Gabelli Funds LLC Sells 9,100 Shares of Fox Corporation $FOXA

Key Points

• Gabelli Funds LLC reduced its stake in Fox Corporation by 3.1%, selling 9,100 shares and holding 284,933 shares worth approximately $16.1 million.
• Analysts have mixed ratings on FOX, with recent upgrades including a "moderate buy" from Cfra Research and a "buy" rating from Bank of America, while the consensus rating is "Hold" with a price target of $56.20.
• Fox Corporation announced a dividend increase from $0.18 to $0.28, which will be paid on September 24th, reflecting a payout ratio of 11.00%.

Gabelli Funds LLC lessened its stake in Fox Corporation (NASDAQ:FOXA - Free Report) by 3.1% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 284,933 shares of the company's stock after selling 9,100 shares during the quarter. Gabelli Funds LLC owned approximately 0.06% of FOX worth $16,127,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of FOX by 2.1% during the first quarter. Vanguard Group Inc. now owns 25,739,628 shares of the company's stock valued at $1,456,863,000 after purchasing an additional 518,835 shares in the last quarter. Invesco Ltd. lifted its position in shares of FOX by 3.0% during the first quarter. Invesco Ltd. now owns 3,680,293 shares of the company's stock valued at $208,305,000 after purchasing an additional 107,687 shares in the last quarter. Northern Trust Corp lifted its position in shares of 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. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of FOX by 8.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,676,877 shares of the company's stock valued at $130,043,000 after purchasing an additional 219,016 shares in the last quarter. Finally, AustralianSuper Pty Ltd lifted its position in shares of FOX by 8.8% during the first quarter. AustralianSuper Pty Ltd now owns 2,636,367 shares of the company's stock valued at $149,218,000 after purchasing an additional 212,348 shares in the last quarter. Institutional investors own 52.52% of the company's stock.

Analyst Upgrades and Downgrades

FOXA has been the topic of a number of recent analyst reports. Cfra Research raised shares of FOX from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, August 5th. Wolfe Research upgraded FOX from an "underperform" rating to a "peer perform" rating in a report on Wednesday, July 9th. Wall Street Zen lowered FOX from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Bank of America lifted their price target on FOX from $60.00 to $65.00 and gave the stock a "buy" rating in a report on Wednesday, June 25th. Finally, Loop Capital lifted their price target on FOX from $62.00 to $64.00 and gave the stock a "buy" rating in a report on Tuesday, May 13th. Nine equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $56.20.

FOX Stock Performance

Shares of FOXA opened at $59.07 on Wednesday. The firm has a market cap of $26.32 billion, a PE ratio of 12.03, a PEG ratio of 1.43 and a beta of 0.54. The stock's fifty day moving average price is $56.33 and its two-hundred day moving average price is $54.30. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.91 and a quick ratio of 2.76. Fox Corporation has a 1 year low of $38.72 and a 1 year high of $60.24.

FOX (NASDAQ:FOXA - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported $1.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.01 by $0.26. The firm had revenue of $3.29 billion for 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 was up 6.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.90 earnings per share. On average, equities research analysts forecast that Fox Corporation will post 4.38 EPS for the current year.

FOX Increases Dividend

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

Insider Activity

In other FOX news, CFO Steven Tomsic sold 5,607 shares of the business's stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $55.37, for a total value of $310,459.59. Following the sale, the chief financial officer directly owned 133,923 shares in the company, valued at $7,415,316.51. The trade was a 4.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 21.77% of the stock is currently owned by 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.

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