Fox Corporation $FOX Stock: Asset Management One Co. Ltd. Lowers Position

Key Points

• Asset Management One Co. Ltd. cut its FOX position by 75.9% in the third quarter, selling 185,832 shares and retaining 59,095 shares valued at approximately $3.3 million. Institutional investors collectively own 26.41% of FOX.
• FOX exceeded quarterly expectations, reporting $2.54 in EPS versus the $2.07 consensus and revenue of $4.57 billion versus estimates of $4.32 billion.
• Analyst sentiment remains positive, with a consensus “Buy” rating and average price target of $79.50, while CEO Lachlan Murdoch increased his stake by nearly 12% through a $10.3 million stock purchase.

Asset Management One Co. Ltd. reduced its holdings in Fox Corporation (NASDAQ:FOX - Free Report) by 75.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 59,095 shares of the company's stock after selling 185,832 shares during the period. Asset Management One Co. Ltd.'s holdings in FOX were worth $3,327,000 at the end of the most recent quarter.

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

FOX Stock Performance

NASDAQ FOX opened at $55.96 on Tuesday. Fox Corporation has a twelve month low of $44.08 and a twelve 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 stock has a fifty day simple moving average of $58.04 and a 200-day simple moving average of $55.95. The stock has a market cap of $23.48 billion, a PE ratio of 10.36, a P/E/G ratio of 1.40 and a beta of 0.63.

FOX (NASDAQ:FOX - Get Free Report) last issued its quarterly earnings results on Monday, November 2nd. The company reported $2.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.07 by $0.47. FOX had a net margin of 9.84% and a return on equity of 20.64%. The company had revenue of $4.57 billion for the quarter, compared to analyst estimates of $4.32 billion. Equities analysts anticipate that Fox Corporation will post 6.23 earnings per share for the current year.

FOX Announces Dividend

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

Insiders Place Their Bets

In other news, CEO Lachlan Murdoch acquired 149,934 shares of FOX stock in a transaction that occurred on Tuesday, September 15th. The stock was purchased at an average price of $68.53 per share, for a total transaction of $10,274,977.02. Following the completion of the transaction, the chief executive officer directly owned 1,401,713 shares in the company, valued at approximately $96,059,391.89. This trade represents a 11.98% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 23.06% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

FOX has been the topic of a number of research reports. Wells Fargo & Company upgraded 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. Citigroup reiterated a "market outperform" rating on shares of FOX in a research report on Tuesday, October 20th. Zacks Research raised shares of FOX from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, October 6th. Guggenheim restated a "buy" rating on shares of FOX in a research report on Tuesday, August 25th. Finally, Citizens Jmp raised shares of FOX to a "strong-buy" rating in a research note on Monday, September 14th. Three analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, FOX has a consensus rating of "Buy" and an average target price of $79.50.

FOX Profile

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.

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