Alliancebernstein L.P. Has $14.34 Million Stake in Fox Corporation $FOXA

Key Points

• AllianceBernstein L.P. has reduced its stake in Fox Corporation by 4.2%, now holding 253,358 shares valued at approximately $14.34 million.
• Fox Corporation announced a dividend increase to $0.28 per share, which will be distributed to shareholders on September 24, representing a significant jump from the previous dividend of $0.18.
• Analysts have mixed sentiments on Fox stock, with a consensus price target of $56.47, including upgrades and downgrades by several major firms.

Alliancebernstein L.P. cut its stake in Fox Corporation (NASDAQ:FOXA - Free Report) by 4.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 253,358 shares of the company's stock after selling 11,075 shares during the period. Alliancebernstein L.P. owned 0.06% of FOX worth $14,340,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Hemington Wealth Management grew its holdings in FOX by 217.6% during the 1st quarter. Hemington Wealth Management now owns 524 shares of the company's stock worth $29,000 after acquiring an additional 359 shares during the period. 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 valued at $39,000 after purchasing an additional 623 shares during the period. Zions Bancorporation National Association UT bought a new stake in FOX during the 1st quarter worth approximately $40,000. Sentry Investment Management LLC bought a new position in FOX in the first quarter valued at approximately $43,000. Finally, Allworth Financial LP boosted its holdings in shares of FOX by 55.2% in the first quarter. Allworth Financial LP now owns 787 shares of the company's stock valued at $45,000 after buying an additional 280 shares during the period. 52.52% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on FOXA shares. Morgan Stanley set a $65.00 price target on FOX in a research note on Tuesday. Bank of America lifted their target price on FOX from $60.00 to $65.00 and gave the company a "buy" rating in a research report on Wednesday, June 25th. Wall Street Zen cut FOX from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Wolfe Research raised FOX from an "underperform" rating to a "peer perform" rating in a research report on Wednesday, July 9th. Finally, Cfra Research upgraded shares of FOX from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, August 5th. Nine equities research 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. According to data from MarketBeat, FOX currently has an average rating of "Hold" and a consensus price target of $56.47.

FOX Price Performance

NASDAQ:FOXA opened at $58.73 on Friday. Fox Corporation has a 12-month low of $38.72 and a 12-month high of $62.69. The firm has a market capitalization of $26.17 billion, a price-to-earnings ratio of 11.96, a P/E/G ratio of 1.37 and a beta of 0.52. The stock's 50 day moving average price is $57.32 and its two-hundred day moving average price is $54.65. The company has a quick ratio of 2.76, a current ratio of 2.91 and a debt-to-equity ratio of 0.55.

FOX (NASDAQ:FOXA - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported $1.27 earnings per share for the quarter, topping analysts' consensus estimates 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 analyst estimates of $3.12 billion. During the same period in the previous year, the firm earned $0.90 EPS. The firm's revenue was up 6.3% compared to the same quarter last year. On average, analysts anticipate 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 dividend of $0.28 per share. The ex-dividend date is Wednesday, September 3rd. This represents a dividend yield of 93.0%. This is a boost from FOX's previous dividend of $0.18. FOX's dividend payout ratio is 11.41%.

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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