Panagora Asset Management Inc. Sells 72,225 Shares of Fox Corporation $FOX

Key Points

• Panagora Asset Management Inc. has reduced its stake in Fox Corporation by 46.6%, selling 72,225 shares during the first quarter, leaving it with 82,870 shares valued at approximately $4.37 million.
• Other hedge funds have increased their holdings in FOX, with Federated Hermes Inc. boosting its position by 66.2% and IFP Advisors Inc. raising its stake by 457.6% in the same period.
• Fox Corporation reported earnings of $1.27 per share, surpassing estimates, and declared a dividend of $0.28 to be paid on September 24th, indicating a payout ratio of 11.00%.

Panagora Asset Management Inc. trimmed its stake in shares of Fox Corporation (NASDAQ:FOX - Free Report) by 46.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 82,870 shares of the company's stock after selling 72,225 shares during the period. Panagora Asset Management Inc.'s holdings in FOX were worth $4,368,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of FOX. Federated Hermes Inc. raised its position in FOX by 66.2% in the 1st quarter. Federated Hermes Inc. now owns 580 shares of the company's stock worth $31,000 after purchasing an additional 231 shares during the last quarter. IFP Advisors Inc increased its stake in shares of FOX by 457.6% in the 1st quarter. IFP Advisors Inc now owns 697 shares of the company's stock valued at $37,000 after buying an additional 572 shares during the period. Northwestern Mutual Wealth Management Co. raised its position in shares of FOX by 183.0% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 801 shares of the company's stock worth $42,000 after acquiring an additional 518 shares during the last quarter. SVB Wealth LLC bought a new stake in shares of FOX during the first quarter worth $69,000. Finally, Versant Capital Management Inc lifted its stake in shares of FOX by 327.3% during the first quarter. Versant Capital Management Inc now owns 1,346 shares of the company's stock valued at $71,000 after acquiring an additional 1,031 shares during the period. 26.41% of the stock is owned by institutional investors.

FOX Trading Up 1.2%

FOX stock traded up $0.65 during midday trading on Friday, reaching $55.97. The stock had a trading volume of 842,249 shares, compared to its average volume of 1,021,086. The firm has a market cap of $24.94 billion, a price-to-earnings ratio of 11.40, a PEG ratio of 1.38 and a beta of 0.57. Fox Corporation has a twelve month low of $35.89 and a twelve month high of $55.98. 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 business has a fifty day simple moving average of $52.23 and a two-hundred day simple moving average of $50.29.

FOX (NASDAQ:FOX - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $1.27 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.03 by $0.24. FOX had a net margin of 13.88% and a return on equity of 18.86%. The company had revenue of $3.29 billion for the quarter, compared to the consensus estimate of $3.12 billion. As a group, research analysts expect that Fox Corporation will post 4.25 EPS for the current fiscal year.

FOX Announces Dividend

The firm also recently announced a half year 25 dividend, which will be paid on Wednesday, September 24th. Shareholders of record on Wednesday, September 3rd will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Wednesday, September 3rd. FOX's payout ratio is currently 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.