Polar Asset Management Partners Inc. Increases Holdings in Fox Corporation $FOXA

Key Points

• Polar Asset Management Partners Inc. increased its stake in Fox Corporation shares by 49.9% in Q1, now holding 159,214 shares valued at approximately $9 million.
• Fox Corporation reported an earnings per share (EPS) of $1.27 for the last quarter, exceeding estimates by $0.26, and had a revenue of $3.29 billion.
• The company announced a dividend increase of $0.28 per share, up from $0.18, with a yield of 93.0% to shareholders of record.

Polar Asset Management Partners Inc. grew its stake in shares of Fox Corporation (NASDAQ:FOXA - Free Report) by 49.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 159,214 shares of the company's stock after buying an additional 53,014 shares during the period. Polar Asset Management Partners Inc.'s holdings in FOX were worth $9,012,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Nissay Asset Management Corp Japan ADV lifted its position in shares of FOX by 1.6% during the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 31,514 shares of the company's stock valued at $1,784,000 after buying an additional 491 shares in the last quarter. New Vernon Capital Holdings II LLC lifted its holdings in FOX by 5,560.0% in the 1st quarter. New Vernon Capital Holdings II LLC now owns 496,495 shares of the company's stock worth $28,102,000 after purchasing an additional 487,723 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in FOX by 246.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 73,009 shares of the company's stock worth $4,132,000 after purchasing an additional 51,960 shares in the last quarter. Gotham Asset Management LLC lifted its holdings in FOX by 8.4% in the 1st quarter. Gotham Asset Management LLC now owns 472,170 shares of the company's stock worth $26,725,000 after purchasing an additional 36,451 shares in the last quarter. Finally, Cinctive Capital Management LP purchased a new position in FOX in the 1st quarter worth approximately $3,752,000. 52.52% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Cfra Research raised FOX from a "hold" rating to a "moderate buy" rating in a report on Tuesday, August 5th. Wolfe Research raised FOX from an "underperform" rating to a "peer perform" rating in a report on Wednesday, July 9th. Wells Fargo & Company boosted their price target on FOX from $66.00 to $70.00 and gave the stock an "overweight" rating in a report on Monday. Bank of America lifted their price objective on FOX from $60.00 to $65.00 and gave the stock a "buy" rating in a research note on Wednesday, June 25th. Finally, Wall Street Zen downgraded FOX from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Nine research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, FOX has a consensus rating of "Hold" and a consensus target price of $56.47.

FOX Trading Up 1.0%

Shares of NASDAQ FOXA traded up $0.56 during trading hours on Thursday, hitting $57.75. 1,930,069 shares of the company traded hands, compared to its average volume of 3,878,375. The stock has a market capitalization of $25.73 billion, a price-to-earnings ratio of 11.75, a price-to-earnings-growth ratio of 1.40 and a beta of 0.52. The company has a current ratio of 2.91, a quick ratio of 2.76 and a debt-to-equity ratio of 0.55. The company's 50 day moving average price is $57.27 and its 200 day moving average price is $54.65. Fox Corporation has a 12 month low of $38.72 and a 12 month high of $62.69.

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

FOX Increases Dividend

The firm also recently disclosed a dividend, which will be paid on Wednesday, September 24th. Investors of record on Wednesday, September 3rd will be issued a dividend of $0.28 per share. This represents a yield of 93.0%. The ex-dividend date is Wednesday, September 3rd. This is an increase from FOX's previous dividend of $0.18. FOX's dividend payout ratio (DPR) is presently 11.41%.

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.