Public Employees Retirement System of Ohio Buys Shares of 51,561 Fox Corporation $FOX

Key Points

• Public Employees Retirement System of Ohio initiated a position in Fox Corporation, purchasing 51,561 shares valued at approximately $2.4 million. Institutional investors collectively own 26.41% of FOX.
• Analyst sentiment remains favorable overall, with FOX carrying a consensus “Moderate Buy” rating and an average price target of $77.89, despite several recent downgrades to “Hold.”
• FOX exceeded quarterly expectations, reporting $1.79 in earnings per share versus the $1.44 consensus estimate and revenue of $4.21 billion against a $3.64 billion forecast.

Public Employees Retirement System of Ohio purchased a new position in shares of Fox Corporation (NASDAQ:FOX - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 51,561 shares of the company's stock, valued at approximately $2,415,000.

Several other institutional investors and hedge funds also recently modified their holdings of FOX. Marshall Wace LLP increased its holdings in shares of FOX by 792.4% during the third quarter. Marshall Wace LLP now owns 3,184,642 shares of the company's stock valued at $182,448,000 after purchasing an additional 2,827,768 shares during the period. Wedge Capital Management L L P NC bought a new position in FOX in the 2nd quarter valued at about $35,047,000. Pinebridge Investments LLC acquired a new position in FOX during the 4th quarter valued at about $13,758,000. Foster & Motley Inc. acquired a new position in FOX during the 2nd quarter valued at about $9,237,000. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of FOX during the 1st quarter worth about $9,328,000. Institutional investors own 26.41% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on FOX. Zacks Research lowered shares of FOX from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 28th. JPMorgan Chase & Co. upgraded shares of FOX from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $70.00 to $82.00 in a research note on Friday, August 14th. Wolfe Research set a $93.00 target price on FOX in a report on Thursday, August 20th. Weiss Ratings downgraded FOX from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, August 26th. Finally, Seaport Research Partners cut FOX from a "buy" rating to a "hold" rating in a research report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, FOX presently has a consensus rating of "Moderate Buy" and a consensus target price of $77.89.

FOX Stock Performance

NASDAQ:FOX opened at $58.42 on Friday. The company has a 50-day moving average of $54.39 and a 200-day moving average of $54.48. The firm has a market cap of $24.52 billion, a price-to-earnings ratio of 15.25, a price-to-earnings-growth ratio of 1.60 and a beta of 0.58. The company has a current ratio of 3.17, a quick ratio of 2.99 and a debt-to-equity ratio of 0.56. Fox Corporation has a twelve month low of $44.08 and a twelve month high of $68.18.

FOX (NASDAQ:FOX - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported $1.79 EPS for the quarter, topping analysts' consensus estimates of $1.44 by $0.35. FOX had a net margin of 9.84% and a return on equity of 20.64%. The business had revenue of $4.21 billion for the quarter, compared to the consensus estimate of $3.64 billion. Analysts forecast that Fox Corporation will post 5.91 earnings per share for the current fiscal year.

FOX Announces Dividend

The business also recently declared a dividend, which will be paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 2nd will be issued a $0.29 dividend. The ex-dividend date of this dividend is Wednesday, September 2nd. This represents a dividend yield of 96.0%. FOX's dividend payout ratio is currently 15.14%.

FOX Company Profile

Fox Corporation NASDAQ: FOX is a U.S.-based media company that operates television broadcast, news and sports businesses. The company traces its contemporary structure to the 2019 reorganization that followed the sale of certain entertainment assets to The Walt Disney Company; Fox Corporation retained a portfolio centered on the Fox Broadcasting Company, Fox Television Stations, Fox News Media and Fox Sports. Over time the company has expanded its digital footprint through acquisitions and direct-to-consumer services, building a mix of linear and streaming distribution.

FOX’s core activities include the creation, aggregation and distribution of television programming and live sports, the operation of national cable news and business networks, and the ownership and operation of local broadcast stations.

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