B. Metzler seel. Sohn & Co. AG Trims Stake in Fox Corporation $FOXA

Key Points

• B. Metzler seel. Sohn & Co. AG sold 26,377 shares of Fox Corporation, reducing its stake by 49.9%, leaving it with 26,474 shares valued at approximately $1,498,000.
• Fox Corporation announced an increased dividend of $0.28 per share, reflecting a notable increase from the previous dividend of $0.18, with a payout ratio of 11.00%.
• Analysts have set new price targets for Fox Corporation, with Guggenheim and Bank of America both upgrading their targets to $62.00 and $65.00 respectively, indicating a positive outlook for the company.

B. Metzler seel. Sohn & Co. AG trimmed its position in shares of Fox Corporation (NASDAQ:FOXA - Free Report) by 49.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 26,474 shares of the company's stock after selling 26,377 shares during the quarter. B. Metzler seel. Sohn & Co. AG's holdings in FOX were worth $1,498,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Assetmark Inc. boosted its position in shares of FOX by 752.1% in the 1st quarter. Assetmark Inc. now owns 1,951,657 shares of the company's stock worth $110,464,000 after purchasing an additional 1,722,616 shares in the last quarter. Federated Hermes Inc. boosted its position in shares of FOX by 164,675.7% in the 1st quarter. Federated Hermes Inc. now owns 1,255,591 shares of the company's stock worth $71,066,000 after purchasing an additional 1,254,829 shares in the last quarter. Nuveen LLC bought a new stake in shares of FOX in the 1st quarter worth approximately $63,125,000. Ameriprise Financial Inc. boosted its position in shares of FOX by 537.0% in the 1st quarter. Ameriprise Financial Inc. now owns 1,058,639 shares of the company's stock worth $59,909,000 after purchasing an additional 892,437 shares in the last quarter. Finally, Allianz Asset Management GmbH boosted its position in shares of FOX by 85.4% in the 1st quarter. Allianz Asset Management GmbH now owns 1,641,592 shares of the company's stock worth $92,914,000 after purchasing an additional 756,116 shares in the last quarter. 52.52% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on FOXA. Wolfe Research raised FOX from an "underperform" rating to a "peer perform" rating in a research report on Wednesday, July 9th. Guggenheim reissued a "buy" rating and issued a $62.00 price target (up from $60.00) on shares of FOX in a research report on Wednesday, June 25th. Morgan Stanley upped their price objective on FOX from $60.00 to $65.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 6th. Loop Capital upped their price objective on FOX from $62.00 to $64.00 and gave the company a "buy" rating in a research report on Tuesday, May 13th. Finally, Cfra Research raised FOX from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, August 5th. Nine analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $56.20.

FOX Stock Performance

FOXA traded up $0.37 during mid-day trading on Thursday, reaching $60.45. 497,921 shares of the company traded hands, compared to its average volume of 3,864,357. The stock has a market capitalization of $26.93 billion, a P/E ratio of 12.31, a P/E/G ratio of 1.43 and a beta of 0.52. The company has a quick ratio of 2.76, a current ratio of 2.91 and a debt-to-equity ratio of 0.55. The company's fifty day moving average price is $56.87 and its 200-day moving average price is $54.53. Fox Corporation has a 52-week low of $38.72 and a 52-week high of $61.28.

FOX (NASDAQ:FOXA - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $1.27 earnings per share for the quarter, beating analysts' consensus estimates of $1.01 by $0.26. The business had revenue of $3.29 billion during the quarter, compared to analyst estimates of $3.12 billion. FOX had a net margin of 13.88% and a return on equity of 18.86%. The company's quarterly revenue was up 6.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.90 EPS. On average, sell-side analysts expect that Fox Corporation will post 4.38 EPS for the current 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 paid a dividend of $0.28 per share. The ex-dividend date is Wednesday, September 3rd. This represents a yield of 93.0%. This is a boost from FOX's previous dividend of $0.18. FOX's dividend payout ratio (DPR) is presently 11.00%.

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.