Picton Mahoney Asset Management Raises Stock Position in Fox Corporation (NASDAQ:FOXA)

Picton Mahoney Asset Management lifted its position in Fox Corporation (NASDAQ:FOXA - Free Report) by 131.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 28,795 shares of the company's stock after acquiring an additional 16,344 shares during the quarter. Picton Mahoney Asset Management's holdings in FOX were worth $1,630,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. LPL Financial LLC increased its holdings in shares of FOX by 111.6% in the first quarter. LPL Financial LLC now owns 92,662 shares of the company's stock valued at $5,245,000 after purchasing an additional 48,871 shares during the period. MRP Capital Investments LLC increased its stake in FOX by 27.6% during the 1st quarter. MRP Capital Investments LLC now owns 2,425 shares of the company's stock worth $137,000 after buying an additional 525 shares during the period. Empirical Finance LLC lifted its position in FOX by 2.5% in the first quarter. Empirical Finance LLC now owns 22,433 shares of the company's stock valued at $1,270,000 after acquiring an additional 549 shares during the last quarter. HB Wealth Management LLC acquired a new position in FOX in the first quarter valued at $420,000. Finally, Applied Finance Capital Management LLC lifted its holdings in shares of FOX by 8.5% in the first quarter. Applied Finance Capital Management LLC now owns 12,069 shares of the company's stock valued at $683,000 after purchasing an additional 948 shares in the last quarter. 52.52% of the stock is currently owned by hedge funds and other institutional investors.

FOX Trading Down 0.8%

Shares of FOXA stock traded down $0.46 during trading hours on Wednesday, reaching $55.46. The company's stock had a trading volume of 3,218,952 shares, compared to its average volume of 2,655,842. The company has a current ratio of 2.45, a quick ratio of 2.33 and a debt-to-equity ratio of 0.57. Fox Corporation has a one year low of $36.09 and a one year high of $58.74. The stock has a market capitalization of $24.94 billion, a P/E ratio of 13.80, a P/E/G ratio of 1.25 and a beta of 0.51. The firm's fifty day simple moving average is $55.41 and its 200 day simple moving average is $53.35.

FOX (NASDAQ:FOXA - Get Free Report) last released its quarterly earnings results on Monday, May 12th. The company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.17. The business had revenue of $4.37 billion during the quarter, compared to analyst estimates of $4.14 billion. FOX had a return on equity of 17.99% and a net margin of 11.58%. FOX's revenue for the quarter was up 26.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.40 earnings per share. Equities research analysts expect that Fox Corporation will post 4.38 EPS for the current year.

Insider Buying and Selling

In other FOX news, CFO Steven Tomsic sold 39,642 shares of the firm's stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $55.30, for a total value of $2,192,202.60. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 21.77% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

FOXA has been the topic of a number of recent analyst reports. Wolfe Research raised shares of FOX from an "underperform" rating to a "peer perform" rating in a research note on Wednesday, July 9th. Wells Fargo & Company raised their price target on shares of FOX from $58.00 to $62.00 and gave the company an "overweight" rating in a report on Tuesday, May 13th. Morgan Stanley increased their price objective on shares of FOX from $57.00 to $60.00 and gave the company an "equal weight" rating in a research note on Tuesday, May 13th. Cfra Research downgraded shares of FOX from a "moderate buy" rating to a "hold" rating in a research note on Friday, June 27th. Finally, Bank of America raised their price target on shares of FOX from $60.00 to $65.00 and gave the stock a "buy" rating in a research report on Wednesday, June 25th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $53.53.

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.