AXQ Capital LP Grows Holdings in Fox Corporation $FOXA

Key Points

• AXQ Capital increased its Fox Corporation holdings by 62.8% in the second quarter, bringing its position to 49,868 shares valued at approximately $2.6 million. Institutional investors collectively own 52.52% of Fox’s stock.
• Fox reported stronger-than-expected quarterly results, with earnings per share of $1.79 versus the $1.44 consensus estimate and revenue of $4.21 billion, up 28.1% year over year.
• Fox shares opened at $67.71, while analysts maintain a consensus “Hold” rating and an average price target of $74.38. The company also declared a $0.29-per-share dividend.

AXQ Capital LP lifted its holdings in shares of Fox Corporation (NASDAQ:FOXA - Free Report) by 62.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 49,868 shares of the company's stock after buying an additional 19,240 shares during the quarter. AXQ Capital LP's holdings in FOX were worth $2,601,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Parallel Advisors LLC lifted its position in shares of FOX by 9.2% in the third quarter. Parallel Advisors LLC now owns 2,532 shares of the company's stock valued at $160,000 after acquiring an additional 214 shares in the last quarter. Brown Brothers Harriman & Co. raised its position in shares of FOX by 27.5% in the third quarter. Brown Brothers Harriman & Co. now owns 1,062 shares of the company's stock valued at $67,000 after buying an additional 229 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of FOX by 20.9% in the first quarter. EverSource Wealth Advisors LLC now owns 1,451 shares of the company's stock worth $85,000 after buying an additional 251 shares in the last quarter. Greenleaf Trust boosted its position in FOX by 4.4% during the second quarter. Greenleaf Trust now owns 6,295 shares of the company's stock worth $328,000 after acquiring an additional 267 shares during the last quarter. Finally, Captrust Financial Advisors boosted its position in FOX by 6.2% during the second quarter. Captrust Financial Advisors now owns 5,597 shares of the company's stock worth $314,000 after acquiring an additional 327 shares during the last quarter. Hedge funds and other institutional investors own 52.52% of the company's stock.

FOX Price Performance

Shares of FOXA opened at $67.71 on Friday. The company has a current ratio of 3.17, a quick ratio of 2.99 and a debt-to-equity ratio of 0.56. The stock's 50 day moving average is $60.53 and its two-hundred day moving average is $60.53. Fox Corporation has a twelve month low of $48.34 and a twelve month high of $76.39. The firm has a market capitalization of $28.41 billion, a PE ratio of 17.68, a P/E/G ratio of 1.21 and a beta of 0.55.

FOX (NASDAQ:FOXA - Get Free Report) last issued its 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. FOX had a net margin of 9.84% and a return on equity of 20.64%. The company had revenue of $4.21 billion for the quarter, compared to analyst estimates of $3.64 billion. During the same period in the prior year, the business posted $1.27 earnings per share. The firm's revenue for the quarter was up 28.1% compared to the same quarter last year. Research analysts anticipate that Fox Corporation will post 5.94 earnings per share for the current year.

FOX Dividend Announcement

The firm also recently disclosed a dividend, which will be paid on Wednesday, September 23rd. Stockholders of record on Wednesday, September 2nd will be paid a dividend of $0.29 per share. This represents a dividend yield of 86.0%. The ex-dividend date of this dividend is Wednesday, September 2nd. FOX's dividend payout ratio (DPR) is 15.14%.

Analyst Ratings Changes

A number of research firms have commented on FOXA. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $80.00 target price on shares of FOX in a research report on Friday, August 14th. Guggenheim reissued a "buy" rating and set a $85.00 price objective on shares of FOX in a research report on Tuesday, August 25th. Wells Fargo & Company raised shares of FOX from an "equal weight" rating to an "overweight" rating and boosted their price target for the company from $65.00 to $80.00 in a research note on Friday, August 14th. Barclays lowered their price objective on shares of FOX from $67.00 to $60.00 and set an "equal weight" rating for the company in a research report on Monday, June 15th. Finally, Seaport Research Partners downgraded shares of FOX from a "buy" rating to a "neutral" rating in a report on Friday, August 7th. Nine investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, FOX has an average rating of "Hold" and an average target price of $74.38.

FOX Profile

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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