IPG Investment Advisors LLC Makes New $1.40 Million Investment in Fox Corporation (NASDAQ:FOXA)

Key Points

• IPG Investment Advisors LLC has made a new investment in Fox Corporation, buying 24,749 shares valued at approximately $1.40 million.
• Fox Corporation reported a strong performance with $1.10 EPS for the last quarter, exceeding analysts' expectations and achieving a revenue of $4.37 billion.
• Institutional investors own about 52.52% of Fox Corporation’s stock, with several hedge funds significantly increasing their stakes recently.

IPG Investment Advisors LLC bought a new position in shares of Fox Corporation (NASDAQ:FOXA - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 24,749 shares of the company's stock, valued at approximately $1,401,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. CIBC Private Wealth Group LLC lifted its holdings in shares of FOX by 122.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 669 shares of the company's stock valued at $33,000 after purchasing an additional 368 shares in the last quarter. MV Capital Management Inc. lifted its holdings in shares of FOX by 929.9% in the first quarter. MV Capital Management Inc. now owns 690 shares of the company's stock valued at $39,000 after purchasing an additional 623 shares in the last quarter. Sentry Investment Management LLC bought a new stake in shares of FOX in the first quarter valued at about $43,000. Allworth Financial LP lifted its holdings in shares of FOX by 55.2% in the first quarter. Allworth Financial LP now owns 787 shares of the company's stock valued at $45,000 after purchasing an additional 280 shares in the last quarter. Finally, TCTC Holdings LLC lifted its holdings in shares of FOX by 112.5% in the first quarter. TCTC Holdings LLC now owns 797 shares of the company's stock valued at $45,000 after purchasing an additional 422 shares in the last quarter. 52.52% of the stock is currently owned by institutional investors.

Insider Activity at FOX

In other news, CFO Steven Tomsic sold 39,642 shares of the company's stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $55.30, for a total value of $2,192,202.60. Following the transaction, the chief financial officer owned 133,923 shares of the company's stock, valued at approximately $7,405,941.90. This represents a 22.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 21.77% of the company's stock.

FOX Price Performance

Shares of NASDAQ FOXA opened at $55.54 on Monday. The business's 50 day moving average price is $55.44 and its two-hundred day moving average price is $53.53. The company has a market cap of $24.97 billion, a PE ratio of 13.82, a price-to-earnings-growth ratio of 1.24 and a beta of 0.54. The company has a quick ratio of 2.33, a current ratio of 2.45 and a debt-to-equity ratio of 0.57. Fox Corporation has a twelve month low of $36.09 and a twelve month high of $58.74.

FOX (NASDAQ:FOXA - Get Free Report) last announced its quarterly earnings results on Monday, May 12th. The company reported $1.10 earnings per share for the quarter, topping analysts' consensus estimates of $0.93 by $0.17. The firm had revenue of $4.37 billion for the quarter, compared to the consensus estimate of $4.14 billion. FOX had a return on equity of 17.99% and a net margin of 11.58%. The business's revenue was up 26.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.40 earnings per share. On average, analysts predict that Fox Corporation will post 4.38 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Morgan Stanley boosted their price target on FOX from $57.00 to $60.00 and gave the company an "equal weight" rating in a report on Tuesday, May 13th. Bank of America lifted their target price on FOX from $60.00 to $65.00 and gave the company a "buy" rating in a research report on Wednesday, June 25th. Barclays reaffirmed an "outperform" rating on shares of FOX in a research report on Tuesday, May 13th. Guggenheim reaffirmed a "buy" rating and issued a $62.00 target price (up previously from $60.00) on shares of FOX in a research report on Wednesday, June 25th. Finally, Cowen reaffirmed a "hold" rating on shares of FOX in a research report on Tuesday, May 13th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $53.53.

FOX Company 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.

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