Invst LLC Cuts Stake in Fox Corporation $FOXA

Key Points

• Invst LLC reduced its stake in Fox Corporation by 27.4%, selling 5,032 shares and holding 13,348 shares worth approximately $756,000 as of its latest SEC filing.
• Fox Corporation recently increased its quarterly dividend from $0.18 to $0.28, with the payment date set for September 24th, reflecting strong financial performance with a net margin of 13.88%.
• Analysts have raised their price targets for FOX, with Morgan Stanley setting an objective of $65.00, and the stock currently holds a consensus rating of "Hold" with a price target of $56.47.

Invst LLC lessened its position in shares of Fox Corporation (NASDAQ:FOXA - Free Report) by 27.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,348 shares of the company's stock after selling 5,032 shares during the quarter. Invst LLC's holdings in FOX were worth $756,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the company. Strs Ohio bought a new position in shares of FOX during the 1st quarter worth approximately $23,727,000. Acadian Asset Management LLC increased its stake in FOX by 19,428.9% during the 1st quarter. Acadian Asset Management LLC now owns 179,080 shares of the company's stock valued at $10,129,000 after purchasing an additional 178,163 shares in the last quarter. Geneos Wealth Management Inc. increased its stake in FOX by 205.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 923 shares of the company's stock valued at $52,000 after purchasing an additional 621 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in FOX by 1.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,709,021 shares of the company's stock valued at $153,331,000 after purchasing an additional 32,144 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI acquired a new position in FOX during the 1st quarter valued at approximately $3,328,000. Institutional investors own 52.52% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on FOXA. UBS Group set a $65.00 price target on shares of FOX and gave the company a "buy" rating in a research note on Wednesday, June 25th. Bank of America upped their price target on shares of FOX from $60.00 to $65.00 and gave the company a "buy" rating in a research note on Wednesday, June 25th. Guggenheim restated a "buy" rating and set a $62.00 price target (up previously from $60.00) on shares of FOX in a research note on Wednesday, June 25th. Morgan Stanley set a $65.00 price objective on shares of FOX in a research note on Tuesday, September 9th. Finally, Wells Fargo & Company increased their price objective on shares of FOX from $66.00 to $70.00 and gave the stock an "overweight" rating in a research note on Monday, September 8th. Nine investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, FOX presently has an average rating of "Hold" and an average price target of $56.47.

FOX Price Performance

FOXA traded up $0.94 during midday trading on Thursday, hitting $60.16. 1,856,073 shares of the company traded hands, compared to its average volume of 3,896,613. The company has a current ratio of 2.91, a quick ratio of 2.76 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $26.80 billion, a price-to-earnings ratio of 12.26, a PEG ratio of 1.38 and a beta of 0.52. Fox Corporation has a 52-week low of $40.20 and a 52-week high of $62.69. The business has a 50 day simple moving average of $57.56 and a two-hundred day simple moving average of $54.69.

FOX (NASDAQ:FOXA - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $1.27 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.26. The firm had revenue of $3.29 billion for the quarter, compared to the consensus estimate of $3.12 billion. FOX had a net margin of 13.88% and a return on equity of 18.86%. The company's revenue for the quarter was up 6.3% on a year-over-year basis. During the same period last year, the firm posted $0.90 earnings per share. On average, equities analysts forecast that Fox Corporation will post 4.38 earnings per share for the current fiscal year.

FOX Increases Dividend

The company also recently announced 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 represents a yield of 93.0%. This is a boost from FOX's previous dividend of $0.18. The ex-dividend date of this dividend is Wednesday, September 3rd. FOX's payout ratio is presently 11.41%.

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.