Geode Capital Management LLC Reduces Stock Holdings in Fox Corporation $FOX

Key Points

• Geode Capital Management reduced its FOX stake by 1.8% in the fourth quarter, though it still held 3.92 million shares worth about $253.6 million at the time of filing.
• FOX reported a strong last quarter, with EPS of $1.32 and revenue of $3.99 billion, both beating Wall Street estimates. Analysts currently have a consensus rating of Moderate Buy with a $75 target price.
• There has been notable insider selling at Fox Corporation, including large sales by CEO Lachlan K. Murdoch and COO John Nallen, while hedge funds and other institutions continue to hold a meaningful portion of the stock.

Geode Capital Management LLC trimmed its position in Fox Corporation (NASDAQ:FOX - Free Report) by 1.8% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,921,008 shares of the company's stock after selling 69,904 shares during the period. Geode Capital Management LLC owned about 0.88% of FOX worth $253,604,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of FOX. SG Americas Securities LLC lifted its position in shares of FOX by 2,459.6% during the 4th quarter. SG Americas Securities LLC now owns 413,037 shares of the company's stock valued at $26,818,000 after buying an additional 396,900 shares in the last quarter. Gabelli Funds LLC lifted its position in shares of FOX by 26.4% during the 3rd quarter. Gabelli Funds LLC now owns 538,400 shares of the company's stock valued at $30,845,000 after buying an additional 112,600 shares in the last quarter. Canada Post Corp Registered Pension Plan lifted its position in shares of FOX by 786.4% during the 3rd quarter. Canada Post Corp Registered Pension Plan now owns 23,720 shares of the company's stock valued at $1,352,000 after buying an additional 21,044 shares in the last quarter. GABELLI & Co INVESTMENT ADVISERS INC. lifted its position in shares of FOX by 4.8% during the 3rd quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 257,911 shares of the company's stock valued at $14,776,000 after buying an additional 11,900 shares in the last quarter. Finally, Andra AP fonden lifted its position in shares of FOX by 2.7% during the 3rd quarter. Andra AP fonden now owns 1,110,900 shares of the company's stock valued at $63,643,000 after buying an additional 29,200 shares in the last quarter. 26.41% of the stock is owned by hedge funds and other institutional investors.

Key Stories Impacting FOX

Here are the key news stories impacting FOX this week:

• Positive Sentiment: Fox Sports-related coverage highlighted the U.S. men’s national team’s 3-2 win over Senegal, with Christian Pulisic standing out as the team began World Cup preparations. Article Title
• Neutral Sentiment: Fox News continued heavy live coverage of the Iran-Israel/U.S. military situation, including U.S. strikes on Iranian air defenses, missile interceptions, and commentary from military and political guests. These stories may support audience engagement, but they are not directly tied to Fox Corporation’s operating results. Article Title
• Neutral Sentiment: Additional Fox News items focused on domestic politics and breaking news, including claims of burned ballots in Los Angeles, Jill Biden criticism, and other rapid-fire segments. These can drive traffic, but the stock impact is likely limited unless they translate into sustained ratings gains. Article Title
• Negative Sentiment: The prevalence of war-related headlines around Iran and the Middle East may weigh on market sentiment overall, creating a more cautious tone around media stocks despite Fox’s strong earnings backdrop. Article Title

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on FOX. Bank of America reaffirmed an "underperform" rating and set a $45.00 price objective (down from $80.00) on shares of FOX in a research report on Wednesday, February 25th. Wells Fargo & Company cut FOX from a "strong-buy" rating to a "hold" rating in a research report on Thursday, February 5th. Zacks Research raised FOX from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 12th. Finally, Weiss Ratings reaffirmed a "buy (b-)" rating on shares of FOX in a research report on Friday, May 22nd. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $75.00.

Insider Activity at FOX

In related news, CEO Lachlan K. Murdoch sold 637,752 shares of FOX stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $58.20, for a total transaction of $37,117,166.40. Following the sale, the chief executive officer owned 152 shares of the company's stock, valued at approximately $8,846.40. This trade represents a 99.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO John Nallen sold 216,806 shares of FOX stock in a transaction that occurred 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 $20,892,042.08. This trade represents a 37.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,586,871 shares of company stock worth $91,893,926 in the last three months. 23.06% of the stock is owned by corporate insiders.

FOX Stock Down 2.0%

Shares of FOX opened at $58.65 on Wednesday. The business's 50 day moving average is $56.33 and its 200 day moving average is $58.50. The company has a market capitalization of $24.64 billion, a PE ratio of 15.47, a price-to-earnings-growth ratio of 7.06 and a beta of 0.54. Fox Corporation has a 12-month low of $48.42 and a 12-month high of $68.18. The company has a current ratio of 2.90, a quick ratio of 2.65 and a debt-to-equity ratio of 0.60.

FOX (NASDAQ:FOX - Get Free Report) last issued its earnings results on Monday, May 11th. The company reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.30. The company had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $3.78 billion. FOX had a return on equity of 18.90% and a net margin of 10.56%. Research analysts expect that Fox Corporation will post 4.76 earnings per share for the current fiscal year.

FOX Company Profile

Fox Corporation NASDAQ: FOX is a U.S.-based media company that operates television broadcast, news and sports businesses. The company traces its contemporary structure to the 2019 reorganization that followed the sale of certain entertainment assets to The Walt Disney Company; Fox Corporation retained a portfolio centered on the Fox Broadcasting Company, Fox Television Stations, Fox News Media and Fox Sports. Over time the company has expanded its digital footprint through acquisitions and direct-to-consumer services, building a mix of linear and streaming distribution.

FOX's core activities include the creation, aggregation and distribution of television programming and live sports, the operation of national cable news and business networks, and the ownership and operation of local broadcast stations.

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