Assetmark Inc. Purchases 1,722,616 Shares of Fox Corporation (NASDAQ:FOXA)

Key Points

• Assetmark Inc. significantly increased its stake in Fox Corporation, acquiring an additional 1,722,616 shares for a total of 1,951,657 shares, representing a 752.1% increase in the 1st quarter.
• Corporate insiders, including CFO Steven Tomsic, have engaged in recent transactions, with Tomsic selling 5,607 shares, reducing his ownership by 4.02%.
• Fox Corporation's stock traded up 0.7% to $56.67, with analysts forecasting a strong performance, projecting an EPS of 4.38 for the current year and a range of target prices between $60.00 and $65.00 from various brokerages.

Assetmark Inc. raised its stake in shares of Fox Corporation (NASDAQ:FOXA - Free Report) by 752.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,951,657 shares of the company's stock after purchasing an additional 1,722,616 shares during the period. Assetmark Inc. owned 0.43% of FOX worth $110,464,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FOXA. WealthTrak Capital Management LLC acquired a new position in shares of FOX in the fourth quarter valued at $26,000. CIBC Private Wealth Group LLC increased its holdings in FOX by 122.3% in the 4th quarter. CIBC Private Wealth Group LLC now owns 669 shares of the company's stock valued at $33,000 after buying an additional 368 shares during the period. MV Capital Management Inc. increased its holdings in 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 buying an additional 623 shares during the period. Sentry Investment Management LLC acquired a new position in shares of FOX in the 1st quarter valued at $43,000. Finally, Allworth Financial LP raised its stake in shares of FOX by 55.2% in the 1st quarter. Allworth Financial LP now owns 787 shares of the company's stock valued at $45,000 after buying an additional 280 shares in the last quarter. Institutional investors and hedge funds own 52.52% of the company's stock.

Insider Activity at FOX

In other 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 completion of the transaction, the chief financial officer directly owned 133,923 shares in the company, valued at $7,415,316.51. This trade represents a 4.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 21.77% of the company's stock.

FOX Price Performance

NASDAQ:FOXA traded up $0.40 during trading hours on Friday, hitting $56.67. The company's stock had a trading volume of 2,413,102 shares, compared to its average volume of 2,979,113. The stock has a fifty day simple moving average of $55.41 and a 200-day simple moving average of $53.22. The company has a market capitalization of $25.48 billion, a P/E ratio of 14.10, a PEG ratio of 1.26 and a beta of 0.51. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.45 and a quick ratio of 2.33. Fox Corporation has a twelve month low of $36.09 and a twelve month high of $58.74.

FOX (NASDAQ:FOXA - Get Free Report) last released its quarterly earnings data on Monday, May 12th. The company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.17. FOX had a return on equity of 17.99% and a net margin of 11.58%. The business had revenue of $4.37 billion for the quarter, compared to analyst estimates of $4.14 billion. During the same period last year, the firm posted $1.40 earnings per share. FOX's revenue was up 26.8% compared to the same quarter last year. On average, analysts anticipate that Fox Corporation will post 4.38 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on FOXA shares. Morgan Stanley increased their price objective on shares of FOX from $57.00 to $60.00 and gave the company an "equal weight" rating in a research note on Tuesday, May 13th. UBS Group set a $65.00 price objective on shares of FOX and gave the company a "buy" rating in a research note on Wednesday, June 25th. Guggenheim restated a "buy" rating and issued a $62.00 price objective (up previously from $60.00) on shares of FOX in a research note on Wednesday, June 25th. Bank of America increased their price objective on shares of FOX from $60.00 to $65.00 and gave the company a "buy" rating in a research note on Wednesday, June 25th. Finally, Wolfe Research upgraded shares of FOX from an "underperform" rating to a "peer perform" rating in a research note on Wednesday, July 9th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $53.53.

FOX Company 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.