New Vernon Capital Holdings II LLC Has $28.10 Million Stock Holdings in Fox Corporation $FOXA

Key Points

• New Vernon Capital Holdings II LLC significantly increased its stake in Fox Corporation by 5,560%, owning approximately 496,495 shares valued at about $28.1 million, making it the firm's 29th largest holding.
• Fox Corporation reported better-than-expected quarterly earnings, with $1.27 EPS surpassing estimates by $0.26, and a revenue increase of 6.3% year-over-year, totaling $3.29 billion.
• The company announced a dividend increase from $0.18 to $0.28 per share, reflecting a payout ratio of 11.41% and a yield of approximately 93.0%.

New Vernon Capital Holdings II LLC boosted its holdings in Fox Corporation (NASDAQ:FOXA - Free Report) by 5,560.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 496,495 shares of the company's stock after acquiring an additional 487,723 shares during the quarter. FOX accounts for 0.1% of New Vernon Capital Holdings II LLC's portfolio, making the stock its 29th largest position. New Vernon Capital Holdings II LLC owned about 0.11% of FOX worth $28,102,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Hemington Wealth Management increased its position in FOX by 217.6% in the 1st quarter. Hemington Wealth Management now owns 524 shares of the company's stock valued at $29,000 after acquiring an additional 359 shares during the period. MV Capital Management Inc. increased its position in shares of FOX by 929.9% during the 1st quarter. MV Capital Management Inc. now owns 690 shares of the company's stock valued at $39,000 after purchasing an additional 623 shares during the period. Zions Bancorporation National Association UT acquired a new position in shares of FOX during the 1st quarter valued at $40,000. Sentry Investment Management LLC acquired a new position in shares of FOX during the 1st quarter valued at $43,000. Finally, Allworth Financial LP increased its position in shares of FOX by 55.2% during 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. 52.52% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

FOXA has been the topic of several research analyst reports. Morgan Stanley set a $65.00 price target on FOX in a research report on Tuesday. Wall Street Zen cut FOX from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Loop Capital lifted their price target on FOX from $62.00 to $64.00 and gave the company a "buy" rating in a research report on Tuesday, May 13th. Cowen reiterated a "hold" rating on shares of FOX in a research report on Tuesday, May 13th. Finally, Barclays reiterated an "outperform" rating on shares of FOX in a research report on Tuesday, May 13th. Nine research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, FOX has a consensus rating of "Hold" and an average price target of $56.47.

FOX Price Performance

Shares of NASDAQ FOXA traded down $2.15 during mid-day trading on Wednesday, reaching $56.49. The company had a trading volume of 3,446,310 shares, compared to its average volume of 3,870,502. The stock has a market cap of $25.17 billion, a PE ratio of 11.51, a P/E/G ratio of 1.50 and a beta of 0.52. The company has a 50-day moving average price of $57.22 and a two-hundred day moving average price of $54.63. The company has a current ratio of 2.91, a quick ratio of 2.76 and a debt-to-equity ratio of 0.55. Fox Corporation has a 1-year low of $38.72 and a 1-year high of $62.69.

FOX (NASDAQ:FOXA - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported $1.27 EPS for the quarter, topping the consensus estimate of $1.01 by $0.26. The business had revenue of $3.29 billion during the quarter, compared to analysts' expectations of $3.12 billion. FOX had a return on equity of 18.86% and a net margin of 13.88%.FOX's revenue was up 6.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.90 earnings per share. On average, equities analysts anticipate that Fox Corporation will post 4.38 earnings per share for the current year.

FOX Increases Dividend

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

About FOX

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.