Bessemer Group Inc. Sells 51,109 Shares of Fox Corporation (NASDAQ:FOXA)

Bessemer Group Inc. lowered its position in Fox Corporation (NASDAQ:FOXA - Free Report) by 64.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 28,091 shares of the company's stock after selling 51,109 shares during the period. Bessemer Group Inc.'s holdings in FOX were worth $1,589,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FOXA. Norges Bank bought a new stake in FOX during the fourth quarter worth approximately $132,161,000. Jupiter Asset Management Ltd. acquired a new stake in FOX during the fourth quarter worth $67,471,000. FMR LLC raised its position in FOX by 240.2% in the fourth quarter. FMR LLC now owns 1,884,927 shares of the company's stock worth $91,570,000 after purchasing an additional 1,330,908 shares in the last quarter. Victory Capital Management Inc. lifted its stake in FOX by 338.7% during the fourth quarter. Victory Capital Management Inc. now owns 857,929 shares of the company's stock worth $41,678,000 after purchasing an additional 662,367 shares during the period. Finally, Northern Trust Corp boosted 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. Institutional investors own 52.52% of the company's stock.

Analyst Ratings Changes

A number of brokerages have weighed in on FOXA. UBS Group set a $65.00 price target on FOX and gave the company a "buy" rating in a research report on Wednesday, June 25th. Wells Fargo & Company upped their price objective on shares of FOX from $58.00 to $62.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 13th. Bank of America raised their price objective on shares of FOX from $60.00 to $65.00 and gave the stock a "buy" rating in a report on Wednesday, June 25th. Barclays reissued an "outperform" rating on shares of FOX in a report on Tuesday, May 13th. Finally, Cfra Research cut FOX from a "moderate buy" rating to a "hold" rating in a report on Friday, June 27th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, FOX has a consensus rating of "Hold" and a consensus target price of $53.53.

FOX Trading Down 1.4%

Shares of FOXA traded down $0.77 on Wednesday, reaching $55.21. 2,096,504 shares of the company's stock were exchanged, compared to its average volume of 3,587,514. The business has a 50 day moving average price of $53.68 and a two-hundred day moving average price of $52.41. Fox Corporation has a 12 month low of $33.84 and a 12 month high of $58.74. The stock has a market capitalization of $24.82 billion, a P/E ratio of 13.73, a price-to-earnings-growth ratio of 1.19 and a beta of 0.51. The company has a current ratio of 2.45, a quick ratio of 2.33 and a debt-to-equity ratio of 0.57.

FOX (NASDAQ:FOXA - Get Free Report) last issued its earnings results on Monday, May 12th. The company reported $1.10 EPS for the quarter, beating the consensus estimate of $0.93 by $0.17. The company had revenue of $4.37 billion during the quarter, compared to analysts' expectations of $4.14 billion. FOX had a net margin of 11.58% and a return on equity of 17.99%. The business's revenue for the quarter was up 26.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.40 EPS. Research analysts anticipate that Fox Corporation will post 4.38 earnings per share for the current year.

Insider Buying and Selling

In other FOX news, CFO Steven Tomsic sold 5,607 shares of the stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $55.37, for a total value of $310,459.59. Following the transaction, the chief financial officer owned 133,923 shares of the company's stock, valued at approximately $7,415,316.51. This represents a 4.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 21.77% of the company's stock.

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.