Squarepoint Ops LLC Increases Stock Position in Fox Corporation $FOXA

Key Points

• Squarepoint Ops LLC increased its Fox Corporation stake by 12.4% in the second quarter, purchasing 124,143 additional shares for a total position worth approximately $58.8 million. Institutional investors collectively own 52.52% of FOXA.
• Analyst sentiment was mixed but generally improved: JPMorgan, Wells Fargo and Wolfe Research upgraded the stock, while the consensus rating remains “Hold” with an average price target of $74.38.
• Fox reported quarterly adjusted earnings of $1.79 per share and revenue of $4.21 billion, beating estimates and reflecting 28.1% year-over-year revenue growth. Shares opened at $65.23, down 0.3%.

Squarepoint Ops LLC increased its position in shares of Fox Corporation (NASDAQ:FOXA - Free Report) by 12.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,127,389 shares of the company's stock after purchasing an additional 124,143 shares during the quarter. Squarepoint Ops LLC owned approximately 0.27% of FOX worth $58,805,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. California State Teachers Retirement System grew its position in FOX by 4,720.6% during the second quarter. California State Teachers Retirement System now owns 19,330,183 shares of the company's stock valued at $1,008,262,000 after buying an additional 18,929,193 shares during the period. Geode Capital Management LLC raised its position in FOX by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 6,534,627 shares of the company's stock worth $476,248,000 after acquiring an additional 29,923 shares during the period. Ameriprise Financial Inc. boosted its stake in FOX by 72.0% in the second quarter. Ameriprise Financial Inc. now owns 1,821,284 shares of the company's stock valued at $101,948,000 after acquiring an additional 762,645 shares during the last quarter. Allianz Asset Management GmbH boosted its stake in FOX by 2.6% in the second quarter. Allianz Asset Management GmbH now owns 966,811 shares of the company's stock valued at $50,429,000 after acquiring an additional 24,511 shares during the last quarter. Finally, SG Americas Securities LLC grew its position in shares of FOX by 299.8% during the 1st quarter. SG Americas Securities LLC now owns 511,811 shares of the company's stock valued at $29,890,000 after acquiring an additional 383,782 shares during the period. 52.52% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have weighed in on FOXA shares. JPMorgan Chase & Co. raised FOX from a "neutral" rating to an "overweight" rating and increased their price objective for the company from $70.00 to $82.00 in a report on Friday, August 14th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $80.00 target price on shares of FOX in a research note on Friday, August 14th. Zacks Research downgraded FOX from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 5th. Wells Fargo & Company raised FOX from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $65.00 to $80.00 in a report on Friday, August 14th. Finally, Wolfe Research upgraded FOX from a "peer perform" rating to an "outperform" rating and set a $71.00 price objective on the stock in a research note on Tuesday, June 30th. Nine equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $74.38.

FOX Trading Down 0.3%

Shares of FOXA opened at $65.23 on Wednesday. The business's 50-day moving average price is $61.40 and its 200-day moving average price is $60.72. Fox Corporation has a twelve month low of $48.34 and a twelve month high of $76.39. The stock has a market cap of $27.37 billion, a PE ratio of 17.03, a P/E/G ratio of 1.18 and a beta of 0.55. The company has a quick ratio of 2.99, a current ratio of 3.17 and a debt-to-equity ratio of 0.56.

FOX (NASDAQ:FOXA - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported $1.79 EPS for the quarter, beating the consensus estimate of $1.44 by $0.35. FOX had a net margin of 9.84% and a return on equity of 20.64%. The firm had revenue of $4.21 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same period last year, the firm earned $1.27 EPS. The business's quarterly revenue was up 28.1% compared to the same quarter last year. On average, equities analysts forecast that Fox Corporation will post 5.94 EPS for the current fiscal year.

FOX Dividend Announcement

The firm also recently declared a dividend, which will be paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 2nd will be given a dividend of $0.29 per share. This represents a yield of 86.0%. The ex-dividend date is Wednesday, September 2nd. FOX's dividend payout ratio (DPR) is presently 15.14%.

FOX Company Profile

Fox Corporation NASDAQ: FOXA is a U.S.-based media company focused on television broadcasting, cable news and sports programming, and digital distribution. The company was formed in 2019 as the successor to certain assets of 21st Century Fox after a transaction that transferred many film and television studio assets to The Walt Disney Company. Fox Corp's operations center on the Fox Broadcasting network, a portfolio of local television stations, national news and business cable networks, and sports media properties.

Fox produces, acquires and distributes a range of live and recorded programming, including news, opinion and commentary, national and local sports telecasts, and general entertainment.

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