Nuveen LLC Invests $63.13 Million in Fox Corporation (NASDAQ:FOXA)

Key Points

• Nuveen LLC invested approximately $63.13 million in Fox Corporation, acquiring over 1.1 million shares of the company in the first quarter of the year.
• Analysts have issued mixed ratings on Fox Corporation, with target prices ranging from $55.93 to $64.00 and an average rating of "Hold."
• FOX recently announced an increase in its dividend to $0.28 per share, set to be paid on September 24th, up from the previous dividend of $0.18.

Nuveen LLC purchased a new position in Fox Corporation (NASDAQ:FOXA - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 1,115,279 shares of the company's stock, valued at approximately $63,125,000. Nuveen LLC owned 0.25% of FOX as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Invesco Ltd. grew its stake in shares of FOX by 3.0% in the first quarter. Invesco Ltd. now owns 3,680,293 shares of the company's stock worth $208,305,000 after acquiring an additional 107,687 shares during the period. Sierra Summit Advisors LLC bought a new stake in shares of FOX in the first quarter worth approximately $780,000. Covestor Ltd grew its stake in shares of FOX by 281.9% in the first quarter. Covestor Ltd now owns 1,287 shares of the company's stock worth $73,000 after acquiring an additional 950 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of FOX in the first quarter worth approximately $272,000. Finally, Donoghue Forlines LLC bought a new stake in FOX during the first quarter valued at approximately $2,437,000. 52.52% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Wells Fargo & Company boosted their target price on shares of FOX from $58.00 to $62.00 and gave the company an "overweight" rating in a research report on Tuesday, May 13th. Cowen restated a "hold" rating on shares of FOX in a research report on Tuesday, May 13th. Barclays restated an "outperform" rating on shares of FOX in a research report on Tuesday, May 13th. Loop Capital boosted their target price on shares of FOX from $62.00 to $64.00 and gave the company a "buy" rating in a research report on Tuesday, May 13th. Finally, Wall Street Zen lowered shares of FOX from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. One 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. According to data from MarketBeat, FOX has an average rating of "Hold" and a consensus price target of $55.93.

FOX Stock Up 5.3%

Shares of FOXA stock opened at $59.12 on Thursday. The stock has a market cap of $26.58 billion, a P/E ratio of 12.04, a PEG ratio of 1.34 and a beta of 0.54. Fox Corporation has a 52 week low of $38.72 and a 52 week high of $59.12. The company has a quick ratio of 2.76, a current ratio of 2.91 and a debt-to-equity ratio of 0.55. The company's fifty day simple moving average is $55.50 and its two-hundred day simple moving average is $53.86.

FOX (NASDAQ:FOXA - Get Free Report) last announced its quarterly 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 for the quarter, compared to analysts' expectations of $3.12 billion. FOX had a net margin of 13.88% and a return on equity of 18.86%. The business's quarterly revenue was up 6.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.90 EPS. Analysts predict that Fox Corporation will post 4.38 EPS for the current fiscal year.

FOX Increases Dividend

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

Insider Transactions at FOX

In related news, CFO Steven Tomsic sold 5,607 shares of the company's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $55.37, for a total transaction of $310,459.59. Following the sale, the chief financial officer owned 133,923 shares of the company's stock, valued at $7,415,316.51. This represents a 4.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 21.77% of the stock is currently owned by insiders.

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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