Intech Investment Management LLC Lowers Position in Fox Corporation $FOXA

Key Points

• Intech Investment Management LLC reduced its stake in Fox Corporation by 17.2%, selling 28,902 shares, bringing its total holdings to 138,809 shares valued at approximately $7.86 million.
• Analysts have varied opinions on FOXA, with nine rating it as a "Buy" and one as a "Sell"; the average target price is currently set at $56.47.
• Fox Corporation announced a dividend increase, with a new payout of $0.28 per share set to be paid on September 24th, up from the previous dividend of $0.18, reflecting a 93.0% yield.

Intech Investment Management LLC cut its stake in shares of Fox Corporation (NASDAQ:FOXA - Free Report) by 17.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 138,809 shares of the company's stock after selling 28,902 shares during the quarter. Intech Investment Management LLC's holdings in FOX were worth $7,857,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of FOXA. Hemington Wealth Management grew its holdings in FOX by 217.6% during the 1st quarter. Hemington Wealth Management now owns 524 shares of the company's stock worth $29,000 after acquiring an additional 359 shares in the last quarter. MV Capital Management Inc. grew its holdings in FOX by 929.9% during the 1st quarter. MV Capital Management Inc. now owns 690 shares of the company's stock worth $39,000 after acquiring an additional 623 shares in the last quarter. Zions Bancorporation National Association UT bought a new position in FOX during the 1st quarter worth about $40,000. Sentry Investment Management LLC bought a new position in FOX during the 1st quarter worth about $43,000. Finally, Allworth Financial LP grew its holdings in FOX by 55.2% during the 1st quarter. Allworth Financial LP now owns 787 shares of the company's stock worth $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.

Analyst Ratings Changes

Several research analysts have issued reports on FOXA shares. Cfra Research upgraded shares of FOX from a "hold" rating to a "moderate buy" rating in a report on Tuesday, August 5th. Wall Street Zen cut FOX from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Wolfe Research upgraded FOX from an "underperform" rating to a "peer perform" rating in a research note on Wednesday, July 9th. Guggenheim restated a "buy" rating and set a $62.00 price objective (up from $60.00) on shares of FOX in a research note on Wednesday, June 25th. Finally, UBS Group set a $65.00 price objective on FOX and gave the stock a "buy" rating in a research note on Wednesday, June 25th. Nine analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $56.47.

FOX Stock Performance

FOXA stock traded up $0.52 during midday trading on Monday, reaching $58.77. The stock had a trading volume of 4,956,144 shares, compared to its average volume of 3,902,990. The stock has a market cap of $26.18 billion, a PE ratio of 11.97, a P/E/G ratio of 1.40 and a beta of 0.52. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.76 and a current ratio of 2.91. The firm has a fifty day simple moving average of $57.36 and a two-hundred day simple moving average of $54.63. Fox Corporation has a 52-week low of $39.35 and a 52-week high of $62.69.

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

FOX Increases Dividend

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