Fox Corporation $FOXA Stock Holdings Lowered by Intech Investment Management LLC

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 reduced its holdings in Fox Corporation (NASDAQ:FOXA - Free Report) by 17.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 138,809 shares of the company's stock after selling 28,902 shares during the period. Intech Investment Management LLC's holdings in FOX were worth $7,857,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of FOXA. Hemington Wealth Management lifted its stake in FOX by 217.6% in 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 period. MV Capital Management Inc. increased its stake 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 during the period. Zions Bancorporation National Association UT bought a new position in FOX in the first quarter valued at about $40,000. Sentry Investment Management LLC acquired a new position in FOX during the 1st quarter worth about $43,000. Finally, Allworth Financial LP lifted its stake in shares of FOX by 55.2% in the 1st quarter. Allworth Financial LP now owns 787 shares of the company's stock valued at $45,000 after purchasing an additional 280 shares during the period. Institutional investors and hedge funds own 52.52% of the company's stock.

FOX Stock Up 3.7%

FOX stock traded up $2.12 during mid-day trading on Wednesday, reaching $59.59. 1,241,621 shares of the company's stock were exchanged, compared to its average volume of 3,888,759. Fox Corporation has a twelve month low of $40.20 and a twelve month high of $62.69. The company has a fifty day moving average of $57.48 and a 200-day moving average of $54.66. The company has a quick ratio of 2.76, a current ratio of 2.91 and a debt-to-equity ratio of 0.55. The company has a market cap of $26.55 billion, a P/E ratio of 12.13, a P/E/G ratio of 1.41 and a beta of 0.52.

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

FOX Increases Dividend

The company also recently declared a dividend, which will be paid on Wednesday, September 24th. Stockholders of record on Wednesday, September 3rd will be issued a dividend of $0.28 per share. This represents a dividend yield of 93.0%. This is a boost from FOX's previous dividend of $0.18. The ex-dividend date is Wednesday, September 3rd. FOX's payout ratio is presently 11.41%.

Wall Street Analyst Weigh In

FOXA has been the subject of several research reports. UBS Group set a $65.00 price objective on FOX and gave the company a "buy" rating in a report on Wednesday, June 25th. Wolfe Research raised FOX from an "underperform" rating to a "peer perform" rating in a research report on Wednesday, July 9th. Wells Fargo & Company upped their price objective on 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 company a "buy" rating in a report on Wednesday, June 25th. Finally, Guggenheim reissued a "buy" rating and issued a $62.00 price objective (up from $60.00) on shares of FOX in a research report on Wednesday, June 25th. Nine research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently 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.