LPL Financial LLC Boosts Position in Fox Corporation (NASDAQ:FOXA)

Key Points

• LPL Financial LLC increased its stake in Fox Corporation by 111.6%, owning a total of 92,662 shares worth approximately $5.2 million after acquiring additional shares in Q1.
• Fox Corporation recently declared a dividend of $0.28, up from $0.18, to be paid on September 24th.
• Analysts have a mixed view on FOX, with one sell rating, ten hold ratings, and nine buy ratings, while the stock's consensus target price is $55.93.

LPL Financial LLC increased its position in Fox Corporation (NASDAQ:FOXA - Free Report) by 111.6% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 92,662 shares of the company's stock after acquiring an additional 48,871 shares during the quarter. LPL Financial LLC's holdings in FOX were worth $5,245,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the company. FMR LLC grew its holdings in FOX by 240.2% during the 4th quarter. FMR LLC now owns 1,884,927 shares of the company's stock valued at $91,570,000 after buying an additional 1,330,908 shares in the last quarter. Capital Fund Management S.A. purchased a new position in FOX during the 4th quarter valued at about $1,315,000. Sterling Capital Management LLC grew its holdings in FOX by 337.0% during the 4th quarter. Sterling Capital Management LLC now owns 38,331 shares of the company's stock valued at $1,862,000 after buying an additional 29,560 shares in the last quarter. Trustmark National Bank Trust Department purchased a new position in FOX during the 4th quarter valued at about $1,071,000. Finally, Mariner LLC grew its holdings in FOX by 26.5% during the 4th quarter. Mariner LLC now owns 32,545 shares of the company's stock valued at $1,581,000 after buying an additional 6,814 shares in the last quarter. Hedge funds and other institutional investors own 52.52% of the company's stock.

Insider Activity at FOX

In other news, CFO Steven Tomsic sold 39,642 shares of the stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $55.30, for a total transaction of $2,192,202.60. Following the completion of the sale, the chief financial officer directly owned 133,923 shares in the company, 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 SEC, which is accessible through this hyperlink. Company insiders own 21.77% of the company's stock.

FOX Price Performance

NASDAQ:FOXA traded down $1.53 during mid-day trading on Friday, reaching $58.36. The stock had a trading volume of 4,439,114 shares, compared to its average volume of 3,984,601. The firm has a 50 day moving average price of $55.62 and a two-hundred day moving average price of $53.93. The stock has a market capitalization of $26.24 billion, a P/E ratio of 11.89, a P/E/G ratio of 1.42 and a beta of 0.54. Fox Corporation has a one year low of $38.72 and a one year high of $60.24. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.76 and a current ratio of 2.91.

FOX (NASDAQ:FOXA - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $1.27 earnings per share for the quarter, topping analysts' consensus estimates of $1.01 by $0.26. FOX had a return on equity of 18.86% and a net margin of 13.88%. The company had revenue of $3.29 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter in the previous year, the company posted $0.90 EPS. FOX's quarterly revenue was up 6.3% compared to the same quarter last year. As a group, analysts expect 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. Stockholders of record on Wednesday, September 3rd will be paid a dividend of $0.28 per share. This is a positive change from FOX's previous dividend of $0.18. The ex-dividend date of this dividend is Wednesday, September 3rd. FOX's payout ratio is currently 11.00%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Cfra Research raised FOX from a "hold" rating to a "moderate buy" rating in a report on Tuesday, August 5th. Wells Fargo & Company lifted their target price on FOX from $62.00 to $66.00 and gave the company an "overweight" rating in a report on Thursday. Wolfe Research upgraded FOX from an "underperform" rating to a "peer perform" rating in a research report on Wednesday, July 9th. Bank of America lifted their price target on FOX from $60.00 to $65.00 and gave the company a "buy" rating in a research report on Wednesday, June 25th. Finally, Morgan Stanley lifted their price target on FOX from $60.00 to $65.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 6th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, FOX has an average rating of "Hold" and a consensus price target of $56.20.

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.