Victory Capital Management Inc. Sells 721,690 Shares of Fox Corporation (NASDAQ:FOXA)

Key Points

• Victory Capital Management Inc. significantly reduced its holdings in Fox Corporation by 84.1%, selling 721,690 shares during the first quarter.
• Despite the reduction, several other institutional investors have increased their stakes in Fox Corporation, with total institutional ownership now at 52.52%.
• Fox Corporation reported a quarterly earnings beat with $1.10 EPS against an estimated $0.93, reflecting a revenue increase of 26.8% year-over-year.

Victory Capital Management Inc. reduced its holdings in shares of Fox Corporation (NASDAQ:FOXA - Free Report) by 84.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 136,239 shares of the company's stock after selling 721,690 shares during the quarter. Victory Capital Management Inc.'s holdings in FOX were worth $7,711,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in FOXA. Envestnet Portfolio Solutions Inc. acquired a new position in FOX in the fourth quarter worth $206,000. Corient Private Wealth LLC raised its stake in shares of FOX by 2.6% during the fourth quarter. Corient Private Wealth LLC now owns 19,546 shares of the company's stock valued at $950,000 after purchasing an additional 497 shares in the last quarter. Sei Investments Co. raised its stake in shares of FOX by 5.0% during the fourth quarter. Sei Investments Co. now owns 230,507 shares of the company's stock valued at $11,198,000 after purchasing an additional 11,040 shares in the last quarter. LPL Financial LLC raised its stake in shares of FOX by 133.8% during 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 in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp raised its stake in shares of FOX by 2.8% during the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 336,359 shares of the company's stock valued at $16,340,000 after purchasing an additional 9,085 shares in the last quarter. 52.52% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FOXA has been the topic of a number of recent analyst reports. UBS Group set a $65.00 price objective on shares of FOX and gave the company a "buy" rating in a research note on Wednesday, June 25th. Loop Capital lifted their target price on FOX from $62.00 to $64.00 and gave the stock a "buy" rating in a report on Tuesday, May 13th. Wolfe Research raised FOX from an "underperform" rating to a "peer perform" rating in a report on Wednesday, July 9th. Cowen reaffirmed a "hold" rating on shares of FOX in a report on Tuesday, May 13th. Finally, Barclays reaffirmed an "outperform" rating on shares of FOX in a report on Tuesday, May 13th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $53.53.

FOX Trading Up 0.7%

NASDAQ:FOXA traded up $0.40 during mid-day trading on Friday, hitting $56.67. The company had a trading volume of 2,413,102 shares, compared to its average volume of 2,979,113. The firm has a market cap of $25.48 billion, a P/E ratio of 12.85, a P/E/G ratio of 1.27 and a beta of 0.51. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.33 and a current ratio of 2.45. The business's fifty day moving average is $55.41 and its two-hundred day moving average is $53.22. Fox Corporation has a fifty-two week low of $36.09 and a fifty-two week high of $58.74.

FOX (NASDAQ:FOXA - Get Free Report) last released its quarterly earnings results on Monday, May 12th. The company reported $1.10 EPS for the quarter, topping analysts' consensus estimates of $0.93 by $0.17. The company had revenue of $4.37 billion for the quarter, compared to analyst estimates of $4.14 billion. FOX had a return on equity of 17.99% and a net margin of 11.58%. FOX's revenue was up 26.8% compared to the same quarter last year. During the same quarter last year, the firm posted $1.40 earnings per share. As a group, research analysts expect that Fox Corporation will post 4.38 earnings per share for the current year.

Insider Activity at FOX

In other news, CFO Steven Tomsic sold 5,607 shares of the firm's stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $55.37, for a total transaction of $310,459.59. Following the sale, the chief financial officer owned 133,923 shares of the company's stock, valued at $7,415,316.51. This trade represents a 4.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 21.77% of the stock is currently owned by corporate insiders.

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.