Cinctive Capital Management LP Takes $3.75 Million Position in Fox Corporation $FOXA

Key Points

• Cinctive Capital Management LP has invested approximately $3.75 million in Fox Corporation, acquiring 66,298 shares during the first quarter.
• Fox Corporation recently reported $1.27 earnings per share, surpassing analysts' expectations of $1.01, alongside a revenue of $3.29 billion for the quarter.
• The company has announced an increase in its dividend to $0.28 per share, payable on September 24th, up from the previous $0.18.

Cinctive Capital Management LP bought a new stake in shares of Fox Corporation (NASDAQ:FOXA - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 66,298 shares of the company's stock, valued at approximately $3,752,000.

Other institutional investors have also recently made changes to their positions in the company. Hemington Wealth Management lifted its stake in shares of FOX by 217.6% in the 1st quarter. Hemington Wealth Management now owns 524 shares of the company's stock worth $29,000 after purchasing an additional 359 shares during the period. MV Capital Management Inc. lifted its stake in shares of FOX by 929.9% in the 1st quarter. MV Capital Management Inc. now owns 690 shares of the company's stock worth $39,000 after purchasing an additional 623 shares during the period. Zions Bancorporation National Association UT bought a new position in shares of FOX in the 1st quarter worth approximately $40,000. Sentry Investment Management LLC bought a new position in shares of FOX in the 1st quarter worth approximately $43,000. Finally, Allworth Financial LP lifted its stake in shares of FOX by 55.2% in the 1st quarter. Allworth Financial LP now owns 787 shares of the company's stock worth $45,000 after purchasing an additional 280 shares during the period. Institutional investors own 52.52% of the company's stock.

Wall Street Analysts Forecast Growth

FOXA has been the topic of several recent research reports. UBS Group set a $65.00 price objective on shares of FOX and gave the stock a "buy" rating in a research note on Wednesday, June 25th. Cowen reiterated a "hold" rating on shares of FOX in a research note on Tuesday, May 13th. Wolfe Research raised shares of FOX from an "underperform" rating to a "peer perform" rating in a report on Wednesday, July 9th. Wells Fargo & Company increased their target price on shares of FOX from $62.00 to $66.00 and gave the stock an "overweight" rating in a report on Thursday, August 14th. Finally, Morgan Stanley increased their target price on shares of FOX from $60.00 to $65.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 6th. Nine research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, FOX currently has an average rating of "Hold" and an average price target of $56.20.

FOX Price Performance

FOXA traded up $0.69 during trading on Friday, reaching $61.50. 2,103,737 shares of the company traded hands, compared to its average volume of 2,829,226. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.76 and a current ratio of 2.91. Fox Corporation has a 12-month low of $38.72 and a 12-month high of $61.52. The firm has a fifty day simple moving average of $57.04 and a 200 day simple moving average of $54.58. The company has a market cap of $27.40 billion, a P/E ratio of 12.53, a PEG ratio of 1.47 and a beta of 0.52.

FOX (NASDAQ:FOXA - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $1.27 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.01 by $0.26. FOX had a net margin of 13.88% and a return on equity of 18.86%. The business had revenue of $3.29 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same period last year, the firm posted $0.90 EPS. The company's revenue was up 6.3% on a year-over-year basis. On average, equities analysts forecast that Fox Corporation will post 4.38 EPS for the current year.

FOX Increases Dividend

The firm also recently announced 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 represents a dividend yield of 93.0%. This is a boost from FOX's previous dividend of $0.18. The ex-dividend date of this dividend is Wednesday, September 3rd. FOX's payout ratio is 11.41%.

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.