Deutsche Bank AG Trims Position in Fox Corporation (NASDAQ:FOXA)

Key Points

• Deutsche Bank AG reduced its stake in Fox Corporation by 4.0%, now holding 2,290,572 shares valued at approximately $129.6 million.
• Fox Corporation's CFO, Steven Tomsic, sold 39,642 shares at an average price of $55.30, decreasing his ownership by 22.84%.
• Fox Corporation reported a quarterly earnings per share of $1.27, exceeding estimates, with a revenue increase of 6.3% year-over-year.

Deutsche Bank AG lessened its position in shares of Fox Corporation (NASDAQ:FOXA - Free Report) by 4.0% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,290,572 shares of the company's stock after selling 96,066 shares during the quarter. Deutsche Bank AG owned 0.51% of FOX worth $129,646,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of FOXA. Hemington Wealth Management increased its position in FOX by 217.6% during the first quarter. Hemington Wealth Management now owns 524 shares of the company's stock valued at $29,000 after acquiring an additional 359 shares during the last quarter. MV Capital Management Inc. increased its position in 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 acquiring an additional 623 shares during the last quarter. Sentry Investment Management LLC purchased a new stake in FOX during the first quarter valued at $43,000. Allworth Financial LP increased its position in FOX by 55.2% during the first quarter. Allworth Financial LP now owns 787 shares of the company's stock valued at $45,000 after acquiring an additional 280 shares during the last quarter. Finally, TCTC Holdings LLC increased its position in FOX by 112.5% during the first quarter. TCTC Holdings LLC now owns 797 shares of the company's stock valued at $45,000 after acquiring an additional 422 shares during the last quarter. Hedge funds and other institutional investors own 52.52% of the company's stock.

Insider Buying and Selling

In related news, CFO Steven Tomsic sold 39,642 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $55.30, for a total transaction of $2,192,202.60. Following the completion of 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 filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 21.77% of the company's stock.

Analysts Set New Price Targets

FOXA has been the subject of a number of research reports. Wells Fargo & Company upped their price objective on FOX from $58.00 to $62.00 and gave the company an "overweight" rating in a research report on Tuesday, May 13th. Guggenheim reiterated a "buy" rating and set a $62.00 price objective (up previously from $60.00) on shares of FOX in a research report on Wednesday, June 25th. Cowen restated a "hold" rating on shares of FOX in a research report on Tuesday, May 13th. Cfra Research upgraded FOX from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, August 5th. Finally, Bank of America upped their price target on FOX from $60.00 to $65.00 and gave the stock a "buy" rating in a research report on Wednesday, June 25th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $55.93.

FOX Stock Performance

NASDAQ FOXA opened at $54.02 on Friday. The firm has a market cap of $24.29 billion, a price-to-earnings ratio of 11.00, a price-to-earnings-growth ratio of 1.22 and a beta of 0.54. The company has a quick ratio of 2.33, a current ratio of 2.91 and a debt-to-equity ratio of 0.55. The business has a 50-day moving average price of $55.39 and a 200-day moving average price of $53.73. Fox Corporation has a twelve month low of $38.72 and a twelve month high of $58.74.

FOX (NASDAQ:FOXA - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported $1.27 earnings per share for the quarter, topping 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 firm had revenue of $3.29 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the prior year, the company posted $0.90 earnings per share. The business's quarterly revenue was up 6.3% compared to the same quarter last year. As a group, equities research analysts predict that Fox Corporation will post 4.38 EPS for the current fiscal year.

FOX Increases Dividend

The company also recently declared a dividend, which will be paid on Wednesday, September 24th. Investors of record on Wednesday, September 3rd will be paid 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 dividend payout ratio is currently 11.41%.

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.

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