Fox Corporation (NASDAQ:FOXA) Shares Sold by Bank of Nova Scotia

Bank of Nova Scotia lessened its stake in Fox Corporation (NASDAQ:FOXA - Free Report) by 24.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 28,330 shares of the company's stock after selling 9,208 shares during the period. Bank of Nova Scotia's holdings in FOX were worth $1,603,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. CIBC Private Wealth Group LLC grew its holdings in FOX by 122.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 669 shares of the company's stock worth $33,000 after acquiring an additional 368 shares in the last quarter. MV Capital Management Inc. grew its stake in FOX by 929.9% in the first quarter. MV Capital Management Inc. now owns 690 shares of the company's stock worth $39,000 after purchasing an additional 623 shares in the last quarter. Sentry Investment Management LLC acquired a new position in FOX in the first quarter worth about $43,000. Allworth Financial LP increased its holdings in FOX by 55.2% in the first quarter. Allworth Financial LP now owns 787 shares of the company's stock valued at $45,000 after buying an additional 280 shares during the last quarter. Finally, TCTC Holdings LLC raised its stake in FOX by 112.5% during the first quarter. TCTC Holdings LLC now owns 797 shares of the company's stock valued at $45,000 after buying an additional 422 shares in the last quarter. 52.52% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CFO Steven Tomsic sold 39,642 shares of the firm's stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $55.30, for a total transaction of $2,192,202.60. Following the transaction, the chief financial officer owned 133,923 shares in the company, valued at $7,405,941.90. This trade represents a 22.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 21.77% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have recently commented on FOXA shares. Cowen reiterated a "hold" rating on shares of FOX in a research report on Tuesday, May 13th. Wells Fargo & Company raised their price objective on FOX from $58.00 to $62.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 13th. Cfra Research upgraded shares of FOX from a "hold" rating to a "moderate buy" rating in a research note on Tuesday. Bank of America increased their target price on shares of FOX from $60.00 to $65.00 and gave the stock a "buy" rating in a report on Wednesday, June 25th. Finally, Wolfe Research raised shares of FOX from an "underperform" rating to a "peer perform" rating in a report on Wednesday, July 9th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, FOX presently has a consensus rating of "Hold" and an average price target of $53.82.

FOX Stock Performance

Shares of NASDAQ:FOXA traded down $0.33 during trading hours on Thursday, hitting $53.87. The stock had a trading volume of 3,329,354 shares, compared to its average volume of 3,464,431. The stock's fifty day simple moving average is $55.40 and its 200 day simple moving average is $53.65. The firm has a market capitalization of $24.22 billion, a price-to-earnings ratio of 10.97, a PEG ratio of 1.19 and a beta of 0.54. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.33 and a current ratio of 2.91. Fox Corporation has a 1-year low of $38.52 and a 1-year high of $58.74.

FOX (NASDAQ:FOXA - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $1.27 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.01 by $0.26. The business had revenue of $3.29 billion during 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 for the quarter 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. Sell-side analysts anticipate that Fox Corporation will post 4.38 earnings per share for the current fiscal year.

FOX Increases Dividend

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

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.