Empowered Funds LLC Sells 98,225 Shares of Fox Corporation $FOXA

Key Points

• Empowered Funds LLC reduced its stake in Fox Corporation by 22.7%, selling 98,225 shares and retaining a total of 334,804 shares worth approximately $18,950,000.
• In contrast, other institutional investors, such as Vanguard Group Inc. and Invesco Ltd., increased their holdings in Fox Corporation, reflecting a more favorable outlook among some firms.
• Fox Corporation reported strong earnings with an EPS of $1.27, exceeding expectations, and also announced a dividend increase from $0.18 to $0.28 per share.

Empowered Funds LLC lowered its position in Fox Corporation (NASDAQ:FOXA - Free Report) by 22.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 334,804 shares of the company's stock after selling 98,225 shares during the quarter. Empowered Funds LLC owned about 0.07% of FOX worth $18,950,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of FOX by 2.1% in the first quarter. Vanguard Group Inc. now owns 25,739,628 shares of the company's stock worth $1,456,863,000 after purchasing an additional 518,835 shares during the period. Invesco Ltd. increased its holdings in shares of FOX by 3.0% in the first quarter. Invesco Ltd. now owns 3,680,293 shares of the company's stock worth $208,305,000 after purchasing an additional 107,687 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of FOX by 8.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,676,877 shares of the company's stock worth $130,043,000 after purchasing an additional 219,016 shares during the period. AustralianSuper Pty Ltd increased its holdings in shares of FOX by 8.8% in the first quarter. AustralianSuper Pty Ltd now owns 2,636,367 shares of the company's stock worth $149,218,000 after purchasing an additional 212,348 shares during the period. Finally, KBC Group NV increased its holdings in shares of FOX by 1.3% in the first quarter. KBC Group NV now owns 2,397,604 shares of the company's stock worth $135,704,000 after purchasing an additional 29,906 shares during the period. Institutional investors own 52.52% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on FOXA shares. UBS Group set a $65.00 price target on shares of FOX and gave the stock a "buy" rating in a report on Wednesday, June 25th. Wells Fargo & Company lifted their price objective on shares of FOX from $66.00 to $70.00 and gave the stock an "overweight" rating in a report on Monday. Morgan Stanley lifted their price objective 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. Cfra Research raised shares of FOX from a "hold" rating to a "moderate buy" rating in a report on Tuesday, August 5th. Finally, Loop Capital lifted their price objective on shares of FOX from $62.00 to $64.00 and gave the stock a "buy" rating in a report on Tuesday, May 13th. Nine equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $56.47.

FOX Stock Performance

NASDAQ FOXA opened at $62.48 on Tuesday. The company has a market capitalization of $27.84 billion, a P/E ratio of 12.73, a P/E/G ratio of 1.47 and a beta of 0.52. The company has a fifty day moving average of $57.17 and a 200-day moving average of $54.60. Fox Corporation has a 52-week low of $38.72 and a 52-week high of $62.69. 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 (NASDAQ:FOXA - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported $1.27 EPS for the quarter, topping analysts' consensus estimates of $1.01 by $0.26. The company had revenue of $3.29 billion for the quarter, compared to analysts' expectations of $3.12 billion. FOX had a net margin of 13.88% and a return on equity of 18.86%. The firm's revenue was up 6.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.90 EPS. As a group, equities research analysts predict that Fox Corporation will post 4.38 EPS for the current fiscal 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 given a $0.28 dividend. This represents a yield of 93.0%. The ex-dividend date is Wednesday, September 3rd. This is a boost from FOX's previous dividend of $0.18. FOX's dividend payout ratio is 11.41%.

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.

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