Mirae Asset Global Investments Co. Ltd. Purchases 37,022 Shares of Fox Corporation $FOX

Key Points

• Mirae Asset Global Investments initiated a position in Fox Corporation, buying 37,022 shares valued at approximately $2.08 million in the third quarter. Institutional investors and hedge funds collectively own 26.41% of FOX shares.
• FOX reported quarterly earnings of $2.54 per share, beating the $2.06 consensus estimate, while revenue of $4.57 billion exceeded expectations of $4.32 billion.
• Analyst sentiment is generally positive: FOX has an average “Buy” rating and an average price target of $79.50. CEO Lachlan Murdoch also bought 149,934 shares for about $10.27 million.

Mirae Asset Global Investments Co. Ltd. bought a new stake in Fox Corporation (NASDAQ:FOX - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 37,022 shares of the company's stock, valued at approximately $2,084,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FOX. Versant Capital Management Inc grew its holdings in shares of FOX by 42.3% during the 2nd quarter. Versant Capital Management Inc now owns 844 shares of the company's stock worth $40,000 after purchasing an additional 251 shares in the last quarter. Integrated Wealth Concepts LLC bought a new position in shares of FOX in the second quarter worth $70,000. Glenmede Trust Co. NA raised its stake in FOX by 143.9% in the first quarter. Glenmede Trust Co. NA now owns 2,697 shares of the company's stock valued at $143,000 after purchasing an additional 1,591 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in FOX by 27.6% in the first quarter. EverSource Wealth Advisors LLC now owns 2,838 shares of the company's stock valued at $151,000 after purchasing an additional 613 shares in the last quarter. Finally, CX Institutional raised its stake in FOX by 54.4% in the third quarter. CX Institutional now owns 2,898 shares of the company's stock valued at $163,000 after purchasing an additional 1,021 shares in the last quarter. 26.41% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Wells Fargo & Company raised shares of FOX from a "hold" rating to an "overweight" rating and set a $80.00 price objective for the company in a research report on Friday, August 14th. Citizens Jmp raised shares of FOX to a "strong-buy" rating in a report on Monday, September 14th. Wolfe Research set a $93.00 target price on shares of FOX in a research report on Thursday, August 20th. Seaport Research Partners downgraded shares of FOX from a "buy" rating to a "hold" rating in a report on Friday, August 7th. Finally, Weiss Ratings raised shares of FOX from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, November 2nd. Three equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, FOX currently has an average rating of "Buy" and an average target price of $79.50.

FOX Trading Down 0.8%

Shares of FOX stock opened at $59.50 on Friday. Fox Corporation has a twelve month low of $44.08 and a twelve month high of $68.18. The stock's fifty day simple moving average is $57.92 and its 200 day simple moving average is $55.84. The company has a quick ratio of 2.99, a current ratio of 3.79 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $24.97 billion, a P/E ratio of 12.63, a P/E/G ratio of 1.30 and a beta of 0.66.

FOX (NASDAQ:FOX - Get Free Report) last released its quarterly earnings results on Monday, November 2nd. The company reported $2.54 earnings per share for the quarter, topping the consensus estimate of $2.06 by $0.48. The company had revenue of $4.57 billion for the quarter, compared to analysts' expectations of $4.32 billion. FOX had a return on equity of 23.96% and a net margin of 11.30%. As a group, sell-side analysts predict that Fox Corporation will post 6.54 EPS for the current fiscal year.

Insider Transactions at FOX

In other news, CEO Lachlan Murdoch purchased 149,934 shares of the business's stock in a transaction on Tuesday, September 15th. The shares were acquired at an average price of $68.53 per share, with a total value of $10,274,977.02. Following the completion of the transaction, the chief executive officer owned 1,401,713 shares of the company's stock, valued at $96,059,391.89. The trade was a 11.98% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 23.06% of the stock is currently owned by insiders.

FOX Company Profile

Fox Corporation is a U.S. media company that produces and distributes news, sports and entertainment programming. Its operations include the FOX broadcast network, Fox News Media, Fox Sports, FOX Entertainment and Fox Television Stations. The company also owns Tubi, an ad-supported streaming service.

Fox Corporation was formed in 2019 after The Walt Disney Company acquired much of 21st Century Fox. The company's programming and services are primarily aimed at audiences in the United States, with content also distributed to viewers in other markets.

Lachlan Murdoch serves as Fox Corporation's executive chair and chief executive officer.

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