DoubleLine ETF Adviser LP Has $1.59 Million Stock Holdings in Fox Corporation $FOXA

Key Points

• DoubleLine ETF Adviser LP reduced its holdings in Fox Corporation by 18.7% during the first quarter, selling 6,488 shares and now owning 28,151 shares valued at approximately $1.59 million.
• Fox Corporation declared a dividend increase from $0.18 to $0.28 per share, which will be paid on September 24th, 2023, representing a yield of 93.0%.
• Despite varied analyst ratings, the stock has an average rating of "Hold" with a consensus price target of $56.20.

DoubleLine ETF Adviser LP lessened its stake in shares of Fox Corporation (NASDAQ:FOXA - Free Report) by 18.7% in the first quarter, according to its most recent filing with the SEC. The fund owned 28,151 shares of the company's stock after selling 6,488 shares during the period. DoubleLine ETF Adviser LP's holdings in FOX were worth $1,593,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Hemington Wealth Management lifted its position in shares of FOX by 217.6% during 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 last quarter. MV Capital Management Inc. lifted its position in shares of FOX by 929.9% during 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 last quarter. Zions Bancorporation National Association UT acquired a new stake in FOX during the 1st quarter valued at $40,000. Sentry Investment Management LLC acquired a new stake in FOX during the 1st quarter valued at $43,000. Finally, Allworth Financial LP raised its stake in FOX by 55.2% during the 1st quarter. Allworth Financial LP now owns 787 shares of the company's stock valued at $45,000 after purchasing an additional 280 shares during the period. Institutional investors and hedge funds own 52.52% of the company's stock.

FOX Stock Performance

Shares of NASDAQ FOXA traded up $0.69 during mid-day trading on Friday, hitting $61.50. The company had a trading volume of 2,103,737 shares, compared to its average volume of 2,829,226. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.91 and a quick ratio of 2.76. The business's 50-day simple moving average is $57.04 and its 200-day simple moving average is $54.58. Fox Corporation has a 12 month low of $38.72 and a 12 month high of $61.52. The firm has a market cap of $27.40 billion, a P/E ratio of 12.53, a PEG ratio of 1.47 and a beta of 0.52.

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 net margin of 13.88% and a return on equity of 18.86%. The business had revenue of $3.29 billion during the quarter, compared to analysts' expectations of $3.12 billion. During the same quarter last year, the company earned $0.90 earnings per share. The firm's revenue was up 6.3% on a year-over-year basis. As a group, analysts predict 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. Investors of record on Wednesday, September 3rd will be paid a $0.28 dividend. The ex-dividend date is Wednesday, September 3rd. This is a boost from FOX's previous dividend of $0.18. This represents a dividend yield of 93.0%. FOX's dividend payout ratio is 11.41%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Wells Fargo & Company upped their price target on shares of FOX from $62.00 to $66.00 and gave the stock an "overweight" rating in a research note on Thursday, August 14th. Bank of America upped their price objective on shares of FOX from $60.00 to $65.00 and gave the stock a "buy" rating in a report on Wednesday, June 25th. Wall Street Zen cut shares of FOX from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. 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. Finally, Wolfe Research upgraded shares of FOX from an "underperform" rating to a "peer perform" rating in a report on Wednesday, July 9th. Nine research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target 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.