Bank of New York Mellon Corp Sells 612,381 Shares of Fox Corporation $FOXA

Bank of New York Mellon Corp cut its holdings in shares of Fox Corporation (NASDAQ:FOXA - Free Report) by 31.8% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,312,594 shares of the company's stock after selling 612,381 shares during the period. Bank of New York Mellon Corp owned 0.30% of FOX worth $95,911,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. FWL Investment Management LLC acquired a new stake in shares of FOX during the third quarter worth $26,000. Elyxium Wealth LLC purchased a new position in FOX in the 4th quarter worth $27,000. CYBER HORNET ETFs LLC purchased a new position in FOX in the 2nd quarter worth $35,000. Rosenberg Matthew Hamilton lifted its position in FOX by 58.5% during the 4th quarter. Rosenberg Matthew Hamilton now owns 696 shares of the company's stock worth $51,000 after acquiring an additional 257 shares during the period. Finally, Quantbot Technologies LP acquired a new stake in FOX during the 3rd quarter worth about $51,000. Institutional investors own 52.52% of the company's stock.

FOX Stock Performance

NASDAQ FOXA opened at $67.44 on Tuesday. The stock has a fifty day simple moving average of $63.48 and a 200-day simple moving average of $65.11. The company has a current ratio of 2.90, a quick ratio of 2.65 and a debt-to-equity ratio of 0.60. The stock has a market cap of $28.34 billion, a PE ratio of 17.79, a P/E/G ratio of 3.47 and a beta of 0.51. Fox Corporation has a twelve month low of $52.96 and a twelve month high of $76.39.

FOX (NASDAQ:FOXA - Get Free Report) last posted its quarterly earnings data on Monday, May 11th. The company reported $1.32 EPS for the quarter, beating the consensus estimate of $1.02 by $0.30. The business had revenue of $3.99 billion during the quarter, compared to analyst estimates of $3.78 billion. FOX had a net margin of 10.56% and a return on equity of 18.90%. The business's revenue for the quarter was down 8.6% compared to the same quarter last year. During the same quarter last year, the firm posted $1.10 earnings per share. Equities analysts anticipate that Fox Corporation will post 4.93 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Lachlan K. Murdoch sold 637,752 shares of the stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $58.20, for a total value of $37,117,166.40. Following the sale, the chief executive officer directly owned 152 shares in the company, valued at $8,846.40. This represents a 99.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO John Nallen sold 242,309 shares of the business's stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $57.74, for a total transaction of $13,990,921.66. Following the completion of the transaction, the chief operating officer directly owned 357,653 shares of the company's stock, valued at approximately $20,650,884.22. This represents a 40.39% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 1,586,871 shares of company stock worth $91,893,926. 19.68% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on FOXA shares. Bank of America cut FOX from a "buy" rating to an "underperform" rating and set a $45.00 price objective for the company. in a report on Wednesday, February 25th. Barclays lifted their price target on FOX from $63.00 to $67.00 and gave the company an "equal weight" rating in a research report on Tuesday, May 12th. Evercore set a $73.00 price objective on FOX in a research report on Tuesday, May 12th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of FOX in a research note on Friday, May 22nd. Finally, Zacks Research raised shares of FOX from a "hold" rating to a "strong-buy" rating in a report on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, FOX has a consensus rating of "Hold" and an average target price of $74.86.

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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