Todd Asset Management LLC Sells 24,184 Shares of Fox Corporation (NASDAQ:FOXA)

Key Points

• Todd Asset Management LLC reduced its stake in Fox Corporation by 4.4%, owning 523,138 shares worth approximately $29.61 million after selling 24,184 shares in the first quarter.
• Fox Corporation reported a quarterly earnings increase with EPS of $1.27, exceeding the analyst consensus estimate of $1.01, alongside a revenue boost to $3.29 billion compared to $3.12 billion.
• The company announced an increase in its dividend payout to $0.28 from a previous $0.18, with a payout date set for September 24th.

Todd Asset Management LLC decreased its holdings in Fox Corporation (NASDAQ:FOXA - Free Report) by 4.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 523,138 shares of the company's stock after selling 24,184 shares during the quarter. Todd Asset Management LLC owned approximately 0.12% of FOX worth $29,610,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of FOXA. Assetmark Inc. lifted its holdings in FOX by 752.1% in the first quarter. Assetmark Inc. now owns 1,951,657 shares of the company's stock valued at $110,464,000 after buying an additional 1,722,616 shares during the period. FMR LLC lifted its holdings in 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 buying an additional 1,330,908 shares during the period. Federated Hermes Inc. lifted its holdings in FOX by 164,675.7% in the first quarter. Federated Hermes Inc. now owns 1,255,591 shares of the company's stock valued at $71,066,000 after buying an additional 1,254,829 shares during the period. Nuveen LLC acquired a new position in FOX in the first quarter valued at $63,125,000. Finally, Allianz Asset Management GmbH lifted its holdings in FOX by 85.4% in the first quarter. Allianz Asset Management GmbH now owns 1,641,592 shares of the company's stock valued at $92,914,000 after buying an additional 756,116 shares during the period. Institutional investors own 52.52% of the company's stock.

Insider Transactions at FOX

In other FOX news, CFO Steven Tomsic sold 5,607 shares of the company's stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $55.37, for a total value of $310,459.59. Following the completion of the sale, the chief financial officer directly owned 133,923 shares of the company's stock, valued at approximately $7,415,316.51. This represents a 4.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 21.77% of the company's stock.

FOX Stock Up 5.3%

Shares of FOXA traded up $2.99 on Wednesday, reaching $59.12. The company's stock had a trading volume of 4,095,216 shares, compared to its average volume of 3,455,284. The company has a current ratio of 2.91, a quick ratio of 2.76 and a debt-to-equity ratio of 0.55. Fox Corporation has a twelve month low of $38.72 and a twelve month high of $59.12. The stock has a market capitalization of $26.58 billion, a PE ratio of 12.04, a PEG ratio of 1.34 and a beta of 0.54. The firm has a fifty day moving average of $55.50 and a 200-day moving average of $53.86.

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

FOX Increases Dividend

The company also recently disclosed a dividend, which will be paid on Wednesday, September 24th. Shareholders of record on Wednesday, September 3rd will be given a $0.28 dividend. The ex-dividend date of this dividend is Wednesday, September 3rd. This is a positive change from FOX's previous dividend of $0.18. FOX's payout ratio is currently 11.00%.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Barclays restated an "outperform" rating on shares of FOX in a report on Tuesday, May 13th. Cowen reiterated a "hold" rating on shares of FOX in a report on Tuesday, May 13th. Wolfe Research upgraded shares of FOX from an "underperform" rating to a "peer perform" rating in a report on Wednesday, July 9th. Wells Fargo & Company upped their price objective on shares of FOX from $58.00 to $62.00 and gave the company an "overweight" rating in a report on Tuesday, May 13th. Finally, 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. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $55.93.

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.