Fox Corporation $FOX Holdings Lessened by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management cut its FOX stake by 76% in the second quarter, leaving it with 5,760 shares valued at approximately $270,000. Other institutional investors made mixed moves, and institutions collectively own 26.41% of FOX.
• FOX reported quarterly earnings of $1.79 per share on $4.21 billion in revenue, beating analyst estimates of $1.44 per share and $3.64 billion, respectively.
• Analysts maintain a generally positive outlook, with a consensus “Buy” rating and an average price target of $77.67. CEO Lachlan Murdoch also purchased nearly $10.3 million worth of FOX shares.

Envestnet Asset Management Inc. cut its stake in Fox Corporation (NASDAQ:FOX - Free Report) by 76.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,760 shares of the company's stock after selling 18,226 shares during the period. Envestnet Asset Management Inc.'s holdings in FOX were worth $270,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. National Pension Service raised its position in FOX by 56.2% in the 2nd quarter. National Pension Service now owns 56,048 shares of the company's stock valued at $2,625,000 after purchasing an additional 20,157 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in shares of FOX in the 2nd quarter valued at about $2,415,000. Great Lakes Advisors LLC purchased a new position in shares of FOX in the 2nd quarter valued at about $4,222,000. F&V Capital Management LLC boosted its stake in shares of FOX by 31.0% in the 2nd quarter. F&V Capital Management LLC now owns 373,105 shares of the company's stock valued at $17,476,000 after buying an additional 88,395 shares during the period. Finally, Wedge Capital Management L L P NC acquired a new position in shares of FOX during the second quarter worth about $35,047,000. 26.41% of the stock is owned by institutional investors and hedge funds.

FOX Price Performance

Shares of NASDAQ:FOX opened at $55.89 on Friday. Fox Corporation has a 12 month low of $44.08 and a 12 month high of $68.18. The company has a debt-to-equity ratio of 0.56, a current ratio of 3.17 and a quick ratio of 2.99. The stock's 50 day moving average price is $58.04 and its 200 day moving average price is $55.37. The stock has a market cap of $23.45 billion, a price-to-earnings ratio of 14.59, a PEG ratio of 1.45 and a beta of 0.63.

FOX (NASDAQ:FOX - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported $1.79 earnings per share for the quarter, beating the consensus estimate of $1.44 by $0.35. The business had revenue of $4.21 billion during the quarter, compared to analysts' expectations of $3.64 billion. FOX had a return on equity of 20.64% and a net margin of 9.84%. Equities research analysts anticipate that Fox Corporation will post 5.99 earnings per share for the current fiscal year.

FOX Announces Dividend

The firm also recently disclosed a dividend, which was paid on Wednesday, September 23rd. Investors of record on Wednesday, September 2nd were paid a $0.29 dividend. This represents a yield of 96.0%. The ex-dividend date of this dividend was Wednesday, September 2nd. FOX's dividend payout ratio is currently 15.14%.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Citigroup assumed coverage on shares of FOX in a research note on Monday, September 14th. They set an "outperform" rating on the stock. Guggenheim reiterated a "buy" rating on shares of FOX in a research note on Tuesday, August 25th. Wells Fargo & Company upgraded shares of FOX from a "hold" rating to an "overweight" rating and set a $80.00 price target for the company in a research note on Friday, August 14th. Citizens Jmp upgraded shares of FOX to a "strong-buy" rating in a report on Monday, September 14th. Finally, Seaport Research Partners downgraded shares of FOX from a "buy" rating to a "hold" rating in a research report on Friday, August 7th. Three analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $77.67.

Insider Buying and Selling

In other FOX news, CEO Lachlan Murdoch acquired 149,934 shares of the firm's stock in a transaction on Tuesday, September 15th. The stock was purchased at an average cost of $68.53 per share, for a total transaction of $10,274,977.02. Following the transaction, the chief executive officer owned 1,401,713 shares of the company's stock, valued at $96,059,391.89. The trade was a 11.98% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 23.06% of the company's stock.

FOX Company Profile

Fox Corporation NASDAQ: FOX is a U.S. media company that produces and distributes news, sports, and entertainment programming. Its portfolio includes FOX News Media, FOX Sports, FOX Entertainment, FOX Television Stations, and the Tubi streaming service.

FOX News Media operates FOX News Channel, FOX Business Network, FOX News Digital, FOX Nation, and FOX Weather. FOX Sports provides national and regional sports programming, while FOX Entertainment develops and broadcasts scripted and unscripted television content.

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