Fox Corporation $FOX Shares Acquired by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its FOX stake by 54.7% in the third quarter, acquiring 231,724 additional shares and bringing its holdings to 655,706 shares valued at approximately $36.9 million.
• CEO Lachlan Murdoch purchased 149,934 shares for roughly $10.3 million, while institutional investors and company insiders owned 26.41% and 23.06% of FOX, respectively.
• Wall Street maintains a consensus “Buy” rating with a $76.56 price target; FOX also exceeded quarterly earnings and revenue estimates, reporting $1.79 in EPS and $4.21 billion in revenue.

Assenagon Asset Management S.A. lifted its stake in Fox Corporation (NASDAQ:FOX - Free Report) by 54.7% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 655,706 shares of the company's stock after purchasing an additional 231,724 shares during the quarter. Assenagon Asset Management S.A. owned about 0.16% of FOX worth $36,916,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Versant Capital Management Inc raised its position in FOX by 42.3% in the 2nd quarter. Versant Capital Management Inc now owns 844 shares of the company's stock worth $40,000 after purchasing an additional 251 shares during the period. Integrated Wealth Concepts LLC bought a new position in shares of FOX during the second quarter valued at approximately $70,000. Glenmede Trust Co. NA raised its holdings in shares of FOX by 143.9% in the first quarter. Glenmede Trust Co. NA now owns 2,697 shares of the company's stock worth $143,000 after buying an additional 1,591 shares during the period. EverSource Wealth Advisors LLC raised its holdings in shares of FOX by 27.6% in the first quarter. EverSource Wealth Advisors LLC now owns 2,838 shares of the company's stock worth $151,000 after buying an additional 613 shares during the period. Finally, CX Institutional raised its holdings in shares of FOX by 54.4% in the third quarter. CX Institutional now owns 2,898 shares of the company's stock worth $163,000 after buying an additional 1,021 shares during the period. Hedge funds and other institutional investors own 26.41% of the company's stock.

Insiders Place Their Bets

In related news, CEO Lachlan Murdoch bought 149,934 shares of the stock in a transaction on Tuesday, September 15th. The stock was bought at an average price of $68.53 per share, for a total transaction of $10,274,977.02. Following the completion of the acquisition, the chief executive officer directly owned 1,401,713 shares in the company, valued at approximately $96,059,391.89. This represents a 11.98% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 23.06% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on FOX shares. Guggenheim restated a "buy" rating on shares of FOX in a report on Tuesday, August 25th. JPMorgan Chase & Co. upgraded FOX from a "neutral" rating to an "overweight" rating and increased their target price for the stock from $70.00 to $82.00 in a research note on Friday, August 14th. Wells Fargo & Company upgraded FOX from a "hold" rating to an "overweight" rating and set a $80.00 target price on the stock in a research note on Friday, August 14th. Citizens Jmp upgraded FOX to a "strong-buy" rating in a research report on Monday, September 14th. Finally, Citigroup initiated coverage on shares of FOX in a research note on Monday, September 14th. They set an "outperform" rating for the company. Three analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $76.56.

FOX Price Performance

FOX opened at $57.22 on Friday. Fox Corporation has a 12-month low of $44.08 and a 12-month high of $68.18. The company has a current ratio of 3.17, a quick ratio of 2.99 and a debt-to-equity ratio of 0.56. The business's fifty day simple moving average is $58.28 and its 200-day simple moving average is $55.51. The company has a market capitalization of $24.01 billion, a price-to-earnings ratio of 14.94, a PEG ratio of 1.48 and a beta of 0.63.

FOX (NASDAQ:FOX - Get Free Report) last released its quarterly earnings data 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. FOX had a return on equity of 20.64% and a net margin of 9.84%. The firm had revenue of $4.21 billion during the quarter, compared to the consensus estimate of $3.64 billion. On average, 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. The ex-dividend date of this dividend was Wednesday, September 2nd. This represents a yield of 96.0%. FOX's payout ratio is 15.14%.

About FOX

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.

Want to see what other hedge funds are holding FOX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fox Corporation (NASDAQ:FOX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.