Fox Corporation $FOX Stock Purchased by Summit Global Investments

Key Points

• Summit Global Investments more than doubled its FOX position in the third quarter, adding 23,439 shares for a total of 46,609 shares valued at approximately $2.62 million.
• CEO Lachlan Murdoch purchased 149,934 FOX shares for about $10.27 million, increasing his direct ownership by nearly 12%; corporate insiders own 23.06% of the stock.
• FOX exceeded quarterly expectations with $1.79 in EPS and $4.21 billion in revenue, while analysts maintain a consensus “Buy” rating and an average price target of $78.78.

Summit Global Investments raised its holdings in Fox Corporation (NASDAQ:FOX - Free Report) by 101.2% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 46,609 shares of the company's stock after purchasing an additional 23,439 shares during the quarter. Summit Global Investments' holdings in FOX were worth $2,624,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Versant Capital Management Inc grew its holdings 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 during the last quarter. Integrated Wealth Concepts LLC bought a new position in shares of FOX in the second quarter valued at about $70,000. Glenmede Trust Co. NA lifted its position in FOX by 143.9% during the 1st 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 in the last quarter. EverSource Wealth Advisors LLC lifted its position in FOX by 27.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,838 shares of the company's stock worth $151,000 after buying an additional 613 shares in the last quarter. Finally, CX Institutional lifted its position in FOX by 54.4% during the 3rd quarter. CX Institutional now owns 2,898 shares of the company's stock worth $163,000 after buying an additional 1,021 shares in the last quarter. Institutional investors and hedge funds own 26.41% of the company's stock.

Insider Buying and Selling at FOX

In other news, CEO Lachlan Murdoch purchased 149,934 shares of the business's stock in a transaction that occurred on Tuesday, September 15th. The shares were acquired 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 directly owned 1,401,713 shares of the company's stock, valued at approximately $96,059,391.89. The trade was a 11.98% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. 23.06% of the stock is owned by corporate insiders.

FOX Price Performance

Shares of FOX stock opened at $56.20 on Friday. The firm has a market cap of $23.58 billion, a price-to-earnings ratio of 14.67, a PEG ratio of 1.40 and a beta of 0.63. Fox Corporation has a 12 month low of $44.08 and a 12 month high of $68.18. The company has a quick ratio of 2.99, a current ratio of 3.17 and a debt-to-equity ratio of 0.56. The stock has a 50-day moving average price of $58.14 and a 200 day moving average price of $56.00.

FOX (NASDAQ:FOX - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported $1.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.44 by $0.35. FOX had a net margin of 9.84% and a return on equity of 20.64%. The company had revenue of $4.21 billion for the quarter, compared to analyst estimates of $3.64 billion. Research analysts expect that Fox Corporation will post 6.23 EPS for the current year.

FOX Dividend Announcement

The business also recently declared a dividend, which was paid on Wednesday, September 23rd. Stockholders 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 dividend yield of 96.0%. FOX's dividend payout ratio is 15.14%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on FOX shares. Rothschild & Co Redburn set a $71.00 price objective on shares of FOX in a research report on Friday, July 10th. Seaport Research Partners lowered shares of FOX from a "buy" rating to a "hold" rating in a research report on Friday, August 7th. Citigroup reissued a "market outperform" rating on shares of FOX in a research note on Tuesday, October 20th. Fox Advisors reissued a "market outperform" rating on shares of FOX in a research note on Tuesday, October 20th. Finally, Weiss Ratings upgraded shares of FOX from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, September 10th. Three equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, FOX presently has a consensus rating of "Buy" and a consensus price target of $78.78.

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.

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