Envestnet Asset Management Inc. Raises Stake in Fox Corporation (NASDAQ:FOXA)

Envestnet Asset Management Inc. grew its stake in shares of Fox Corporation (NASDAQ:FOXA - Free Report) by 5.9% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 222,922 shares of the company's stock after purchasing an additional 12,483 shares during the period. Envestnet Asset Management Inc.'s holdings in FOX were worth $12,617,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. WealthTrak Capital Management LLC purchased a new stake in FOX during the fourth quarter valued at about $26,000. CIBC Private Wealth Group LLC lifted its holdings in shares of FOX by 122.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 669 shares of the company's stock valued at $33,000 after purchasing an additional 368 shares during the last quarter. MV Capital Management Inc. raised its holdings in 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 acquiring an additional 623 shares during the last quarter. Sentry Investment Management LLC purchased a new position in FOX in the 1st quarter worth approximately $43,000. Finally, Itau Unibanco Holding S.A. purchased a new position in FOX in the 4th quarter worth approximately $49,000. 52.52% of the stock is owned by institutional investors.

FOX Stock Up 0.7%

Shares of NASDAQ FOXA traded up $0.37 during mid-day trading on Tuesday, reaching $55.84. The company had a trading volume of 1,028,257 shares, compared to its average volume of 3,618,607. The company has a current ratio of 2.45, a quick ratio of 2.33 and a debt-to-equity ratio of 0.57. The firm has a 50 day simple moving average of $55.27 and a two-hundred day simple moving average of $53.03. The stock has a market cap of $25.11 billion, a P/E ratio of 13.89, a PEG ratio of 1.26 and a beta of 0.51. Fox Corporation has a 52-week low of $36.09 and a 52-week high of $58.74.

FOX (NASDAQ:FOXA - Get Free Report) last posted its earnings results on Monday, May 12th. The company reported $1.10 EPS for the quarter, beating analysts' consensus estimates of $0.93 by $0.17. FOX had a net margin of 11.58% and a return on equity of 17.99%. The firm had revenue of $4.37 billion for the quarter, compared to the consensus estimate of $4.14 billion. During the same period last year, the firm posted $1.40 EPS. The company's revenue was up 26.8% on a year-over-year basis. Sell-side analysts predict that Fox Corporation will post 4.38 earnings per share for the current year.

Analyst Upgrades and Downgrades

FOXA has been the subject of several analyst reports. 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. Loop Capital increased their price target on FOX from $62.00 to $64.00 and gave the stock a "buy" rating in a research note on Tuesday, May 13th. Morgan Stanley raised their target price on shares of FOX from $57.00 to $60.00 and gave the company an "equal weight" rating in a research note on Tuesday, May 13th. Guggenheim reiterated a "buy" rating and issued a $62.00 price target (up previously from $60.00) on shares of FOX in a research note on Wednesday, June 25th. Finally, UBS Group set a $65.00 target price on shares of FOX and gave the company a "buy" rating in a research report on Wednesday, June 25th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $53.53.

Insider Transactions at FOX

In other news, CFO Steven Tomsic sold 39,642 shares of FOX stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $55.30, for a total value of $2,192,202.60. Following the sale, the chief financial officer owned 133,923 shares of the company's stock, valued at $7,405,941.90. The trade was a 22.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 21.77% of the company's stock.

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.