Allianz Asset Management GmbH Acquires 24,511 Shares of Fox Corporation $FOXA

Key Points

• Allianz Asset Management increased its Fox Corporation stake by 2.6%, acquiring 24,511 additional shares for a total of 966,811 shares valued at approximately $50.4 million. Institutional investors collectively own 52.52% of FOX.
• Analyst sentiment is mixed, with nine Buy ratings, eight Holds and one Sell; the stock has an average rating of Hold and an average price target of $74.38.
• Fox reported stronger-than-expected quarterly results, earning $1.79 per share versus the $1.44 consensus estimate and generating $4.21 billion in revenue, up 28.1% year over year. The company also declared a $0.29 per-share dividend.

Allianz Asset Management GmbH boosted its holdings in shares of Fox Corporation (NASDAQ:FOXA - Free Report) by 2.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 966,811 shares of the company's stock after acquiring an additional 24,511 shares during the period. Allianz Asset Management GmbH owned 0.23% of FOX worth $50,429,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. FWL Investment Management LLC purchased a new position in shares of FOX in the 3rd quarter worth about $26,000. Elyxium Wealth LLC bought a new stake in FOX during the 4th quarter valued at about $27,000. CYBER HORNET ETFs LLC purchased a new position in FOX in the second quarter worth about $35,000. Quantbot Technologies LP purchased a new position in FOX in the third quarter worth about $51,000. Finally, Geneos Wealth Management Inc. lifted its stake in shares of FOX by 205.6% in the first quarter. Geneos Wealth Management Inc. now owns 923 shares of the company's stock worth $52,000 after buying an additional 621 shares in the last quarter. Institutional investors own 52.52% of the company's stock.

Wall Street Analyst Weigh In

FOXA has been the topic of a number of research analyst reports. Barclays lowered their price target on FOX from $67.00 to $60.00 and set an "equal weight" rating on the stock in a report on Monday, June 15th. Evercore set a $73.00 target price on FOX in a research report on Tuesday, May 12th. Fox Advisors set a $82.00 target price on shares of FOX in a research note on Friday, August 14th. UBS Group reaffirmed a "neutral" rating on shares of FOX in a report on Monday, June 15th. Finally, Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $80.00 price target on shares of FOX in a research note on Friday, August 14th. Nine research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $74.38.

FOX Price Performance

Shares of NASDAQ:FOXA opened at $65.42 on Tuesday. The company has a quick ratio of 2.99, a current ratio of 3.17 and a debt-to-equity ratio of 0.56. The stock has a market capitalization of $27.45 billion, a PE ratio of 17.08, a price-to-earnings-growth ratio of 1.18 and a beta of 0.55. The firm's 50 day moving average price is $61.14 and its 200-day moving average price is $60.66. Fox Corporation has a twelve month low of $48.34 and a twelve month high of $76.39.

FOX (NASDAQ:FOXA - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported $1.79 earnings per share for the quarter, topping the consensus estimate of $1.44 by $0.35. The business had revenue of $4.21 billion for the quarter, compared to the consensus estimate of $3.64 billion. FOX had a net margin of 9.84% and a return on equity of 20.64%. The company's quarterly revenue was up 28.1% on a year-over-year basis. During the same period last year, the firm earned $1.27 earnings per share. Equities research analysts expect that Fox Corporation will post 5.94 EPS for the current year.

FOX Dividend Announcement

The business also recently declared a dividend, which will be paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 2nd will be given a $0.29 dividend. The ex-dividend date is Wednesday, September 2nd. This represents a yield of 86.0%. FOX's dividend payout ratio is presently 15.14%.

About FOX

Fox Corporation NASDAQ: FOXA is a U.S.-based media company focused on television broadcasting, cable news and sports programming, and digital distribution. The company was formed in 2019 as the successor to certain assets of 21st Century Fox after a transaction that transferred many film and television studio assets to The Walt Disney Company. Fox Corp's operations center on the Fox Broadcasting network, a portfolio of local television stations, national news and business cable networks, and sports media properties.

Fox produces, acquires and distributes a range of live and recorded programming, including news, opinion and commentary, national and local sports telecasts, and general entertainment.

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