Ameriprise Financial Inc. Acquires 892,437 Shares of Fox Corporation $FOXA

Key Points

• Ameriprise Financial Inc. significantly increased its stake in Fox Corporation by 537.0% during the first quarter, now owning over 1 million shares valued at approximately $59.9 million.
• Fox Corporation recently reported $1.27 earnings per share (EPS) for the quarter, surpassing expectations of $1.01, alongside a revenue of $3.29 billion, a 6.3% year-over-year increase.
• The company declared a dividend increase to $0.28 per share, up from $0.18, with the dividend payout ratio currently at 11.00%.

Ameriprise Financial Inc. boosted its holdings in Fox Corporation (NASDAQ:FOXA - Free Report) by 537.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,058,639 shares of the company's stock after acquiring an additional 892,437 shares during the period. Ameriprise Financial Inc. owned 0.23% of FOX worth $59,909,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Hemington Wealth Management raised its stake in FOX by 217.6% in the 1st quarter. Hemington Wealth Management now owns 524 shares of the company's stock valued at $29,000 after acquiring an additional 359 shares during the period. MV Capital Management Inc. raised its stake in FOX by 929.9% in the 1st quarter. MV Capital Management Inc. now owns 690 shares of the company's stock valued at $39,000 after acquiring an additional 623 shares during the period. Zions Bancorporation National Association UT bought a new stake in FOX in the 1st quarter valued at $40,000. Sentry Investment Management LLC bought a new stake in FOX in the 1st quarter valued at $43,000. Finally, Allworth Financial LP raised its stake in FOX by 55.2% in the 1st quarter. Allworth Financial LP now owns 787 shares of the company's stock valued at $45,000 after acquiring an additional 280 shares during the period. Institutional investors own 52.52% of the company's stock.

FOX Price Performance

Shares of FOXA traded up $0.24 during trading hours on Friday, hitting $59.70. 2,455,317 shares of the company were exchanged, compared to its average volume of 3,684,529. The company has a market cap of $26.60 billion, a price-to-earnings ratio of 12.16, a P/E/G ratio of 1.43 and a beta of 0.54. Fox Corporation has a fifty-two week low of $38.72 and a fifty-two week high of $60.24. The company has a quick ratio of 2.76, a current ratio of 2.91 and a debt-to-equity ratio of 0.55. The firm's fifty day moving average is $56.61 and its 200 day moving average is $54.42.

FOX (NASDAQ:FOXA - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $1.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.26. The company had revenue of $3.29 billion for the quarter, compared to analyst estimates of $3.12 billion. FOX had a return on equity of 18.86% and a net margin of 13.88%.FOX's quarterly revenue was up 6.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.90 EPS. On average, equities analysts anticipate that Fox Corporation will post 4.38 earnings per share for the current fiscal year.

FOX Increases Dividend

The business also recently announced a dividend, which will be paid on Wednesday, September 24th. Stockholders of record on Wednesday, September 3rd will be issued a dividend of $0.28 per share. This is an increase from FOX's previous dividend of $0.18. The ex-dividend date of this dividend is Wednesday, September 3rd. This represents a dividend yield of 94.0%. FOX's payout ratio is currently 11.41%.

Insider Activity

In other news, CFO Steven Tomsic sold 5,607 shares of the stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $55.37, for a total transaction of $310,459.59. Following the sale, the chief financial officer directly owned 133,923 shares of the company's stock, valued at approximately $7,415,316.51. This represents a 4.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 21.77% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on FOXA shares. Loop Capital increased their price target on FOX from $62.00 to $64.00 and gave the company a "buy" rating in a research note on Tuesday, May 13th. Wall Street Zen cut FOX from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Morgan Stanley upped their price objective on FOX from $60.00 to $65.00 and gave the company an "equal weight" rating in a report on Wednesday, August 6th. Wolfe Research raised FOX from an "underperform" rating to a "peer perform" rating in a report on Wednesday, July 9th. Finally, UBS Group set a $65.00 price objective on FOX and gave the company a "buy" rating in a report on Wednesday, June 25th. Nine analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $56.20.

FOX Profile

Fox Corporation operates as a news, sports, and entertainment company in the United States (U.S.). The company operates through four segments: Cable Network Programming, Television, Credible, and The FOX Studio Lot. The Cable Network Programming segment produces and licenses news and sports content for distribution through traditional cable television systems, direct broadcast satellite operators and telecommunication companies, virtual multi-channel video programming distributors, and other digital platforms primarily in the U.S.