Fox Corporation $FOX Shares Sold by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group reduced its FOX stake by 6%, selling 19,824 shares in the third quarter; it held 312,978 shares worth about $17.6 million at quarter-end.
• Institutional investors showed mixed activity: several funds initiated or increased positions, and institutions collectively owned 26.41% of FOX.
• FOX beat quarterly earnings and revenue expectations, reporting EPS of $2.54 versus $2.06 expected and revenue of $4.57 billion versus $4.32 billion. Analysts’ consensus rating was Buy, with an average price target of $79.50.

Sumitomo Mitsui Trust Group Inc. cut its stake in shares of Fox Corporation (NASDAQ:FOX - Free Report) by 6.0% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 312,978 shares of the company's stock after selling 19,824 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.07% of FOX worth $17,621,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of FOX during the third quarter valued at approximately $2,084,000. Summit Global Investments lifted its position in shares of FOX by 101.2% during the third quarter. Summit Global Investments now owns 46,609 shares of the company's stock worth $2,624,000 after purchasing an additional 23,439 shares in the last quarter. Choreo LLC purchased a new position in shares of FOX in the third quarter valued at $320,000. Interchange Capital Partners LLC purchased a new position in shares of FOX in the third quarter valued at $244,000. Finally, Transmarket Holdings LP purchased a new position in shares of FOX in the third quarter valued at $2,821,000. Hedge funds and other institutional investors own 26.41% of the company's stock.

Wall Street Analyst Weigh In

FOX has been the subject of a number of recent analyst reports. Citigroup reaffirmed a "market outperform" rating on shares of FOX in a report on Tuesday, October 20th. Royal Bank Of Canada set a $95.00 price objective on shares of FOX in a report on Tuesday, October 20th. Wells Fargo & Company upgraded shares of FOX from a "hold" rating to an "overweight" rating and set a $80.00 price objective on the stock in a report on Friday, August 14th. Wolfe Research set a $93.00 price objective on shares of FOX in a research report on Thursday, August 20th. Finally, Fox Advisors restated a "market outperform" rating on shares of FOX in a research note on Tuesday, October 20th. Three analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, FOX has an average rating of "Buy" and an average target price of $79.50.

FOX Price Performance

FOX stock opened at $59.99 on Friday. The company has a quick ratio of 2.99, a current ratio of 3.79 and a debt-to-equity ratio of 0.53. Fox Corporation has a 52-week low of $44.08 and a 52-week high of $68.18. The stock's 50 day moving average is $57.94 and its two-hundred day moving average is $55.87. The company has a market capitalization of $25.17 billion, a PE ratio of 12.74, a P/E/G ratio of 1.35 and a beta of 0.66.

FOX (NASDAQ:FOX - Get Free Report) last announced its earnings results on Monday, November 2nd. The company reported $2.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.06 by $0.48. The company had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.32 billion. FOX had a return on equity of 23.96% and a net margin of 11.30%. Analysts predict that Fox Corporation will post 6.54 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Lachlan Murdoch purchased 149,934 shares of the company's stock in a transaction that occurred on Tuesday, September 15th. The stock was acquired at an average price of $68.53 per share, for a total transaction of $10,274,977.02. Following the completion of the purchase, the chief executive officer 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 23.06% of the company's stock.

About FOX

Fox Corporation NASDAQ: FOX is a media and entertainment company formed in 2019 following the acquisition of most of 21st Century Fox's entertainment assets by The Walt Disney Company. Fox operates a portfolio of news, sports, entertainment and local television businesses primarily serving audiences in the United States.

The company's FOX News Media segment includes FOX News Channel, FOX Business Network, FOX News Digital and the FOX Nation streaming service. Its FOX Sports business provides live sports programming through the FOX broadcast network, FS1, FS2, FOX Deportes, the Big Ten Network and related digital platforms.

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.