Acadian Asset Management LLC Boosts Stake 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% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 179,080 shares of the company's stock after buying an additional 178,163 shares during the quarter. Acadian Asset Management LLC's holdings in FOX were worth $10,129,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in FOXA. Hemington Wealth Management grew its position in shares of FOX by 217.6% in the 1st quarter. Hemington Wealth Management now owns 524 shares of the company's stock worth $29,000 after buying an additional 359 shares during the last quarter. MV Capital Management Inc. grew its position in shares of FOX by 929.9% in the 1st quarter. MV Capital Management Inc. now owns 690 shares of the company's stock worth $39,000 after buying an additional 623 shares during the last quarter. Zions Bancorporation National Association UT bought a new stake in shares of FOX in the 1st quarter worth approximately $40,000. Sentry Investment Management LLC bought a new stake in shares of FOX in the 1st quarter worth approximately $43,000. Finally, Allworth Financial LP grew its position in shares of FOX by 55.2% in the 1st quarter. Allworth Financial LP now owns 787 shares of the company's stock worth $45,000 after buying an additional 280 shares during the last quarter. 52.52% of the stock is currently owned by institutional investors.

FOX Stock Up 1.6%

FOX stock traded up $0.94 during mid-day trading on Thursday, hitting $60.16. The company had a trading volume of 1,744,740 shares, compared to its average volume of 3,896,371. The company has a current ratio of 2.91, a quick ratio of 2.76 and a debt-to-equity ratio of 0.55. The stock's 50 day moving average price is $57.56 and its two-hundred day moving average price is $54.69. Fox Corporation has a 12 month low of $40.20 and a 12 month high of $62.69. The company has a market capitalization of $26.80 billion, a PE ratio of 12.25, a price-to-earnings-growth ratio of 1.38 and a beta of 0.52.

FOX (NASDAQ:FOXA - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $1.27 EPS for the quarter, topping the consensus estimate of $1.01 by $0.26. FOX had a return on equity of 18.86% and a net margin of 13.88%.The business had revenue of $3.29 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the previous year, the company posted $0.90 earnings per share. The company's revenue for the quarter was up 6.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Fox Corporation will post 4.38 earnings per share for the current fiscal year.

FOX Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on FOXA. UBS Group set a $65.00 price objective on FOX and gave the stock a "buy" rating in a research report on Wednesday, June 25th. Cfra Research upgraded FOX from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, August 5th. Wall Street Zen lowered FOX from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Bank of America lifted their price target on FOX from $60.00 to $65.00 and gave the company a "buy" rating in a research report on Wednesday, June 25th. Finally, Wolfe Research upgraded FOX from an "underperform" rating to a "peer perform" rating in a research report on Wednesday, July 9th. Nine investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, FOX has an average rating of "Hold" and an average price target of $56.47.

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.