Fox Corporation $FOXA Shares Sold by Gamco Investors INC. ET AL

Key Points

• Gamco Investors cut its Fox Corporation stake by 22% in Q1, selling 82,338 shares and ending with 291,625 shares valued at about $17.0 million.
• Fox reported better-than-expected earnings for its latest quarter, posting $1.32 EPS versus $1.02 expected and revenue of $3.99 billion versus $3.78 billion expected.
• Analyst sentiment is mostly constructive, with recent upgrades and target price increases helping push the stock to a consensus rating of “Moderate Buy” and an average price target of $73.56.

Gamco Investors INC. ET AL reduced its holdings in shares of Fox Corporation (NASDAQ:FOXA - Free Report) by 22.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 291,625 shares of the company's stock after selling 82,338 shares during the period. Gamco Investors INC. ET AL owned about 0.07% of FOX worth $17,031,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. grew its stake in shares of FOX by 205.6% in the first quarter. Geneos Wealth Management Inc. now owns 923 shares of the company's stock worth $52,000 after acquiring an additional 621 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in shares of FOX by 286.4% during the second quarter. EverSource Wealth Advisors LLC now owns 1,368 shares of the company's stock worth $77,000 after acquiring an additional 1,014 shares during the period. Baird Financial Group Inc. raised its stake in shares of FOX by 19.7% in the second quarter. Baird Financial Group Inc. now owns 17,500 shares of the company's stock valued at $981,000 after acquiring an additional 2,876 shares in the last quarter. California State Teachers Retirement System raised its stake in shares of FOX by 16.6% in the second quarter. California State Teachers Retirement System now owns 350,844 shares of the company's stock valued at $19,661,000 after acquiring an additional 49,963 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its holdings in FOX by 72.0% in the second quarter. Ameriprise Financial Inc. now owns 1,821,284 shares of the company's stock valued at $101,948,000 after purchasing an additional 762,645 shares during the period. 52.52% of the stock is owned by hedge funds and other institutional investors.

FOX Stock Performance

NASDAQ FOXA opened at $55.31 on Friday. The company has a fifty day moving average of $58.57 and a two-hundred day moving average of $61.74. The company has a market capitalization of $23.24 billion, a PE ratio of 14.59, a P/E/G ratio of 1.57 and a beta of 0.54. Fox Corporation has a 1 year low of $48.34 and a 1 year high of $76.39. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.90 and a quick ratio of 2.65.

FOX (NASDAQ:FOXA - Get Free Report) last announced its earnings results on Monday, May 11th. The company reported $1.32 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.02 by $0.30. The firm had revenue of $3.99 billion during the quarter, compared to analysts' expectations of $3.78 billion. FOX had a return on equity of 18.90% and a net margin of 10.56%.The business's revenue was down 8.6% on a year-over-year basis. During the same period in the prior year, the firm earned $1.10 EPS. As a group, analysts expect that Fox Corporation will post 4.96 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms recently commented on FOXA. Wolfe Research raised FOX from a "peer perform" rating to an "outperform" rating and set a $71.00 target price for the company in a research note on Tuesday, June 30th. Weiss Ratings reiterated a "buy (b-)" rating on shares of FOX in a research note on Friday, May 22nd. Rothschild & Co Redburn set a $71.00 price objective on FOX and gave the stock a "buy" rating in a research report on Friday, July 10th. UBS Group restated a "neutral" rating on shares of FOX in a research note on Monday, June 15th. Finally, JPMorgan Chase & Co. raised their target price on shares of FOX from $69.00 to $70.00 and gave the company a "neutral" rating in a report on Tuesday, May 12th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $73.56.

FOX Profile

Fox Corporation NASDAQ: FOXA is a U.S.-based media company focused on television broadcasting, cable news and sports programming, and digital distribution. The company was formed in 2019 as the successor to certain assets of 21st Century Fox after a transaction that transferred many film and television studio assets to The Walt Disney Company. Fox Corp's operations center on the Fox Broadcasting network, a portfolio of local television stations, national news and business cable networks, and sports media properties.

Fox produces, acquires and distributes a range of live and recorded programming, including news, opinion and commentary, national and local sports telecasts, and general entertainment.

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