th. Guggenheim reaffirmed a "buy" rating and set a $62.00 price objective (up from $60.00) on shares of FOX in a research report on Wednesday, June 25th. Finally, Morgan Stanley lifted their price objective on shares of FOX from $60.00 to $65.00 and gave the stock an "equal weight" rating in a research report on Wednesday, August 6th. Nine analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $56.20.

FOX Stock Performance

Shares of FOX stock traded down $0.06 during trading on Thursday, reaching $59.46. The company's stock had a trading volume of 1,775,513 shares, compared to its average volume of 3,742,283. The company has a 50-day moving average price of $56.42 and a two-hundred day moving average price of $54.34. The firm has a market cap of $26.49 billion, a PE ratio of 12.45, a P/E/G ratio of 1.43 and a beta of 0.54. Fox Corporation has a fifty-two week low of $38.72 and a fifty-two week high of $60.24. The company has a current ratio of 2.91, a quick ratio of 2.76 and a debt-to-equity ratio of 0.55.

FOX (NASDAQ:FOXA - Get Free Report) last posted 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. The company had revenue of $3.29 billion for the quarter, compared to analyst estimates of $3.12 billion. FOX had a net margin of 13.88% and a return on equity of 18.86%. FOX's quarterly revenue was up 6.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.90 earnings per share. On average, analysts forecast that Fox Corporation will post 4.38 EPS for the current year.

FOX Increases Dividend

The firm also recently disclosed a dividend, which will be paid on Wednesday, September 24th. Shareholders of record on Wednesday, September 3rd will be paid a $0.28 dividend. This is a boost from FOX's previous dividend of $0.18. This represents a yield of 94.0%. The ex-dividend date is Wednesday, September 3rd. FOX's dividend payout ratio (DPR) is presently 11.00%.

Insider Activity

In other news, CFO Steven Tomsic sold 39,642 shares of the company's stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $55.30, for a total transaction of $2,192,202.60. Following the completion of the sale, the chief financial officer owned 133,923 shares in the company, valued at $7,405,941.90. This represents a 22.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 21.77% of the company's stock.

FOX 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.