Fox Corporation $FOXA Shares Sold by Korea Investment CORP

Key Points

• Korea Investment CORP has reduced its stake in Fox Corporation (NASDAQ: FOXA) by 12.3% during the first quarter, now owning 147,697 shares valued at approximately $8.36 million.
• Fox Corporation's CFO, Steven Tomsic, sold 5,607 shares of the company's stock, which represents a 4.02% decrease in his holdings.
• The company plans to increase its dividend to $0.28 per share, up from $0.18, with payment scheduled for September 24th, 2023.

Korea Investment CORP reduced its position in Fox Corporation (NASDAQ:FOXA - Free Report) by 12.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 147,697 shares of the company's stock after selling 20,667 shares during the quarter. Korea Investment CORP's holdings in FOX were worth $8,360,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. grew its position in shares of FOX by 2.1% during the first quarter. Vanguard Group Inc. now owns 25,739,628 shares of the company's stock worth $1,456,863,000 after buying an additional 518,835 shares in the last quarter. Invesco Ltd. boosted its holdings in FOX by 3.0% in the first quarter. Invesco Ltd. now owns 3,680,293 shares of the company's stock valued at $208,305,000 after purchasing an additional 107,687 shares in the last quarter. Northern Trust Corp lifted its stake in FOX by 17.1% in the fourth quarter. Northern Trust Corp now owns 3,501,659 shares of the company's stock valued at $170,111,000 after buying an additional 511,554 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in FOX by 8.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,676,877 shares of the company's stock valued at $130,043,000 after buying an additional 219,016 shares during the last quarter. Finally, AustralianSuper Pty Ltd lifted its stake in FOX by 8.8% in the first quarter. AustralianSuper Pty Ltd now owns 2,636,367 shares of the company's stock valued at $149,218,000 after buying an additional 212,348 shares during the last quarter. 52.52% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other FOX news, CFO Steven Tomsic sold 5,607 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the chief financial officer owned 133,923 shares in the company, valued at $7,415,316.51. This trade represents a 4.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 21.77% of the stock is currently owned by company insiders.

FOX Price Performance

FOXA stock opened at $59.42 on Friday. 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 1 year low of $38.72 and a 1 year high of $60.24. The firm has a market cap of $26.47 billion, a P/E ratio of 12.10, a price-to-earnings-growth ratio of 1.41 and a beta of 0.54. The stock has a 50-day simple moving average of $56.14 and a 200-day simple moving average of $54.22.

FOX (NASDAQ:FOXA - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported $1.27 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.01 by $0.26. FOX had a return on equity of 18.86% and a net margin of 13.88%.The business had revenue of $3.29 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same quarter last year, the firm earned $0.90 earnings per share. The company's revenue for the quarter was up 6.3% compared to the same quarter last year. On average, equities analysts predict 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. Shareholders of record on Wednesday, September 3rd will be paid a dividend of $0.28 per share. This is a boost from FOX's previous dividend of $0.18. The ex-dividend date is Wednesday, September 3rd. FOX's payout ratio is 11.00%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on FOXA. Wells Fargo & Company upped their price target on FOX from $62.00 to $66.00 and gave the stock an "overweight" rating in a research note on Thursday, August 14th. Cowen reaffirmed a "hold" rating on shares of FOX in a report on Tuesday, May 13th. UBS Group set a $65.00 target price on FOX and gave the company a "buy" rating in a report on Wednesday, June 25th. Loop Capital upped their target price on FOX from $62.00 to $64.00 and gave the company a "buy" rating in a report on Tuesday, May 13th. Finally, Morgan Stanley upped their target price on FOX from $60.00 to $65.00 and gave the company an "equal weight" rating in a report on Wednesday, August 6th. Nine investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average 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.

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