Fox Corporation $FOXA Shares Sold by QRG Capital Management Inc.

Key Points

• QRG Capital Management cut its Fox stake by 44.2% in the second quarter, selling 28,994 shares and retaining 36,533 shares valued at approximately $1.91 million. Institutional investors collectively own 52.52% of FOXA.
• CEO Lachlan Murdoch purchased 149,934 shares at an average price of $68.53, increasing his ownership by nearly 12%; insiders own 20.89% of the company.
• Fox reported stronger-than-expected quarterly results, with EPS of $1.79 versus a $1.44 estimate and revenue of $4.21 billion, up 28.1% year over year. Analysts maintain a consensus “Hold” rating with a $76.35 price target, compared with a recent share price of $63.07.

QRG Capital Management Inc. reduced its stake in Fox Corporation (NASDAQ:FOXA - Free Report) by 44.2% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 36,533 shares of the company's stock after selling 28,994 shares during the quarter. QRG Capital Management Inc.'s holdings in FOX were worth $1,906,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in FOXA. TD Waterhouse Canada Inc. raised its position in shares of FOX by 2,503.4% in the second quarter. TD Waterhouse Canada Inc. now owns 1,536 shares of the company's stock valued at $80,000 after purchasing an additional 1,477 shares during the period. Wilkerson Advisory Group LLC boosted its holdings in shares of FOX by 50.6% during the 1st quarter. Wilkerson Advisory Group LLC now owns 1,435 shares of the company's stock worth $84,000 after buying an additional 482 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in shares of FOX by 20.9% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,451 shares of the company's stock worth $85,000 after buying an additional 251 shares during the period. Groupe la Francaise bought a new position in FOX in the 2nd quarter worth approximately $99,000. Finally, Wesbanco Bank Inc. raised its position in shares of FOX by 28.6% during the first quarter. Wesbanco Bank Inc. now owns 3,687 shares of the company's stock valued at $215,000 after buying an additional 819 shares during the last quarter. Institutional investors own 52.52% of the company's stock.

Insider Buying and Selling

In other news, CEO Lachlan Murdoch bought 149,934 shares of the company's stock in a transaction on Tuesday, September 15th. The stock was purchased at an average cost of $68.53 per share, for a total transaction of $10,274,977.02. Following the completion of the transaction, the chief executive officer owned 1,401,713 shares of the company's stock, valued at $96,059,391.89. This trade represents a 11.98% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 20.89% of the company's stock.

FOX Stock Down 1.2%

FOXA stock opened at $63.07 on Friday. The business has a 50-day simple moving average of $63.92 and a 200 day simple moving average of $61.44. The company has a quick ratio of 2.99, a current ratio of 3.17 and a debt-to-equity ratio of 0.56. Fox Corporation has a 52 week low of $48.34 and a 52 week high of $76.39. The company has a market cap of $26.47 billion, a PE ratio of 16.47, a price-to-earnings-growth ratio of 1.12 and a beta of 0.55.

FOX (NASDAQ:FOXA - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported $1.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.44 by $0.35. The company had revenue of $4.21 billion for the quarter, compared to analyst estimates of $3.64 billion. FOX had a return on equity of 20.64% and a net margin of 9.84%.The company's revenue for the quarter was up 28.1% compared to the same quarter last year. During the same quarter last year, the company posted $1.27 EPS. Sell-side analysts anticipate that Fox Corporation will post 5.94 EPS for the current fiscal year.

FOX Announces Dividend

The company also recently announced a dividend, which was paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 2nd were issued a $0.29 dividend. This represents a yield of 86.0%. The ex-dividend date of this dividend was Wednesday, September 2nd. FOX's dividend payout ratio is presently 15.14%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on FOXA shares. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $80.00 price target on shares of FOX in a research report on Friday, August 14th. Rothschild & Co Redburn set a $71.00 target price on FOX and gave the stock a "buy" rating in a research report on Friday, July 10th. Guggenheim restated a "buy" rating and set a $85.00 price objective on shares of FOX in a report on Wednesday. Wolfe Research raised shares of FOX from a "peer perform" rating to an "outperform" rating and set a $71.00 price objective on the stock in a research report on Tuesday, June 30th. Finally, UBS Group reiterated a "neutral" rating on shares of FOX in a report on Monday, June 15th. Ten investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $76.35.

About FOX

Fox Corporation NASDAQ: FOXA is a media and entertainment company formed in 2019 following the separation of certain assets from 21st Century Fox. The company operates a portfolio of news, sports and entertainment brands focused primarily on the United States, with select services and programming available internationally.

Fox's businesses include FOX News Media, which operates FOX News Channel, FOX Business Network, FOX News Digital and related subscription and streaming services. Its sports operations include FOX Sports, FS1, FS2, FOX Deportes, the Big Ten Network and sports programming distributed through digital platforms.

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