Neuberger Berman Group LLC Increases Stock Holdings in Fox Corporation (NASDAQ:FOXA)

Key Points

• Neuberger Berman Group LLC has significantly increased its stake in Fox Corporation (NASDAQ: FOXA) by 122.3%, owning 83,105 shares valued at approximately $4.7 million as of the latest SEC filing.
• Fox Corporation reported a strong EPS of $1.27 for the recent quarter, surpassing analyst expectations by $0.26, along with a revenue increase of 6.3% year-over-year.
• The company has announced a new dividend of $0.28 per share, an increase from the previous amount, with the dividend payout ratio currently at 11.00%.

Neuberger Berman Group LLC increased its holdings in shares of Fox Corporation (NASDAQ:FOXA - Free Report) by 122.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 83,105 shares of the company's stock after buying an additional 45,716 shares during the period. Neuberger Berman Group LLC's holdings in FOX were worth $4,704,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in FOXA. CWM LLC lifted its holdings in FOX by 8.6% in the 1st quarter. CWM LLC now owns 6,663 shares of the company's stock valued at $377,000 after purchasing an additional 527 shares in the last quarter. Sequoia Financial Advisors LLC lifted its holdings in FOX by 7.8% in the 1st quarter. Sequoia Financial Advisors LLC now owns 6,433 shares of the company's stock valued at $364,000 after purchasing an additional 464 shares in the last quarter. Private Trust Co. NA lifted its holdings in FOX by 86.5% in the 1st quarter. Private Trust Co. NA now owns 929 shares of the company's stock valued at $53,000 after purchasing an additional 431 shares in the last quarter. HB Wealth Management LLC purchased a new position in FOX in the 1st quarter valued at $420,000. Finally, Janney Montgomery Scott LLC lifted its holdings in FOX by 152.1% in the 1st quarter. Janney Montgomery Scott LLC now owns 31,794 shares of the company's stock valued at $1,800,000 after purchasing an additional 19,181 shares in the last quarter. Hedge funds and other institutional investors own 52.52% of the company's stock.

Insider Buying and Selling

In related news, CFO Steven Tomsic sold 39,642 shares of the firm's stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $55.30, for a total transaction of $2,192,202.60. Following the completion of the transaction, the chief financial officer directly owned 133,923 shares in the company, valued at $7,405,941.90. This trade represents a 22.84% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 21.77% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Wolfe Research upgraded FOX from an "underperform" rating to a "peer perform" rating in a report on Wednesday, July 9th. Wells Fargo & Company raised their price objective on FOX from $62.00 to $66.00 and gave the company an "overweight" rating in a report on Thursday. Guggenheim restated a "buy" rating and issued a $62.00 price objective (up previously from $60.00) on shares of FOX in a report on Wednesday, June 25th. Barclays restated an "outperform" rating on shares of FOX in a report on Tuesday, May 13th. Finally, Bank of America raised their target price on FOX from $60.00 to $65.00 and gave the stock a "buy" rating in a research note on Wednesday, June 25th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat.com, FOX has an average rating of "Hold" and a consensus price target of $56.20.

FOX Stock Up 1.3%

Shares of NASDAQ:FOXA opened at $59.89 on Friday. The business has a 50-day moving average price of $55.62 and a 200 day moving average price of $53.93. The company has a current ratio of 2.91, a quick ratio of 2.76 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $26.93 billion, a price-to-earnings ratio of 12.20, a PEG ratio of 1.42 and a beta of 0.54. Fox Corporation has a 12-month low of $38.72 and a 12-month high of $59.98.

FOX (NASDAQ:FOXA - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $1.27 EPS for the quarter, beating 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 analysts' expectations of $3.12 billion. During the same period last year, the business posted $0.90 EPS. FOX's revenue for the quarter was up 6.3% on a year-over-year basis. Sell-side analysts expect that Fox Corporation will post 4.38 EPS for the current year.

FOX Increases Dividend

The company also recently announced a dividend, which will be paid on Wednesday, September 24th. Investors of record on Wednesday, September 3rd will be issued a dividend of $0.28 per share. This is a positive change from FOX's previous dividend of $0.18. The ex-dividend date is Wednesday, September 3rd. FOX's dividend payout ratio (DPR) is 11.00%.

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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