Zurich Insurance Group Ltd FI Purchases Shares of 58,800 Fox Corporation $FOXA

Key Points

• Zurich Insurance Group Ltd FI acquired 58,800 shares of Fox Corporation ($FOXA), valued at approximately $3.33 million, in the first quarter.
• Fox Corporation reported an earnings per share (EPS) of $1.27, exceeding expectations of $1.01, and a year-over-year revenue increase of 6.3% to $3.29 billion.
• The company recently increased its dividend to $0.28 per share, up from $0.18, with the dividend yield currently at 93.0%.

Zurich Insurance Group Ltd FI purchased a new position in Fox Corporation (NASDAQ:FOXA - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 58,800 shares of the company's stock, valued at approximately $3,328,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of FOX by 2.1% in the first quarter. Vanguard Group Inc. now owns 25,739,628 shares of the company's stock worth $1,456,863,000 after purchasing an additional 518,835 shares during the last quarter. Invesco Ltd. grew its holdings in shares of FOX by 3.0% in the first quarter. Invesco Ltd. now owns 3,680,293 shares of the company's stock worth $208,305,000 after purchasing an additional 107,687 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of FOX by 8.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,676,877 shares of the company's stock worth $130,043,000 after purchasing an additional 219,016 shares during the last quarter. AustralianSuper Pty Ltd grew its holdings in shares of FOX by 8.8% in the first quarter. AustralianSuper Pty Ltd now owns 2,636,367 shares of the company's stock worth $149,218,000 after purchasing an additional 212,348 shares during the last quarter. Finally, KBC Group NV grew its holdings in shares of FOX by 1.3% in the first quarter. KBC Group NV now owns 2,397,604 shares of the company's stock worth $135,704,000 after purchasing an additional 29,906 shares during the last quarter. 52.52% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on FOXA shares. UBS Group set a $65.00 price target on shares of FOX and gave the stock a "buy" rating in a report on Wednesday, June 25th. Morgan Stanley set a $65.00 target price on shares of FOX in a report on Tuesday. Wolfe Research upgraded shares of FOX from an "underperform" rating to a "peer perform" rating in a report on Wednesday, July 9th. Wells Fargo & Company increased their target price on shares of FOX from $66.00 to $70.00 and gave the stock an "overweight" rating in a report on Monday. Finally, Wall Street Zen cut shares of FOX from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Nine analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $56.47.

FOX Stock Down 0.8%

Shares of FOXA stock traded down $0.48 during mid-day trading on Friday, hitting $58.25. 3,542,035 shares of the stock traded hands, compared to its average volume of 3,067,539. The stock has a market cap of $25.95 billion, a P/E ratio of 11.86, a P/E/G ratio of 1.41 and a beta of 0.52. The stock's fifty day moving average is $57.36 and its two-hundred day moving average is $54.66. Fox Corporation has a 52-week low of $39.08 and a 52-week high of $62.69. 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 results on Tuesday, August 5th. The company reported $1.27 EPS for the quarter, beating the consensus estimate of $1.01 by $0.26. The business had revenue of $3.29 billion during 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%. The company's quarterly revenue was up 6.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.90 earnings per share. Equities analysts predict that Fox Corporation will post 4.38 EPS for the current year.

FOX Increases Dividend

The company also recently declared a dividend, which will be paid on Wednesday, September 24th. Shareholders of record on Wednesday, September 3rd will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Wednesday, September 3rd. This is a positive change from FOX's previous dividend of $0.18. This represents a dividend yield of 93.0%. FOX's payout ratio is currently 11.41%.

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.