Fox Corporation (NASDAQ:FOXA) Shares Acquired by Citigroup Inc.

Key Points

• Citigroup Inc. increased its stake in Fox Corporation by 15.5%, acquiring an additional 99,158 shares, bringing its total ownership to 739,388 shares, worth approximately $41.85 million.
• Brokerages have raised their ratings and target prices for Fox Corporation, with Bank of America and Morgan Stanley both elevating their target prices to $65.00 and maintaining a "buy" rating.
• Fox Corporation declared a new dividend of $0.28 per share, an increase from the previous $0.18, demonstrating a strong financial position with a payout ratio of 11.00%.

Citigroup Inc. raised its holdings in Fox Corporation (NASDAQ:FOXA - Free Report) by 15.5% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 739,388 shares of the company's stock after acquiring an additional 99,158 shares during the quarter. Citigroup Inc. owned approximately 0.16% of FOX worth $41,849,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of FOXA. Assetmark Inc. lifted its holdings in shares of FOX by 752.1% in the 1st quarter. Assetmark Inc. now owns 1,951,657 shares of the company's stock worth $110,464,000 after buying an additional 1,722,616 shares during the period. FMR LLC lifted its holdings in shares of FOX by 240.2% in the 4th quarter. FMR LLC now owns 1,884,927 shares of the company's stock worth $91,570,000 after buying an additional 1,330,908 shares during the period. Federated Hermes Inc. lifted its holdings in shares of FOX by 164,675.7% in the 1st quarter. Federated Hermes Inc. now owns 1,255,591 shares of the company's stock worth $71,066,000 after buying an additional 1,254,829 shares during the period. Allianz Asset Management GmbH lifted its holdings in shares of FOX by 85.4% in the 1st quarter. Allianz Asset Management GmbH now owns 1,641,592 shares of the company's stock worth $92,914,000 after buying an additional 756,116 shares during the period. Finally, Robeco Institutional Asset Management B.V. lifted its holdings in shares of FOX by 54.9% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 1,886,623 shares of the company's stock worth $106,783,000 after buying an additional 668,553 shares during the period. Institutional investors own 52.52% of the company's stock.

FOX Stock Up 3.0%

FOX stock traded up $1.63 during midday trading on Tuesday, reaching $56.13. The company's stock had a trading volume of 2,842,931 shares, compared to its average volume of 3,475,469. The stock's 50-day simple moving average is $55.39 and its 200-day simple moving average is $53.82. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.91 and a quick ratio of 2.76. Fox Corporation has a 52-week low of $38.72 and a 52-week high of $58.74. The stock has a market capitalization of $25.24 billion, a P/E ratio of 11.43, a PEG ratio of 1.31 and a beta of 0.54.

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 analysts' consensus estimates of $1.01 by $0.26. FOX had a return on equity of 18.86% and a net margin of 13.88%. The company had revenue of $3.29 billion during the quarter, compared to analysts' expectations of $3.12 billion. During the same period last year, the business posted $0.90 earnings per share. The firm's revenue was up 6.3% compared to the same quarter last year. On average, sell-side analysts expect that Fox Corporation will post 4.38 EPS for the current year.

FOX Increases Dividend

The company also recently disclosed a dividend, which will be paid on Wednesday, September 24th. Stockholders of record on Wednesday, September 3rd will be issued a $0.28 dividend. 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 dividend payout ratio is currently 11.41%.

Wall Street Analyst Weigh In

FOXA has been the subject of several research reports. UBS Group set a $65.00 target price on FOX and gave the stock a "buy" rating in a report on Wednesday, June 25th. Wells Fargo & Company upped their target price on FOX from $58.00 to $62.00 and gave the stock an "overweight" rating 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. Bank of America upped their price objective on FOX from $60.00 to $65.00 and gave the stock a "buy" rating in a research note on Wednesday, June 25th. Finally, Wall Street Zen cut FOX from a "buy" rating to a "hold" rating in a research note on Saturday. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $55.93.

Insider Buying and Selling at FOX

In other news, CFO Steven Tomsic sold 39,642 shares of the 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 transaction, the chief financial officer directly owned 133,923 shares of the company's stock, valued at approximately $7,405,941.90. This represents a 22.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 21.77% of the company's stock.

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.