Fox Corporation (NASDAQ:FOXA) Stake Raised by Mitsubishi UFJ Asset Management Co. Ltd.

Key Points

• Mitsubishi UFJ Asset Management increased its stake in Fox Corporation (NASDAQ:FOXA) by 12.7%, owning 382,188 shares valued at approximately $21.6 million as of their latest filing.
• Fox Corporation reported $1.27 earnings per share (EPS) for the last quarter, surpassing analysts' expectations of $1.01, and its quarterly revenue increased by 6.3% compared to the same period last year.
• The company announced a new dividend of $0.28 per share, up from the previous $0.18, payable on September 24th, indicating a strong commitment to returning value to shareholders.

Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Fox Corporation (NASDAQ:FOXA - Free Report) by 12.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 382,188 shares of the company's stock after acquiring an additional 42,918 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.08% of FOX worth $21,632,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. LPL Financial LLC grew its holdings in shares of FOX by 133.8% in the fourth quarter. LPL Financial LLC now owns 43,791 shares of the company's stock valued at $2,127,000 after purchasing an additional 25,060 shares during the period. FMR LLC grew its holdings in shares of FOX by 240.2% in the fourth quarter. FMR LLC now owns 1,884,927 shares of the company's stock valued at $91,570,000 after purchasing an additional 1,330,908 shares during the period. Bank of Montreal Can grew its holdings in shares of FOX by 1.6% in the fourth quarter. Bank of Montreal Can now owns 186,902 shares of the company's stock valued at $9,080,000 after purchasing an additional 2,975 shares during the period. Capital Fund Management S.A. purchased a new stake in shares of FOX in the fourth quarter valued at about $1,315,000. Finally, Sterling Capital Management LLC lifted its position in FOX by 337.0% in the fourth quarter. Sterling Capital Management LLC now owns 38,331 shares of the company's stock valued at $1,862,000 after buying an additional 29,560 shares during the last quarter. Hedge funds and other institutional investors own 52.52% of the company's stock.

Insider Buying and Selling

In other news, CFO Steven Tomsic sold 39,642 shares of the stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $55.30, for a total value of $2,192,202.60. Following the completion of the transaction, the chief financial officer owned 133,923 shares of the company's stock, valued at approximately $7,405,941.90. This represents a 22.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 21.77% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on FOXA shares. Wells Fargo & Company raised their price objective on shares of FOX from $62.00 to $66.00 and gave the company an "overweight" rating in a research note on Thursday. Bank of America upped their target price on shares of FOX from $60.00 to $65.00 and gave the stock a "buy" rating in a research note on Wednesday, June 25th. Barclays reaffirmed an "outperform" rating on shares of FOX in a research note on Tuesday, May 13th. Morgan Stanley upped their target price on shares of FOX from $60.00 to $65.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 6th. Finally, Cowen reaffirmed a "hold" rating on shares of FOX in a report on Tuesday, May 13th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $56.20.

FOX Stock Up 1.4%

Shares of FOXA traded up $0.82 during trading on Thursday, reaching $59.94. The company's stock had a trading volume of 3,090,532 shares, compared to its average volume of 3,972,000. The company has a fifty day moving average of $55.50 and a two-hundred day moving average of $53.86. Fox Corporation has a twelve month low of $38.72 and a twelve month high of $59.98. The company has a market cap of $26.95 billion, a price-to-earnings ratio of 12.21, a P/E/G ratio of 1.34 and a beta of 0.54. The company has a quick ratio of 2.76, a current ratio of 2.91 and a debt-to-equity ratio of 0.55.

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

FOX Increases Dividend

The business also recently disclosed a dividend, which will be paid on Wednesday, September 24th. Investors of record on Wednesday, September 3rd will be paid a dividend of $0.28 per share. The ex-dividend date is Wednesday, September 3rd. This is an increase from FOX's previous dividend of $0.18. FOX's dividend payout ratio (DPR) is currently 11.00%.

About FOX

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.