Hsbc Holdings PLC Sells 131,429 Shares of Fox Corporation $FOXA

Key Points

• Hsbc Holdings PLC reduced its shareholding in Fox Corporation by 24.0%, now owning 416,192 shares valued at approximately $23.5 million.
• The CFO of Fox Corporation, Steven Tomsic, sold 39,642 shares at an average price of $55.30, decreasing his ownership by 22.84%.
• Fox Corporation recently announced a dividend increase to $0.28 per share, with the dividend payout ratio currently at 11.00%.

Hsbc Holdings PLC trimmed its holdings in shares of Fox Corporation (NASDAQ:FOXA - Free Report) by 24.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 416,192 shares of the company's stock after selling 131,429 shares during the quarter. Hsbc Holdings PLC owned approximately 0.09% of FOX worth $23,494,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in FOX by 2.1% during the first quarter. Vanguard Group Inc. now owns 25,739,628 shares of the company's stock valued at $1,456,863,000 after buying an additional 518,835 shares during the period. Invesco Ltd. lifted its holdings in FOX by 3.0% during 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 holdings in FOX by 17.1% during the fourth quarter. Northern Trust Corp now owns 3,501,659 shares of the company's stock valued at $170,111,000 after purchasing an additional 511,554 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in FOX by 8.9% during 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 purchasing an additional 219,016 shares in the last quarter. Finally, AustralianSuper Pty Ltd lifted its holdings in FOX by 8.8% during the first quarter. AustralianSuper Pty Ltd now owns 2,636,367 shares of the company's stock valued at $149,218,000 after purchasing an additional 212,348 shares in the last quarter. 52.52% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CFO Steven Tomsic sold 5,607 shares of the business's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $55.37, for a total value of $310,459.59. Following the sale, the chief financial officer owned 133,923 shares in the company, valued at approximately $7,415,316.51. The trade was a 4.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 21.77% of the company's stock.

Analysts Set New Price Targets

FOXA has been the topic of several analyst reports. Cfra Research raised shares of FOX from a "hold" rating to a "moderate buy" rating in a report on Tuesday, August 5th. Morgan Stanley lifted 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. Guggenheim reaffirmed a "buy" rating and set a $62.00 price target (up previously from $60.00) on shares of FOX in a report on Wednesday, June 25th. Wall Street Zen downgraded shares of FOX from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Cowen reaffirmed a "hold" rating on shares of FOX in a report on Tuesday, May 13th. Nine research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $56.20.

FOX Price Performance

Shares of FOXA stock traded down $0.13 during mid-day trading on Thursday, hitting $59.39. The company had a trading volume of 688,062 shares, compared to its average volume of 3,897,599. Fox Corporation has a 52-week low of $38.72 and a 52-week high of $60.24. The stock's 50 day moving average price is $56.42 and its 200-day moving average price is $54.34. 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 company has a market capitalization of $26.46 billion, a P/E ratio of 12.08, a P/E/G ratio of 1.42 and a beta of 0.54.

FOX (NASDAQ:FOXA - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $1.27 EPS for the quarter, topping 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 firm had revenue of $3.29 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter in the previous year, the firm earned $0.90 earnings per share. The company's quarterly revenue was up 6.3% compared to the same quarter last year. Equities research analysts forecast that Fox Corporation will post 4.38 earnings per share for the current year.

FOX Increases Dividend

The firm also recently declared a dividend, which will be paid on Wednesday, September 24th. Investors of record on Wednesday, September 3rd will be given a $0.28 dividend. This is a boost from FOX's previous dividend of $0.18. This represents a yield of 94.0%. The ex-dividend date is Wednesday, September 3rd. FOX's dividend payout ratio (DPR) is presently 11.41%.

FOX Company 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.