Empowered Funds LLC Trims Stock Holdings in 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 shares of Fox Corporation (NASDAQ:FOXA - Free Report) by 22.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 334,804 shares of the company's stock after selling 98,225 shares during the quarter. Empowered Funds LLC owned approximately 0.07% of FOX worth $18,950,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the stock. CWM LLC grew its holdings in FOX by 8.6% during the 1st quarter. CWM LLC now owns 6,663 shares of the company's stock valued at $377,000 after purchasing an additional 527 shares in the last quarter. Sequoia Financial Advisors LLC raised its position in shares of FOX by 7.8% during the 1st quarter. Sequoia Financial Advisors LLC now owns 6,433 shares of the company's stock worth $364,000 after buying an additional 464 shares in the last quarter. Private Trust Co. NA raised its holdings in shares of FOX by 86.5% in the 1st quarter. Private Trust Co. NA now owns 929 shares of the company's stock worth $53,000 after purchasing an additional 431 shares in the last quarter. HB Wealth Management LLC purchased a new position in shares of FOX in the first quarter worth approximately $420,000. Finally, Janney Montgomery Scott LLC increased its position in shares of FOX by 152.1% in the first quarter. Janney Montgomery Scott LLC now owns 31,794 shares of the company's stock worth $1,800,000 after acquiring an additional 19,181 shares in the last quarter. Hedge funds and other institutional investors own 52.52% of the company's stock.

FOX Price Performance

FOXA stock traded down $0.48 during midday trading on Friday, reaching $58.25. The company had a trading volume of 3,542,035 shares, compared to its average volume of 3,022,711. The company has a market capitalization of $25.95 billion, a price-to-earnings ratio of 11.86, a price-to-earnings-growth ratio of 1.40 and a beta of 0.52. The stock has a 50 day moving average price of $57.36 and a 200-day moving average price of $54.63. Fox Corporation has a 1-year low of $39.08 and a 1-year high of $62.69. 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 (NASDAQ:FOXA - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported $1.27 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $3.12 billion. During the same period in the previous year, the business posted $0.90 earnings per share. The business's quarterly revenue was up 6.3% compared to the same quarter last year. Equities research analysts expect that Fox Corporation will post 4.38 earnings per share for the current year.

FOX Increases Dividend

The firm also recently announced a dividend, which will be paid on Wednesday, September 24th. Stockholders of record on Wednesday, September 3rd will be paid a dividend of $0.28 per share. This represents a dividend yield of 93.0%. The ex-dividend date is Wednesday, September 3rd. This is a positive change from FOX's previous dividend of $0.18. FOX's dividend payout ratio (DPR) is presently 11.41%.

Analysts Set New Price Targets

A number of research firms have issued reports on FOXA. UBS Group set a $65.00 target price on shares of FOX and gave the company a "buy" rating in a research note on Wednesday, June 25th. Bank of America increased their price objective on shares of FOX from $60.00 to $65.00 and gave the stock a "buy" rating in a report on Wednesday, June 25th. Wells Fargo & Company increased their price target on shares of FOX from $66.00 to $70.00 and gave the company an "overweight" rating in a research report on Monday, September 8th. Wall Street Zen cut FOX from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, Cfra Research raised shares of FOX from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, August 5th. Nine investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $56.47.

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.