Geode Capital Management LLC Has $476.25 Million Position in Fox Corporation $FOXA

Key Points

• Geode Capital Management increased its Fox Corp. stake by 0.5% in the fourth quarter, ending with 6.53 million shares valued at about $476.25 million.
• Fox reported better-than-expected quarterly results, posting EPS of $1.32 versus the $1.02 estimate and revenue of $3.99 billion versus $3.78 billion expected, even though revenue fell 8.6% year over year.
• Insider selling was notable, with CEO Lachlan Murdoch and COO John Nallen both selling large blocks of shares; analysts currently rate the stock a consensus “Hold” with a $74.86 price target.

Geode Capital Management LLC increased its stake in shares of Fox Corporation (NASDAQ:FOXA - Free Report) by 0.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,534,627 shares of the company's stock after buying an additional 29,923 shares during the quarter. Geode Capital Management LLC owned about 1.47% of FOX worth $476,248,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. BI Asset Management Fondsmaeglerselskab A S grew its position in FOX by 23.0% during the third quarter. BI Asset Management Fondsmaeglerselskab A S now owns 150,522 shares of the company's stock worth $9,492,000 after buying an additional 28,118 shares in the last quarter. SG Americas Securities LLC grew its position in FOX by 346.6% during the fourth quarter. SG Americas Securities LLC now owns 128,029 shares of the company's stock worth $9,355,000 after buying an additional 99,363 shares in the last quarter. Bank of New York Mellon Corp grew its position in FOX by 0.9% during the third quarter. Bank of New York Mellon Corp now owns 1,924,975 shares of the company's stock worth $121,389,000 after buying an additional 16,757 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its position in FOX by 3.0% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 572,145 shares of the company's stock worth $41,807,000 after buying an additional 16,716 shares in the last quarter. Finally, Strs Ohio grew its position in FOX by 7.6% during the fourth quarter. Strs Ohio now owns 332,444 shares of the company's stock worth $24,292,000 after buying an additional 23,475 shares in the last quarter. Institutional investors and hedge funds own 52.52% of the company's stock.

FOX Price Performance

NASDAQ FOXA opened at $63.92 on Monday. The business has a fifty day moving average price of $62.52 and a two-hundred day moving average price of $65.09. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.90 and a quick ratio of 2.65. Fox Corporation has a fifty-two week low of $52.96 and a fifty-two week high of $76.39. The stock has a market capitalization of $26.86 billion, a PE ratio of 16.87, a PEG ratio of 3.32 and a beta of 0.51.

FOX (NASDAQ:FOXA - Get Free Report) last released its earnings results on Monday, May 11th. The company reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.30. FOX had a return on equity of 18.90% and a net margin of 10.56%.The firm had revenue of $3.99 billion during the quarter, compared to analysts' expectations of $3.78 billion. During the same period in the prior year, the company earned $1.10 earnings per share. The company's quarterly revenue was down 8.6% on a year-over-year basis. Equities analysts expect that Fox Corporation will post 4.93 earnings per share for the current fiscal year.

Insider Buying and Selling at FOX

In other news, CEO Lachlan K. Murdoch sold 637,752 shares of the stock in a transaction on Friday, March 13th. The stock was sold at an average price of $58.20, for a total value of $37,117,166.40. Following the completion of the transaction, the chief executive officer directly owned 152 shares in the company, valued at approximately $8,846.40. This represents a 99.98% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO John Nallen sold 216,806 shares of the firm's stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $57.68, for a total value of $12,505,370.08. Following the sale, the chief operating officer directly owned 362,206 shares in the company, valued at approximately $20,892,042.08. This trade represents a 37.44% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 1,586,871 shares of company stock valued at $91,893,926 over the last 90 days. Corporate insiders own 19.68% of the company's stock.

Wall Street Analysts Forecast Growth

FOXA has been the topic of a number of analyst reports. Wells Fargo & Company increased their price target on FOX from $67.00 to $71.00 and gave the stock an "equal weight" rating in a research report on Tuesday, May 12th. JPMorgan Chase & Co. increased their price target on FOX from $69.00 to $70.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 12th. Morgan Stanley upped their target price on FOX from $74.00 to $77.00 and gave the stock an "equal weight" rating in a research note on Thursday, February 5th. Argus upgraded FOX to a "hold" rating in a research note on Thursday, February 19th. Finally, TD Cowen upped their target price on FOX from $55.00 to $65.00 and gave the stock a "hold" rating in a research note on Thursday, February 5th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $74.86.

FOX Company Profile

Fox Corporation NASDAQ: FOXA is a U.S.-based media company focused on television broadcasting, cable news and sports programming, and digital distribution. The company was formed in 2019 as the successor to certain assets of 21st Century Fox after a transaction that transferred many film and television studio assets to The Walt Disney Company. Fox Corp's operations center on the Fox Broadcasting network, a portfolio of local television stations, national news and business cable networks, and sports media properties.

Fox produces, acquires and distributes a range of live and recorded programming, including news, opinion and commentary, national and local sports telecasts, and general entertainment.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.