Fox Corporation $FOXA Stock Position Cut by Credit Agricole S A

Key Points

• Credit Agricole S A significantly reduced its holdings in Fox Corporation by 74.5%, selling 70,950 shares and leaving them with 24,317 shares worth approximately $1.38 million.
• Fox Corporation's quarterly revenue increased by 6.3% year-over-year, reporting $3.29 billion and earnings per share of $1.27, exceeding analysts' expectations.
• The company's board announced an increase in dividends to $0.28 per share, up from $0.18, which is scheduled for payment on September 24th.

Credit Agricole S A cut its stake in Fox Corporation (NASDAQ:FOXA - Free Report) by 74.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,317 shares of the company's stock after selling 70,950 shares during the period. Credit Agricole S A's holdings in FOX were worth $1,376,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in FOXA. NewEdge Advisors LLC raised its holdings in FOX by 390.4% in the fourth quarter. NewEdge Advisors LLC now owns 5,291 shares of the company's stock valued at $257,000 after acquiring an additional 4,212 shares in the last quarter. Hsbc Holdings PLC raised its holdings in FOX by 12.0% in the fourth quarter. Hsbc Holdings PLC now owns 547,621 shares of the company's stock valued at $26,624,000 after acquiring an additional 58,687 shares in the last quarter. Pinebridge Investments L.P. acquired a new stake in FOX in the fourth quarter valued at $1,902,000. Integrated Wealth Concepts LLC acquired a new stake in FOX in the fourth quarter valued at $813,000. Finally, Nebula Research & Development LLC acquired a new stake in FOX in the fourth quarter valued at $525,000. 52.52% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently issued reports on FOXA shares. Morgan Stanley upped their price target on shares of FOX from $60.00 to $65.00 and gave the company an "equal weight" rating in a report on Wednesday, August 6th. Cowen reissued a "hold" rating on shares of FOX in a report on Tuesday, May 13th. Loop Capital increased their target price on shares of FOX from $62.00 to $64.00 and gave the stock a "buy" rating in a report on Tuesday, May 13th. Wall Street Zen cut shares of FOX from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Barclays reissued an "outperform" rating on shares of FOX in a report on Tuesday, May 13th. Nine research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, FOX currently has a consensus rating of "Hold" and a consensus target price of $56.20.

FOX Stock Performance

Shares of FOX stock traded down $0.06 during trading on Thursday, hitting $59.46. 1,775,513 shares of the stock were exchanged, compared to its average volume of 3,904,682. The stock's fifty day moving average is $56.42 and its 200 day moving average is $54.34. The stock has a market cap of $26.49 billion, a PE ratio of 12.11, a P/E/G ratio of 1.42 and a beta of 0.54. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.76 and a current ratio of 2.91. Fox Corporation has a 12 month low of $38.72 and a 12 month high of $60.24.

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

FOX Increases Dividend

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

Insider Transactions at FOX

In related news, CFO Steven Tomsic sold 39,642 shares of the stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $55.30, for a total value of $2,192,202.60. Following the completion of the transaction, the chief financial officer owned 133,923 shares in the company, valued at $7,405,941.90. This represents a 22.84% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 21.77% of the stock is owned by corporate insiders.

About FOX

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.