Fox Corporation $FOXA Shares Sold by Neuberger Berman Group LLC

Key Points

• Neuberger Berman Group LLC cut its stake in Fox Corporation by 49.2% in the third quarter, selling 21,943 shares and leaving 22,649 shares worth $1.43 million, indicating notable institutional selling.
• Fox beat expectations for the quarter with $0.82 EPS (vs. $0.47 expected) and $5.18 billion in revenue (vs. $5.02 billion expected), and the company declared a $0.28 dividend payable March 25 (ex-dividend March 4).
• Analyst sentiment is mixed—MarketBeat shows a consensus "Hold" with a $71.80 target after several brokerages adjusted ratings and price objectives.

Neuberger Berman Group LLC cut its position in Fox Corporation (NASDAQ:FOXA - Free Report) by 49.2% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 22,649 shares of the company's stock after selling 21,943 shares during the quarter. Neuberger Berman Group LLC's holdings in FOX were worth $1,428,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FOXA. CYBER HORNET ETFs LLC acquired a new stake in shares of FOX in the second quarter valued at approximately $35,000. Quantbot Technologies LP acquired a new position in shares of FOX during the third quarter worth approximately $51,000. Geneos Wealth Management Inc. grew its holdings in FOX by 205.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 923 shares of the company's stock worth $52,000 after buying an additional 621 shares in the last quarter. Root Financial Partners LLC bought a new position in FOX in the 3rd quarter worth approximately $60,000. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new stake in FOX in the 3rd quarter valued at approximately $75,000. 52.52% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on FOXA. Citigroup lifted their target price on FOX from $77.00 to $78.00 and gave the company a "buy" rating in a research note on Thursday, February 5th. TD Cowen upped their price objective on shares of FOX from $55.00 to $65.00 and gave the stock a "hold" rating in a report on Thursday, February 5th. Morgan Stanley increased their target price on shares of FOX from $74.00 to $77.00 and gave the company an "equal weight" rating in a research report on Thursday, February 5th. Zacks Research downgraded shares of FOX from a "strong-buy" rating to a "hold" rating in a research report on Thursday, February 5th. Finally, Barclays decreased their price objective on shares of FOX from $64.00 to $63.00 and set an "equal weight" rating for the company in a report on Thursday, February 5th. Seven equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, FOX currently has an average rating of "Hold" and a consensus target price of $71.80.

FOX Trading Up 1.9%

Shares of FOXA stock opened at $59.78 on Friday. The stock has a 50-day simple moving average of $66.49 and a 200 day simple moving average of $64.51. The stock has a market capitalization of $25.43 billion, a P/E ratio of 14.37, a P/E/G ratio of 7.81 and a beta of 0.55. Fox Corporation has a fifty-two week low of $46.42 and a fifty-two week high of $76.39. The company has a quick ratio of 2.44, a current ratio of 2.78 and a debt-to-equity ratio of 0.60.

FOX (NASDAQ:FOXA - Get Free Report) last issued its quarterly earnings results on Wednesday, February 4th. The company reported $0.82 EPS for the quarter, topping the consensus estimate of $0.47 by $0.35. FOX had a net margin of 11.41% and a return on equity of 18.14%. The firm had revenue of $5.18 billion for the quarter, compared to analysts' expectations of $5.02 billion. During the same period in the previous year, the business earned $0.96 earnings per share. FOX's revenue for the quarter was up 2.0% compared to the same quarter last year. On average, sell-side analysts expect that Fox Corporation will post 4.38 earnings per share for the current fiscal year.

FOX Announces Dividend

The firm also recently declared a dividend, which will be paid on Wednesday, March 25th. Shareholders of record on Wednesday, March 4th will be given a $0.28 dividend. The ex-dividend date is Wednesday, March 4th. This represents a yield of 83.0%. FOX's payout ratio is 13.46%.

Insider Activity

In other news, insider Adam G. Ciongoli sold 29,897 shares of the stock in a transaction on Tuesday, December 9th. The stock was sold at an average price of $69.55, for a total transaction of $2,079,336.35. Following the completion of the sale, the insider owned 35,978 shares in the company, valued at approximately $2,502,269.90. This represents a 45.38% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 19.68% of the company's stock.

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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