Acadian Asset Management LLC Has $10.13 Million Stock Position in Fox Corporation $FOXA

Key Points

• Acadian Asset Management LLC significantly increased its holdings in Fox Corporation by 19,428.9%, now owning $10.13 million worth of stock after acquiring an additional 178,163 shares in the first quarter.
• Fox Corporation recently declared a dividend increase from $0.18 to $0.28, representing a yield of 93.0% and a payout ratio of 11.41%.
• Analysts are bullish on FOX, with several firms raising their price targets; Wells Fargo raised its target from $66.00 to $70.00, indicating confidence in the company's growth potential.

Acadian Asset Management LLC raised its holdings in Fox Corporation (NASDAQ:FOXA - Free Report) by 19,428.9% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 179,080 shares of the company's stock after acquiring an additional 178,163 shares during the quarter. Acadian Asset Management LLC's holdings in FOX were worth $10,129,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Geneos Wealth Management Inc. increased its position in FOX by 205.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 923 shares of the company's stock valued at $52,000 after acquiring an additional 621 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in FOX by 1.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,709,021 shares of the company's stock valued at $153,331,000 after acquiring an additional 32,144 shares during the period. Zurich Insurance Group Ltd FI acquired a new position in FOX in the 1st quarter valued at approximately $3,328,000. Ascent Group LLC acquired a new position in FOX in the 1st quarter valued at approximately $488,000. Finally, United Services Automobile Association acquired a new position in FOX in the 1st quarter valued at approximately $334,000. 52.52% of the stock is currently owned by institutional investors and hedge funds.

FOX Trading Down 0.8%

FOXA opened at $58.25 on Friday. Fox Corporation has a twelve month low of $39.08 and a twelve month high of $62.69. The company has a quick ratio of 2.76, a current ratio of 2.91 and a debt-to-equity ratio of 0.55. The company has a fifty day moving average of $57.36 and a 200-day moving average of $54.66. The stock has a market cap of $25.95 billion, a PE ratio of 11.86, a price-to-earnings-growth ratio of 1.41 and a beta of 0.52.

FOX (NASDAQ:FOXA - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $1.27 earnings per share for the quarter, topping the consensus estimate 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 analysts' expectations of $3.12 billion. During the same period in the prior year, the company posted $0.90 earnings per share. FOX's revenue for the quarter was up 6.3% compared to the same quarter last year. On average, sell-side analysts predict that Fox Corporation will post 4.38 EPS for the current year.

FOX Increases Dividend

The business also recently declared a dividend, which will be paid on Wednesday, September 24th. Shareholders of record on Wednesday, September 3rd will be issued 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. This represents a yield of 93.0%. FOX's dividend payout ratio is 11.41%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on FOXA shares. Wells Fargo & Company upped their price target on shares of FOX from $66.00 to $70.00 and gave the company an "overweight" rating in a research report on Monday, September 8th. Bank of America increased 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. Morgan Stanley set a $65.00 price objective on shares of FOX in a research report on Tuesday. Guggenheim reiterated 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, Cfra Research upgraded shares of FOX from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, August 5th. Nine investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $56.47.

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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