Brandywine Global Investment Management LLC Acquires 46,588 Shares of Fox Corporation $FOXA

Key Points

• Brandywine Global Investment Management LLC increased its stake in Fox Corporation by 9.9%, owning 517,859 shares worth approximately $29.31 million as of the end of the last quarter.
• Fox Corporation is experiencing significant interest from institutional investors, with over 52% of the stock held by these groups, including notable increases from Assetmark Inc. and Federated Hermes Inc.
• The company recently raised its quarterly dividend to $0.28 per share, up from $0.18, with a payout ratio currently at 11.41%.

Brandywine Global Investment Management LLC lifted its stake in shares of Fox Corporation (NASDAQ:FOXA - Free Report) by 9.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 517,859 shares of the company's stock after buying an additional 46,588 shares during the quarter. Brandywine Global Investment Management LLC owned approximately 0.11% of FOX worth $29,311,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in FOXA. Hemington Wealth Management lifted its stake in FOX by 217.6% during the first quarter. Hemington Wealth Management now owns 524 shares of the company's stock worth $29,000 after purchasing an additional 359 shares during the last quarter. MV Capital Management Inc. raised its stake in shares of FOX by 929.9% during the first quarter. MV Capital Management Inc. now owns 690 shares of the company's stock valued at $39,000 after purchasing an additional 623 shares in the last quarter. Zions Bancorporation National Association UT acquired a new position in FOX during the first quarter worth about $40,000. Sentry Investment Management LLC acquired a new position in FOX during the first quarter worth about $43,000. Finally, Allworth Financial LP grew its holdings in FOX by 55.2% during the first quarter. Allworth Financial LP now owns 787 shares of the company's stock worth $45,000 after acquiring an additional 280 shares during the period. Institutional investors and hedge funds own 52.52% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on FOXA shares. Loop Capital lifted their price target on FOX from $62.00 to $64.00 and gave the stock a "buy" rating in a research note on Tuesday, May 13th. Barclays reiterated an "outperform" rating on shares of FOX in a report on Tuesday, May 13th. Wolfe Research upgraded FOX from an "underperform" rating to a "peer perform" rating in a report on Wednesday, July 9th. Guggenheim restated a "buy" rating and issued a $62.00 target price (up from $60.00) on shares of FOX in a report on Wednesday, June 25th. Finally, Morgan Stanley lifted their price target on FOX from $60.00 to $65.00 and gave the stock an "equal weight" rating in a research report on Wednesday, August 6th. Nine research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $56.20.

FOX Price Performance

Shares of FOXA stock traded up $0.58 during trading hours on Tuesday, hitting $58.15. 2,148,748 shares of the company's stock were exchanged, compared to its average volume of 3,963,182. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.91 and a quick ratio of 2.76. The stock has a market cap of $25.91 billion, a price-to-earnings ratio of 11.84, a price-to-earnings-growth ratio of 1.40 and a beta of 0.54. Fox Corporation has a 52 week low of $38.72 and a 52 week high of $60.24. The stock's 50-day moving average is $55.77 and its 200-day moving average is $54.07.

FOX (NASDAQ:FOXA - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported $1.27 EPS for the quarter, beating the consensus estimate of $1.01 by $0.26. The business had revenue of $3.29 billion for the quarter, compared to analysts' expectations of $3.12 billion. FOX had a net margin of 13.88% and a return on equity of 18.86%. FOX's revenue was up 6.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.90 earnings per share. As a group, research analysts forecast that Fox Corporation will post 4.38 EPS for the current year.

FOX Increases Dividend

The firm also recently disclosed a dividend, which will be paid on Wednesday, September 24th. Investors of record on Wednesday, September 3rd will be issued a $0.28 dividend. This is an increase from FOX's previous dividend of $0.18. The ex-dividend date is Wednesday, September 3rd. FOX's dividend payout ratio (DPR) is currently 11.41%.

Insider Activity

In related news, CFO Steven Tomsic sold 39,642 shares of the company's stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $55.30, for a total value of $2,192,202.60. Following the completion of the sale, the chief financial officer owned 133,923 shares in the company, valued at approximately $7,405,941.90. This represents a 22.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 21.77% of the stock is owned by corporate insiders.

FOX 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.