Handelsbanken Fonder AB Increases Position in Fox Corporation $FOXA

Key Points

• Handelsbanken Fonder AB increased its Fox Corporation stake by 85.3% in the fourth quarter, buying 40,515 additional shares and ending with 88,009 shares worth about $6.43 million.
• Institutional ownership remains significant, with hedge funds and other investors holding 52.52% of Fox, while several firms also recently boosted their positions in the stock.
• Analyst views are mixed: Fox has a consensus rating of “Hold” and an average price target of $74.86, even as some firms raised targets and Bank of America downgraded the stock to underperform.

Handelsbanken Fonder AB lifted its holdings in Fox Corporation (NASDAQ:FOXA - Free Report) by 85.3% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 88,009 shares of the company's stock after buying an additional 40,515 shares during the period. Handelsbanken Fonder AB's holdings in FOX were worth $6,431,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FOXA. Geneos Wealth Management Inc. boosted its stake in shares of FOX by 205.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 923 shares of the company's stock worth $52,000 after buying an additional 621 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of FOX by 286.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,368 shares of the company's stock worth $77,000 after buying an additional 1,014 shares during the last quarter. Baird Financial Group Inc. boosted its stake in shares of FOX by 19.7% in the 2nd quarter. Baird Financial Group Inc. now owns 17,500 shares of the company's stock worth $981,000 after buying an additional 2,876 shares during the last quarter. California State Teachers Retirement System boosted its stake in shares of FOX by 16.6% in the 2nd quarter. California State Teachers Retirement System now owns 350,844 shares of the company's stock worth $19,661,000 after buying an additional 49,963 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in shares of FOX by 72.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,821,284 shares of the company's stock worth $101,948,000 after buying an additional 762,645 shares during the last quarter. Hedge funds and other institutional investors own 52.52% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently commented on FOXA shares. Bank of America downgraded FOX from a "buy" rating to an "underperform" rating and set a $45.00 price objective on the stock. in a research note on Wednesday, February 25th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $79.00 price objective on shares of FOX in a research note on Tuesday, May 12th. Citigroup upped their price objective on FOX from $77.00 to $78.00 and gave the company a "buy" rating in a research note on Thursday, February 5th. TD Cowen upped their price objective on FOX from $55.00 to $65.00 and gave the company a "hold" rating in a research note on Thursday, February 5th. Finally, JPMorgan Chase & Co. upped their price objective on FOX from $69.00 to $70.00 and gave the company a "neutral" rating in a research note on Tuesday, May 12th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, FOX has an average rating of "Hold" and a consensus target price of $74.86.

Insider Buying and Selling at FOX

In other FOX news, COO John Nallen sold 216,806 shares of the stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $57.68, for a total transaction of $12,505,370.08. Following the sale, the chief operating officer owned 362,206 shares in the company, valued at $20,892,042.08. This represents a 37.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 sale, the chief executive officer owned 152 shares in the company, valued at approximately $8,846.40. This represents a 99.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 1,586,871 shares of company stock worth $91,893,926. Company insiders own 19.68% of the company's stock.

FOX Price Performance

FOX stock opened at $63.98 on Friday. Fox Corporation has a 12 month low of $52.96 and a 12 month high of $76.39. The company has a current ratio of 2.90, a quick ratio of 2.65 and a debt-to-equity ratio of 0.60. The business's 50 day simple moving average is $61.81 and its 200 day simple moving average is $65.10. The company has a market cap of $27.22 billion, a price-to-earnings ratio of 16.88, a PEG ratio of 3.34 and a beta of 0.52.

FOX (NASDAQ:FOXA - Get Free Report) last posted its earnings results on Monday, May 11th. The company reported $1.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.30. The firm 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%.The business's quarterly revenue was down 8.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.10 earnings per share. Sell-side analysts forecast that Fox Corporation will post 4.93 EPS for the current year.

FOX 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.

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