Great Lakes Advisors LLC Acquires 45,058 Shares of Fox Corporation $FOXA

Key Points

• Great Lakes Advisors LLC has increased its holdings in Fox Corporation (NASDAQ: FOXA) by 2.7%, acquiring an additional 45,058 shares, bringing its total ownership to approximately 1.73 million shares valued at about $97.6 million.
• Multiple institutional investors have also increased their stakes in FOX, resulting in institutional ownership of 52.52% of the company's stock.
• Fox Corporation will distribute a $0.28 dividend on September 24th, up from the previous $0.18 dividend, which reflects a yield of 93.0%.

Great Lakes Advisors LLC boosted its stake in shares of Fox Corporation (NASDAQ:FOXA - Free Report) by 2.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,733,573 shares of the company's stock after purchasing an additional 45,058 shares during the period. Great Lakes Advisors LLC owned about 0.38% of FOX worth $97,619,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Hemington Wealth Management increased its holdings in FOX by 217.6% during the first 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 last quarter. MV Capital Management Inc. increased its holdings in FOX by 929.9% during the first quarter. MV Capital Management Inc. now owns 690 shares of the company's stock valued at $39,000 after buying an additional 623 shares during the last quarter. Zions Bancorporation National Association UT purchased a new stake in FOX during the first quarter valued at approximately $40,000. Sentry Investment Management LLC purchased a new stake in FOX during the first quarter valued at approximately $43,000. Finally, Allworth Financial LP increased its holdings in FOX by 55.2% during the first quarter. Allworth Financial LP now owns 787 shares of the company's stock valued at $45,000 after buying an additional 280 shares during the last quarter. 52.52% of the stock is owned by hedge funds and other institutional investors.

FOX Price Performance

FOXA traded down $0.48 during trading on Friday, hitting $58.25. 3,542,035 shares of the company traded hands, compared to its average volume of 3,067,539. The company has a market cap of $25.95 billion, a PE ratio of 11.86, a P/E/G ratio of 1.41 and a beta of 0.52. The stock's 50-day simple moving average is $57.36 and its two-hundred day simple moving average is $54.66. Fox Corporation has a 1 year low of $39.08 and a 1 year high of $62.69. 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 (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, beating the consensus estimate of $1.01 by $0.26. The company had revenue of $3.29 billion during the quarter, compared to analysts' expectations of $3.12 billion. FOX had a net margin of 13.88% and a return on equity of 18.86%. FOX's quarterly revenue was up 6.3% on a year-over-year basis. During the same period last year, the company posted $0.90 earnings per share. As a group, sell-side analysts anticipate that Fox Corporation will post 4.38 earnings per share for the current fiscal year.

FOX Increases Dividend

The firm also recently disclosed a dividend, which will be paid on Wednesday, September 24th. Shareholders of record on Wednesday, September 3rd will be given a dividend of $0.28 per share. This represents a yield of 93.0%. This is an increase from FOX's previous dividend of $0.18. The ex-dividend date is Wednesday, September 3rd. FOX's dividend payout ratio (DPR) is 11.41%.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Guggenheim reaffirmed a "buy" rating and set a $62.00 target price (up from $60.00) on shares of FOX in a report on Wednesday, June 25th. Wells Fargo & Company increased their price objective on shares of FOX from $66.00 to $70.00 and gave the stock an "overweight" rating in a research note on Monday, September 8th. Bank of America increased their price objective 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. Cfra Research raised shares of FOX from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, August 5th. Finally, Wall Street Zen cut shares of FOX from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Nine analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, FOX has an average rating of "Hold" and an average price target of $56.47.

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.