California State Teachers Retirement System Purchases 18,929,193 Shares of Fox Corporation $FOXA

Key Points

• California State Teachers Retirement System sharply increased its FOX position by purchasing 18.9 million additional shares, bringing its stake to 19.3 million shares, or approximately 4.61% of Fox Corporation.
• Analyst sentiment remains mixed: nine analysts rate FOXA a Buy, eight a Hold and one a Sell, resulting in a consensus “Hold” rating and an average price target of $74.38.
• Fox exceeded quarterly expectations, reporting $1.79 in earnings per share and $4.21 billion in revenue, with revenue up 28.1% year over year. The company also announced a $0.29 per-share dividend.

California State Teachers Retirement System grew its position in Fox Corporation (NASDAQ:FOXA - Free Report) by 4,720.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,330,183 shares of the company's stock after purchasing an additional 18,929,193 shares during the period. California State Teachers Retirement System owned about 4.61% of FOX worth $1,008,262,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Parallel Advisors LLC boosted its stake in shares of FOX by 9.2% in the 3rd quarter. Parallel Advisors LLC now owns 2,532 shares of the company's stock worth $160,000 after buying an additional 214 shares during the last quarter. Brown Brothers Harriman & Co. increased its position in shares of FOX by 27.5% during the third quarter. Brown Brothers Harriman & Co. now owns 1,062 shares of the company's stock valued at $67,000 after acquiring an additional 229 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in shares of FOX by 20.9% during the first quarter. EverSource Wealth Advisors LLC now owns 1,451 shares of the company's stock valued at $85,000 after acquiring an additional 251 shares during the last quarter. Greenleaf Trust lifted its holdings 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 period. Finally, Captrust Financial Advisors boosted its position in FOX by 6.2% in the second quarter. Captrust Financial Advisors now owns 5,597 shares of the company's stock worth $314,000 after purchasing an additional 327 shares during the last quarter. 52.52% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on FOXA shares. Wells Fargo & Company upgraded FOX from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $65.00 to $80.00 in a research note on Friday, August 14th. Wolfe Research raised shares of FOX from a "peer perform" rating to an "outperform" rating and set a $71.00 price target on the stock in a report on Tuesday, June 30th. JPMorgan Chase & Co. upgraded shares of FOX from a "neutral" rating to an "overweight" rating and increased their price target for the company from $70.00 to $82.00 in a research report on Friday, August 14th. Seaport Research Partners downgraded shares of FOX from a "buy" rating to a "neutral" rating in a report on Friday, August 7th. Finally, Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $80.00 price objective on shares of FOX in a report on Friday, August 14th. Nine analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $74.38.

FOX Price Performance

Shares of NASDAQ FOXA opened at $65.94 on Friday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.99 and a current ratio of 3.17. Fox Corporation has a fifty-two week low of $48.34 and a fifty-two week high of $76.39. The stock has a market cap of $27.67 billion, a PE ratio of 17.22, a price-to-earnings-growth ratio of 1.18 and a beta of 0.55. The stock has a fifty day moving average of $61.96 and a 200-day moving average of $60.87.

FOX (NASDAQ:FOXA - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported $1.79 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.44 by $0.35. FOX had a return on equity of 20.64% and a net margin of 9.84%.The business had revenue of $4.21 billion for the quarter, compared to analysts' expectations of $3.64 billion. During the same quarter in the prior year, the firm posted $1.27 EPS. The firm's quarterly revenue was up 28.1% on a year-over-year basis. Equities research analysts anticipate that Fox Corporation will post 5.94 earnings per share for the current year.

FOX Announces Dividend

The company also recently announced a dividend, which will be paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 2nd will be paid a $0.29 dividend. The ex-dividend date is Wednesday, September 2nd. This represents a yield of 86.0%. FOX's dividend payout ratio is currently 15.14%.

FOX Profile

Fox Corporation NASDAQ: FOXA is a media and entertainment company formed in 2019 following the separation of certain assets from 21st Century Fox. The company operates a portfolio of news, sports and entertainment brands focused primarily on the United States, with select services and programming available internationally.

Fox's businesses include FOX News Media, which operates FOX News Channel, FOX Business Network, FOX News Digital and related subscription and streaming services. Its sports operations include FOX Sports, FS1, FS2, FOX Deportes, the Big Ten Network and sports programming distributed through digital platforms.

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