Aberdeen Group plc Grows Stock Holdings in Fox Corporation $FOXA

Key Points

• Aberdeen Group plc increased its holdings in Fox Corporation by 134.4% during Q1, owning 132,674 shares valued at $7,395,000 after acquiring an additional 76,079 shares.
• Fox Corporation reported $1.27 earnings per share for the quarter, exceeding analysts' expectations, with a revenue increase of 6.3% year-over-year to $3.29 billion.
• The company announced a dividend increase to $0.28 per share, marking a positive change from the previous $0.18 dividend, set to be paid out on September 24th.

Aberdeen Group plc grew its position in Fox Corporation (NASDAQ:FOXA - Free Report) by 134.4% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 132,674 shares of the company's stock after buying an additional 76,079 shares during the period. Aberdeen Group plc's holdings in FOX were worth $7,395,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the company. Assetmark Inc. grew its holdings in FOX by 752.1% in the first quarter. Assetmark Inc. now owns 1,951,657 shares of the company's stock worth $110,464,000 after purchasing an additional 1,722,616 shares during the last quarter. Federated Hermes Inc. boosted its position in shares of FOX by 164,675.7% in the 1st quarter. Federated Hermes Inc. now owns 1,255,591 shares of the company's stock worth $71,066,000 after purchasing an additional 1,254,829 shares in the last quarter. Nuveen LLC acquired a new stake in shares of FOX in the 1st quarter worth $63,125,000. Allianz Asset Management GmbH grew its stake in FOX by 85.4% during the 1st quarter. Allianz Asset Management GmbH now owns 1,641,592 shares of the company's stock worth $92,914,000 after buying an additional 756,116 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. increased its position in FOX by 54.9% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 1,886,623 shares of the company's stock valued at $106,783,000 after buying an additional 668,553 shares in the last quarter. Institutional investors own 52.52% of the company's stock.

FOX Stock Up 1.4%

FOXA stock opened at $58.97 on Thursday. The company has a market capitalization of $26.27 billion, a P/E ratio of 12.01, a price-to-earnings-growth ratio of 1.39 and a beta of 0.54. Fox Corporation has a 12 month low of $38.72 and a 12 month high of $60.24. The firm's fifty day simple moving average is $55.92 and its 200-day simple moving average is $54.14. 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 posted its earnings results on Tuesday, August 5th. The company reported $1.27 earnings per share (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 company had revenue of $3.29 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the previous year, the firm posted $0.90 earnings per share. The firm's quarterly revenue was up 6.3% on a year-over-year basis. As a group, equities research analysts forecast that Fox Corporation will post 4.38 earnings per share for the current year.

FOX Increases Dividend

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

Insider Buying and Selling

In related news, CFO Steven Tomsic sold 5,607 shares of the firm's stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $55.37, for a total transaction of $310,459.59. Following the sale, the chief financial officer directly owned 133,923 shares of the company's stock, valued at $7,415,316.51. This trade represents a 4.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 21.77% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Loop Capital raised their price target on FOX from $62.00 to $64.00 and gave the stock a "buy" rating in a report on Tuesday, May 13th. UBS Group set a $65.00 target price on shares of FOX and gave the stock a "buy" rating in a research note on Wednesday, June 25th. Wells Fargo & Company boosted their target price on shares of FOX from $62.00 to $66.00 and gave the stock an "overweight" rating in a research report on Thursday, August 14th. Wolfe Research raised shares of FOX from an "underperform" rating to a "peer perform" rating in a report on Wednesday, July 9th. Finally, Wall Street Zen lowered shares of FOX from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Nine equities research 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's stock. Based on data from MarketBeat.com, FOX has a consensus rating of "Hold" and a consensus target price of $56.20.

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.

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