Royal Bank of Canada Increases Stock Position in Fox Corporation $FOXA

Key Points

• Royal Bank of Canada increased its stock position in Fox Corporation by 26.5%, holding 303,521 shares valued at approximately $17.18 million.
• Fox Corporation recently announced a dividend increase to $0.28 per share, a rise from the previous $0.18, reflecting positively on investor returns.
• Despite a strong earnings report where Fox exceeded EPS estimates, the stock has dropped 6.1% recently, with current stock prices around $58.64.

Royal Bank of Canada increased its position in shares of Fox Corporation (NASDAQ:FOXA - Free Report) by 26.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 303,521 shares of the company's stock after buying an additional 63,538 shares during the period. Royal Bank of Canada owned 0.07% of FOX worth $17,179,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in FOX by 2.1% during the first quarter. Vanguard Group Inc. now owns 25,739,628 shares of the company's stock worth $1,456,863,000 after buying an additional 518,835 shares in the last quarter. Invesco Ltd. raised its position in FOX by 3.0% during 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. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in FOX by 8.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,676,877 shares of the company's stock worth $130,043,000 after acquiring an additional 219,016 shares during the period. AustralianSuper Pty Ltd raised its position in FOX by 8.8% during the first quarter. AustralianSuper Pty Ltd now owns 2,636,367 shares of the company's stock worth $149,218,000 after acquiring an additional 212,348 shares during the period. Finally, KBC Group NV raised its position in FOX by 1.3% during the first quarter. KBC Group NV now owns 2,397,604 shares of the company's stock worth $135,704,000 after acquiring an additional 29,906 shares during the period. 52.52% of the stock is owned by hedge funds and other institutional investors.

FOX Trading Up 0.9%

FOX stock traded up $0.52 during midday trading on Monday, hitting $58.77. 4,956,144 shares of the stock were exchanged, compared to its average volume of 3,022,711. Fox Corporation has a fifty-two week low of $39.35 and a fifty-two week high of $62.69. The stock has a market capitalization of $26.18 billion, a price-to-earnings ratio of 11.97, a PEG ratio of 1.40 and a beta of 0.52. The stock's 50-day simple moving average is $57.43 and its 200 day simple moving average is $54.64. The company has a current ratio of 2.91, a quick ratio of 2.76 and a debt-to-equity ratio of 0.55.

FOX (NASDAQ:FOXA - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported $1.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.26. FOX had a net margin of 13.88% and a return on equity of 18.86%. The firm had revenue of $3.29 billion during the quarter, compared to analysts' expectations of $3.12 billion. During the same period last year, the business earned $0.90 earnings per share. FOX's revenue was up 6.3% compared to the same quarter last year. On average, equities analysts anticipate that Fox Corporation will post 4.38 EPS for the current year.

FOX Increases Dividend

The business also recently announced a dividend, which will be paid on Wednesday, September 24th. Shareholders of record on Wednesday, September 3rd will be paid a dividend of $0.28 per share. This represents a yield of 93.0%. This is a boost from FOX's previous dividend of $0.18. The ex-dividend date of this dividend is Wednesday, September 3rd. FOX's payout ratio is 11.41%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on FOXA. Wells Fargo & Company upped their price objective on shares of FOX from $66.00 to $70.00 and gave the stock an "overweight" rating in a research report on Monday, September 8th. Bank of America upped their price objective 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. Cfra Research upgraded shares of FOX from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, August 5th. Wolfe Research upgraded shares of FOX from an "underperform" rating to a "peer perform" rating in a research report on Wednesday, July 9th. Finally, Guggenheim reiterated a "buy" rating and issued a $62.00 target price (up from $60.00) on shares of FOX in a research report on Wednesday, June 25th. Nine research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $56.47.

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.