ProShare Advisors LLC Buys New Position in Fox Corporation $FOXA

Key Points

• ProShare Advisors opened a new Fox Corporation position, buying 42,812 shares worth approximately $2.68 million in the third quarter. Hedge funds and other institutional investors collectively own 52.52% of the stock.
• Fox reported quarterly earnings of $2.54 per share, beating the $2.02 consensus estimate, while revenue of $4.57 billion exceeded forecasts and rose 22.3% year over year.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $79.16; FOX shares were trading at $66.64 after falling 1.5% on Friday.

ProShare Advisors LLC bought a new stake in Fox Corporation (NASDAQ:FOXA - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 42,812 shares of the company's stock, valued at approximately $2,682,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Choreo LLC grew its position in shares of FOX by 13.3% in the 3rd quarter. Choreo LLC now owns 11,709 shares of the company's stock worth $734,000 after buying an additional 1,370 shares during the period. Interchange Capital Partners LLC bought a new stake in FOX during the third quarter worth about $230,000. Pinnacle Wealth Planning Services Inc. boosted its stake in FOX by 75.7% during the third quarter. Pinnacle Wealth Planning Services Inc. now owns 1,056 shares of the company's stock worth $66,000 after acquiring an additional 455 shares in the last quarter. Asset Management One Co. Ltd. purchased a new stake in FOX in the third quarter worth about $11,195,000. Finally, Park Avenue Securities LLC purchased a new stake in FOX in the third quarter worth about $2,323,000. 52.52% of the stock is owned by hedge funds and other institutional investors.

FOX Stock Down 1.5%

Shares of NASDAQ:FOXA traded down $1.03 during trading on Friday, reaching $66.64. 19,576,650 shares of the stock traded hands, compared to its average volume of 5,016,970. The stock has a market cap of $27.97 billion, a P/E ratio of 14.15, a price-to-earnings-growth ratio of 1.09 and a beta of 0.63. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.99 and a current ratio of 3.79. The stock has a 50-day moving average of $64.86 and a two-hundred day moving average of $62.17. Fox Corporation has a 52-week low of $48.34 and a 52-week high of $76.39.

FOX (NASDAQ:FOXA - Get Free Report) last announced its quarterly earnings data on Monday, November 2nd. The company reported $2.54 earnings per share for the quarter, topping analysts' consensus estimates of $2.02 by $0.52. FOX had a net margin of 11.30% and a return on equity of 23.96%. The company had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.32 billion. During the same period in the previous year, the business earned $1.51 EPS. The firm's revenue for the quarter was up 22.3% on a year-over-year basis. As a group, sell-side analysts expect that Fox Corporation will post 5.97 earnings per share for the current fiscal year.

Insider Activity at FOX

In other FOX news, CEO Lachlan Murdoch purchased 149,934 shares of the firm's stock in a transaction dated Tuesday, September 15th. The stock was purchased at an average price of $68.53 per share, for a total transaction of $10,274,977.02. Following the completion of the purchase, the chief executive officer directly owned 1,401,713 shares of the company's stock, valued at $96,059,391.89. This trade represents a 11.98% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 20.89% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on FOXA shares. KeyCorp lowered shares of FOX to a "sector weight" rating in a report on Friday, October 16th. Wall Street Zen upgraded FOX from a "hold" rating to a "buy" rating in a research note on Saturday, August 15th. Jefferies Financial Group lowered FOX to a "hold" rating in a research report on Friday, October 16th. Guggenheim reiterated a "buy" rating and set a $85.00 price objective on shares of FOX in a research note on Wednesday, September 23rd. Finally, Oppenheimer downgraded FOX to a "market perform" rating in a report on Friday, October 16th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eleven have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $79.16.

FOX Profile

Fox Corporation is a media company focused primarily on news, sports and entertainment for audiences in the United States. Its businesses include Fox News Media, Fox Sports and Fox Entertainment, which produce and distribute television programming, news coverage, live sports and entertainment content.

The company also operates the Fox broadcast network and local television stations, and offers streaming services including Tubi, an ad-supported streaming platform, and Fox Nation, a subscription service.

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