31,950 Shares in Fox Corporation (NASDAQ:FOXA) Acquired by Hudson Canyon Capital Management

Key Points

• Hudson Canyon Capital Management acquired 31,950 shares of Fox Corporation (NASDAQ: FOXA), worth around $1.8 million, highlighting growing interest from institutional investors in the company.
• Fox Corporation increased its dividend from $0.18 to $0.28 per share, which will be paid to stockholders, reflecting the company's strong financial performance.
• Research analysts have boosted their price targets for FOXA, with ratings ranging from "buy" to "hold," indicating a positive outlook for the company's future stock performance.

Hudson Canyon Capital Management acquired a new stake in Fox Corporation (NASDAQ:FOXA - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm acquired 31,950 shares of the company's stock, valued at approximately $1,808,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FOXA. Greenleaf Trust boosted its position in shares of FOX by 3.1% during the 1st quarter. Greenleaf Trust now owns 6,778 shares of the company's stock worth $384,000 after purchasing an additional 205 shares in the last quarter. Allworth Financial LP boosted its position in shares of FOX by 55.2% during the 1st quarter. Allworth Financial LP now owns 787 shares of the company's stock worth $45,000 after purchasing an additional 280 shares in the last quarter. Linden Thomas Advisory Services LLC boosted its position in shares of FOX by 0.6% during the 1st quarter. Linden Thomas Advisory Services LLC now owns 49,869 shares of the company's stock worth $2,823,000 after purchasing an additional 293 shares in the last quarter. State of Alaska Department of Revenue raised its stake in shares of FOX by 1.2% during the 1st quarter. State of Alaska Department of Revenue now owns 25,521 shares of the company's stock worth $1,444,000 after buying an additional 305 shares during the last quarter. Finally, GeoWealth Management LLC raised its stake in shares of FOX by 32.4% during the 4th quarter. GeoWealth Management LLC now owns 1,448 shares of the company's stock worth $70,000 after buying an additional 354 shares during the last quarter. 52.52% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CFO Steven Tomsic sold 5,607 shares of the business's stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $55.37, for a total transaction of $310,459.59. Following the sale, the chief financial officer owned 133,923 shares in the company, valued at $7,415,316.51. The trade was a 4.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 21.77% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Wall Street Zen lowered shares of FOX from a "buy" rating to a "hold" rating in a research report on Saturday. Bank of America increased their price objective on shares of FOX from $60.00 to $65.00 and gave the company a "buy" rating in a research report on Wednesday, June 25th. UBS Group set a $65.00 target price on FOX and gave the company a "buy" rating in a research note on Wednesday, June 25th. Cfra Research upgraded shares of FOX from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, August 5th. Finally, Wells Fargo & Company raised their price target on FOX from $58.00 to $62.00 and gave the company an "overweight" rating in a report on Tuesday, May 13th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $55.93.

FOX Stock Performance

FOX stock traded up $0.15 during midday trading on Friday, hitting $54.02. The company's stock had a trading volume of 3,558,207 shares, compared to its average volume of 3,380,803. The company has a market cap of $24.29 billion, a price-to-earnings ratio of 11.00, a PEG ratio of 1.22 and a beta of 0.54. Fox Corporation has a 1-year low of $38.72 and a 1-year high of $58.74. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.91 and a quick ratio of 2.33. The company has a 50-day moving average price of $55.39 and a two-hundred day moving average price of $53.73.

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

FOX Increases Dividend

The company also recently disclosed a dividend, which will be paid on Wednesday, September 24th. Investors of record on Wednesday, September 3rd will be given a dividend of $0.28 per share. The ex-dividend date is Wednesday, September 3rd. This is an increase from FOX's previous dividend of $0.18. FOX's dividend payout ratio is presently 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.