Fox Corporation (NASDAQ:FOX) Holdings Boosted by Bank of Nova Scotia

Key Points

• The Bank of Nova Scotia has increased its holdings in Fox Corporation by 15.1%, acquiring an additional 99,167 shares to reach a total of 755,108 shares.
• Several other institutional investors have also increased their shares in Fox, with Independent Franchise Partners LLP now owning 5,706,386 shares, making up 26.41% of the stock owned by institutional investors.
• Fox Corporation reported $1.10 EPS for the latest quarter, exceeding estimates, with revenues of $4.37 billion, and has a market cap of $22.81 billion.

Bank of Nova Scotia lifted its position in shares of Fox Corporation (NASDAQ:FOX - Free Report) by 15.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 755,108 shares of the company's stock after acquiring an additional 99,167 shares during the quarter. Bank of Nova Scotia owned 0.17% of FOX worth $39,802,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Federated Hermes Inc. lifted its holdings in shares of FOX by 66.2% in the first quarter. Federated Hermes Inc. now owns 580 shares of the company's stock valued at $31,000 after purchasing an additional 231 shares in the last quarter. IFP Advisors Inc lifted its holdings in shares of FOX by 457.6% in the first quarter. IFP Advisors Inc now owns 697 shares of the company's stock valued at $37,000 after purchasing an additional 572 shares in the last quarter. CIBC Private Wealth Group LLC lifted its stake in shares of FOX by 135.6% during the fourth quarter. CIBC Private Wealth Group LLC now owns 907 shares of the company's stock valued at $42,000 after buying an additional 522 shares during the period. O Shaughnessy Asset Management LLC lifted its stake in shares of FOX by 82.7% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 1,343 shares of the company's stock valued at $61,000 after buying an additional 608 shares during the period. Finally, Versant Capital Management Inc lifted its stake in shares of FOX by 327.3% during the first quarter. Versant Capital Management Inc now owns 1,346 shares of the company's stock valued at $71,000 after buying an additional 1,031 shares during the period. 26.41% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CFO Steven Tomsic sold 5,607 shares of the firm's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $55.37, for a total transaction of $310,459.59. Following the completion of the sale, the chief financial officer directly owned 133,923 shares of the company's stock, valued at approximately $7,415,316.51. This trade represents a 4.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 23.06% of the company's stock.

FOX Trading Down 3.0%

Shares of FOX traded down $1.58 on Tuesday, hitting $50.44. 471,764 shares of the stock traded hands, compared to its average volume of 1,229,227. Fox Corporation has a 1 year low of $33.81 and a 1 year high of $55.00. The company has a quick ratio of 2.33, a current ratio of 2.45 and a debt-to-equity ratio of 0.57. The stock's 50 day moving average is $50.93 and its two-hundred day moving average is $49.69. The firm has a market capitalization of $22.68 billion, a P/E ratio of 12.55, a P/E/G ratio of 1.14 and a beta of 0.58.

FOX (NASDAQ:FOX - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported $1.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.24. FOX had a net margin of 11.58% and a return on equity of 17.99%. The company had revenue of $3.29 billion during the quarter, compared to analyst estimates of $3.12 billion. As a group, sell-side analysts predict that Fox Corporation will post 4.25 earnings per share for the current year.

FOX Announces Dividend

The company also recently declared a half year 25 dividend, which will be paid on Wednesday, September 24th. Investors of record on Wednesday, September 3rd will be issued a dividend of $0.28 per share. FOX's payout ratio is 13.43%.

About FOX

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.