Fox Corporation $FOXA Shares Acquired by Russell Investments Group Ltd.

Key Points

• Russell Investments Group Ltd. increased its stake in Fox Corporation by 30.7%, acquiring an additional 112,851 shares, bringing its ownership to 480,919 shares worth approximately $27.1 million.
• Fox's recent earnings report surpassed expectations, with a reported $1.27 earnings per share compared to the anticipated $1.01, and revenue of $3.29 billion for the quarter.
• The company declared a dividend increase to $0.28 per share, up from the previous $0.18, to be paid on September 24th, indicating a strong financial position.

Russell Investments Group Ltd. increased its position in shares of Fox Corporation (NASDAQ:FOXA - Free Report) by 30.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 480,919 shares of the company's stock after buying an additional 112,851 shares during the quarter. Russell Investments Group Ltd. owned about 0.11% of FOX worth $27,126,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Hemington Wealth Management raised its stake in FOX by 217.6% during the 1st quarter. Hemington Wealth Management now owns 524 shares of the company's stock worth $29,000 after buying an additional 359 shares during the period. MV Capital Management Inc. increased its holdings in shares of FOX by 929.9% in the first quarter. MV Capital Management Inc. now owns 690 shares of the company's stock worth $39,000 after buying an additional 623 shares during the period. Zions Bancorporation National Association UT bought a new stake in FOX during the 1st quarter valued at approximately $40,000. Sentry Investment Management LLC purchased a new stake in FOX during the 1st quarter valued at $43,000. Finally, Allworth Financial LP boosted its holdings in shares of FOX by 55.2% during the 1st quarter. Allworth Financial LP now owns 787 shares of the company's stock valued at $45,000 after purchasing an additional 280 shares during the last quarter. 52.52% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CFO Steven Tomsic sold 5,607 shares of the business's stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $55.37, for a total value of $310,459.59. Following the sale, the chief financial officer directly owned 133,923 shares of the company's stock, valued at approximately $7,415,316.51. The trade was a 4.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 21.77% of the company's stock.

FOX Price Performance

FOXA traded up $0.68 on Wednesday, reaching $58.83. 1,469,430 shares of the company's stock were exchanged, compared to its average volume of 3,946,938. The stock has a market cap of $26.21 billion, a PE ratio of 11.98, a P/E/G ratio of 1.38 and a beta of 0.54. Fox Corporation has a twelve month low of $38.72 and a twelve month high of $60.24. The stock's fifty day moving average price is $55.83 and its 200-day moving average price is $54.10. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.91 and a quick ratio of 2.76.

FOX (NASDAQ:FOXA - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $1.27 earnings per share for the quarter, topping analysts' consensus estimates of $1.01 by $0.26. The firm had revenue of $3.29 billion for the quarter, compared to analyst estimates of $3.12 billion. FOX had a net margin of 13.88% and a return on equity of 18.86%. FOX's quarterly revenue was up 6.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.90 earnings per share. Sell-side analysts expect that Fox Corporation will post 4.38 EPS for the current year.

FOX Increases Dividend

The company also recently announced a dividend, which will be paid on Wednesday, September 24th. Shareholders of record on Wednesday, September 3rd will be issued a $0.28 dividend. The ex-dividend date is Wednesday, September 3rd. This is a positive change from FOX's previous dividend of $0.18. FOX's dividend payout ratio (DPR) is presently 11.00%.

Analyst Upgrades and Downgrades

Several research analysts have commented on FOXA shares. Bank of America increased their price objective on shares of FOX from $60.00 to $65.00 and gave the company a "buy" rating in a report on Wednesday, June 25th. Guggenheim restated a "buy" rating and set a $62.00 target price (up from $60.00) on shares of FOX in a research report on Wednesday, June 25th. Wolfe Research upgraded shares of FOX from an "underperform" rating to a "peer perform" rating in a research report on Wednesday, July 9th. Loop Capital upped their target price on shares of FOX from $62.00 to $64.00 and gave the company a "buy" rating in a research report on Tuesday, May 13th. Finally, Barclays restated an "outperform" rating on shares of FOX in a research report on Tuesday, May 13th. Nine analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $56.20.

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.