CCM Investment Group LLC Buys New Stake in Fox Corporation (NASDAQ:FOXA)

Key Points

• CCM Investment Group LLC has acquired a new position in Fox Corporation, purchasing 22,041 shares valued at approximately $1,206,000.
• Fox Corporation recently increased its dividend from $0.18 to $0.28, with the payment scheduled for September 24th to shareholders of record on September 3rd.
• Analysts have upgraded their ratings for Fox Corporation, with multiple firms raising their price objectives to between $62.00 and $65.00.

CCM Investment Group LLC purchased a new position in Fox Corporation (NASDAQ:FOXA - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 22,041 shares of the company's stock, valued at approximately $1,206,000.

Other institutional investors have also added to or reduced their stakes in the company. LPL Financial LLC increased its stake in shares of FOX by 133.8% in the fourth quarter. LPL Financial LLC now owns 43,791 shares of the company's stock worth $2,127,000 after purchasing an additional 25,060 shares in the last quarter. FMR LLC grew its stake in FOX by 240.2% during the fourth quarter. FMR LLC now owns 1,884,927 shares of the company's stock valued at $91,570,000 after acquiring an additional 1,330,908 shares in the last quarter. Bank of Montreal Can grew its stake in FOX by 1.6% during the fourth quarter. Bank of Montreal Can now owns 186,902 shares of the company's stock valued at $9,080,000 after acquiring an additional 2,975 shares in the last quarter. Capital Fund Management S.A. purchased a new position in FOX during the fourth quarter valued at $1,315,000. Finally, Sterling Capital Management LLC grew its stake in FOX by 337.0% during the fourth quarter. Sterling Capital Management LLC now owns 38,331 shares of the company's stock valued at $1,862,000 after acquiring an additional 29,560 shares in the last quarter. 52.52% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on FOXA. Wolfe Research raised shares of FOX from an "underperform" rating to a "peer perform" rating in a research note on Wednesday, July 9th. Morgan Stanley increased their price objective on shares of FOX from $60.00 to $65.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 6th. Cowen reiterated a "hold" rating on shares of FOX in a research report on Tuesday, May 13th. Cfra Research upgraded shares of FOX from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, August 5th. Finally, Barclays reiterated an "outperform" rating on shares of FOX in a research report on Tuesday, May 13th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $56.20.

FOX Stock Up 1.3%

Shares of FOXA traded up $0.77 during mid-day trading on Thursday, hitting $59.89. The company's stock had a trading volume of 4,003,321 shares, compared to its average volume of 3,981,639. The company's 50-day moving average is $55.50 and its 200-day moving average is $53.86. Fox Corporation has a 52-week low of $38.72 and a 52-week high of $59.98. The firm has a market capitalization of $26.93 billion, a price-to-earnings ratio of 12.20, a PEG ratio of 1.34 and a beta of 0.54. The company has a current ratio of 2.91, a quick ratio of 2.76 and a debt-to-equity ratio of 0.55.

FOX (NASDAQ:FOXA - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $1.27 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.01 by $0.26. The firm had revenue of $3.29 billion for the quarter, compared to the consensus estimate 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 quarter in the previous year, the firm earned $0.90 EPS. On average, equities research analysts forecast that Fox Corporation will post 4.38 EPS for the current fiscal 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 given a dividend of $0.28 per share. The ex-dividend date of this dividend is Wednesday, September 3rd. This is a boost from FOX's previous dividend of $0.18. FOX's payout ratio is presently 11.00%.

Insiders Place Their Bets

In other FOX news, CFO Steven Tomsic sold 5,607 shares of the business's stock in a transaction that occurred 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 sale, the chief financial officer owned 133,923 shares of the company's stock, valued at approximately $7,415,316.51. The trade was a 4.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 21.77% of the company's stock.

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.