Freedom Investment Management Inc. Acquires Shares of 23,806 Fox Corporation $FOXA

Key Points

• Freedom Investment Management Inc. acquired a new stake in Fox Corporation by purchasing 23,806 shares valued at approximately $1,347,000 during the first quarter.
• Fox Corporation's recent earnings report showed an EPS of $1.27, exceeding analysts' expectations of $1.01, with a revenue of $3.29 billion, up 6.3% year-over-year.
• The company declared an increased dividend of $0.28 per share, up from $0.18, set to be paid on September 24th to stockholders of record as of September 3rd.

Freedom Investment Management Inc. acquired a new stake in Fox Corporation (NASDAQ:FOXA - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 23,806 shares of the company's stock, valued at approximately $1,347,000.

Several other large investors have also recently added to or reduced their stakes in the business. Hemington Wealth Management boosted its position in FOX by 217.6% in the 1st quarter. Hemington Wealth Management now owns 524 shares of the company's stock valued at $29,000 after buying an additional 359 shares during the period. MV Capital Management Inc. increased its position in shares of FOX by 929.9% during the first quarter. MV Capital Management Inc. now owns 690 shares of the company's stock worth $39,000 after acquiring an additional 623 shares during the period. Zions Bancorporation National Association UT acquired a new stake in shares of FOX in the first quarter valued at $40,000. Sentry Investment Management LLC purchased a new position in FOX in the first quarter valued at $43,000. Finally, Allworth Financial LP boosted 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 purchasing an additional 280 shares during the period. 52.52% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at FOX

In related 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 transaction, 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 filing with the SEC, which is available through this link. Company insiders own 21.77% of the company's stock.

FOX Stock Performance

NASDAQ:FOXA traded down $0.06 during mid-day trading on Thursday, reaching $59.46. 1,775,513 shares of the stock were exchanged, compared to its average volume of 3,904,682. The stock has a market capitalization of $26.49 billion, a P/E ratio of 12.11, a P/E/G ratio of 1.42 and a beta of 0.54. Fox Corporation has a 1 year low of $38.72 and a 1 year high of $60.24. The company has a 50 day simple moving average of $56.42 and a 200-day simple moving average of $54.34. The company has a quick ratio of 2.76, a current ratio of 2.91 and a debt-to-equity ratio of 0.55.

FOX (NASDAQ:FOXA - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $1.27 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.26. The business had revenue of $3.29 billion during the quarter, compared to the consensus estimate of $3.12 billion. FOX had a return on equity of 18.86% and a net margin of 13.88%.The company's revenue was up 6.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.90 earnings per share. Analysts anticipate that Fox Corporation will post 4.38 earnings per share for the current fiscal year.

FOX Increases Dividend

The firm also recently announced a dividend, which will be paid on Wednesday, September 24th. Stockholders of record on Wednesday, September 3rd will be issued 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. This represents a dividend yield of 94.0%. FOX's dividend payout ratio is currently 11.41%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Cfra Research raised FOX from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, August 5th. Barclays restated an "outperform" rating on shares of FOX in a research note on Tuesday, May 13th. Bank of America lifted their price target on shares of FOX from $60.00 to $65.00 and gave the stock a "buy" rating in a research note on Wednesday, June 25th. Wall Street Zen cut shares of FOX from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Cowen restated a "hold" rating on shares of FOX in a report on Tuesday, May 13th. Nine research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, FOX currently has an average rating of "Hold" and a consensus price target of $56.20.

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.