Prudential PLC Raises Stock Holdings in Fox Corporation (NASDAQ:FOXA)

Key Points

• Prudential PLC increased its stake in Fox Corporation by 59.7% during the first quarter, owning a total of 89,642 shares valued at $5,074,000.
• The company's chief financial officer, Steven Tomsic, sold 39,642 shares of FOX stock, reducing their ownership by 22.84%, with a total sale value of approximately $2.19 million.
• Fox Corporation recently announced a dividend increase to $0.28 per share, up from $0.18, with the payout scheduled for September 24th.

Prudential PLC increased its holdings in shares of Fox Corporation (NASDAQ:FOXA - Free Report) by 59.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 89,642 shares of the company's stock after purchasing an additional 33,496 shares during the quarter. Prudential PLC's holdings in FOX were worth $5,074,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. CWM LLC grew its stake in FOX by 8.6% during the first quarter. CWM LLC now owns 6,663 shares of the company's stock valued at $377,000 after acquiring an additional 527 shares in the last quarter. Sequoia Financial Advisors LLC increased its holdings in shares of FOX by 7.8% in the first quarter. Sequoia Financial Advisors LLC now owns 6,433 shares of the company's stock worth $364,000 after purchasing an additional 464 shares during the last quarter. Private Trust Co. NA increased its holdings in shares of FOX by 86.5% in the first quarter. Private Trust Co. NA now owns 929 shares of the company's stock worth $53,000 after purchasing an additional 431 shares during the last quarter. HB Wealth Management LLC purchased a new stake in shares of FOX in the first quarter worth about $420,000. Finally, Janney Montgomery Scott LLC boosted its stake in FOX by 152.1% during the first quarter. Janney Montgomery Scott LLC now owns 31,794 shares of the company's stock valued at $1,800,000 after buying an additional 19,181 shares during the last quarter. 52.52% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on FOXA shares. Cfra Research raised shares of FOX from a "hold" rating to a "moderate buy" rating in a report on Tuesday, August 5th. Guggenheim reiterated a "buy" rating and set a $62.00 price objective (up previously from $60.00) on shares of FOX in a report on Wednesday, June 25th. UBS Group set a $65.00 target price on shares of FOX and gave the company a "buy" rating in a research note on Wednesday, June 25th. Barclays reissued an "outperform" rating on shares of FOX in a research report on Tuesday, May 13th. Finally, Bank of America increased their price target on FOX from $60.00 to $65.00 and gave the company a "buy" rating in a research note on Wednesday, June 25th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $56.20.

FOX Price Performance

NASDAQ FOXA traded down $1.53 during trading hours on Friday, hitting $58.36. 4,439,114 shares of the company's stock traded hands, compared to its average volume of 3,578,199. The company has a market capitalization of $26.00 billion, a PE ratio of 11.89, a PEG ratio of 1.40 and a beta of 0.54. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.91 and a quick ratio of 2.76. Fox Corporation has a 52-week low of $38.72 and a 52-week high of $60.24. The firm's 50-day moving average is $55.70 and its 200-day moving average is $54.01.

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 analysts' consensus estimates of $1.01 by $0.26. FOX had a return on equity of 18.86% and a net margin of 13.88%. The business had revenue of $3.29 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same period in the prior year, the business earned $0.90 earnings per share. The business's revenue was up 6.3% compared to the same quarter last year. Equities analysts forecast that Fox Corporation will post 4.38 EPS for the current fiscal year.

FOX Increases Dividend

The business also recently declared a dividend, which will be paid on Wednesday, September 24th. Stockholders of record on Wednesday, September 3rd will be issued a dividend of $0.28 per share. The ex-dividend date is Wednesday, September 3rd. This is a boost from FOX's previous dividend of $0.18. FOX's payout ratio is presently 11.00%.

Insider Buying and Selling at FOX

In related news, CFO Steven Tomsic sold 39,642 shares of the company's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $55.30, for a total value of $2,192,202.60. Following the completion of the sale, 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 sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 21.77% of the company's stock.

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.