Great Lakes Advisors LLC Buys 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 lifted its position in Fox Corporation (NASDAQ:FOXA - Free Report) by 2.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Hemington Wealth Management increased its stake in shares of FOX by 217.6% in the first quarter. Hemington Wealth Management now owns 524 shares of the company's stock worth $29,000 after purchasing an additional 359 shares in the last quarter. MV Capital Management Inc. grew its stake 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 acquiring an additional 623 shares in the last quarter. Zions Bancorporation National Association UT purchased a new position in FOX during the first quarter valued at $40,000. Sentry Investment Management LLC purchased a new position in FOX during the first quarter valued at $43,000. Finally, Allworth Financial LP grew its stake 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 acquiring an additional 280 shares in the last quarter. 52.52% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Wells Fargo & Company raised their target price on shares of FOX from $66.00 to $70.00 and gave the company an "overweight" rating in a research note on Monday. Morgan Stanley set a $65.00 target price on shares of FOX in a research note on Tuesday. Guggenheim reaffirmed a "buy" rating and set a $62.00 target price (up from $60.00) on shares of FOX 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 research note on Saturday, August 9th. Finally, Cfra Research raised shares of FOX from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, August 5th. Nine equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $56.47.

FOX Trading Up 2.7%

Shares of FOX stock traded up $1.54 during trading on Thursday, hitting $58.73. The stock had a trading volume of 5,408,471 shares, compared to its average volume of 3,898,988. The firm's fifty day simple moving average is $57.27 and its 200-day simple moving average is $54.65. The stock has a market cap of $26.17 billion, a PE ratio of 11.96, a PEG ratio of 1.40 and a beta of 0.52. 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 12 month low of $38.72 and a 12 month high of $62.69.

FOX (NASDAQ:FOXA - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $1.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.26. The firm had revenue of $3.29 billion during the quarter, compared to analyst estimates of $3.12 billion. FOX had a net margin of 13.88% and a return on equity of 18.86%. The business's revenue was up 6.3% on a year-over-year basis. During the same quarter last year, the business earned $0.90 EPS. As a group, sell-side analysts expect that Fox Corporation will post 4.38 EPS for the current fiscal year.

FOX Increases Dividend

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

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.