State of Alaska Department of Revenue Makes New Investment in Fox Corporation $FOXA

Key Points

• Alaska’s Department of Revenue bought 18,892 FOXA shares worth approximately $1.18 million in the third quarter, while other institutional investors also initiated or increased positions. Institutions collectively own 52.52% of the stock.
• Fox reported quarterly EPS of $1.79, exceeding the $1.44 consensus estimate, while revenue rose 28.1% year over year to $4.21 billion.
• CEO Lachlan Murdoch purchased nearly $10.3 million of FOXA shares, and analysts maintain a “Moderate Buy” consensus with an average price target of $78.12.

State of Alaska Department of Revenue bought a new position in Fox Corporation (NASDAQ:FOXA - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 18,892 shares of the company's stock, valued at approximately $1,183,000.

A number of other large investors have also recently made changes to their positions in FOXA. Mather Group LLC. purchased a new stake in FOX in the 3rd quarter worth about $532,000. Forvis Mazars Wealth Advisors LLC purchased a new position in FOX during the 3rd quarter valued at $222,000. NorthCrest Asset Manangement LLC purchased a new position in FOX during the 3rd quarter valued at $383,000. Wedmont Private Capital boosted its holdings in FOX by 27.7% during the 3rd quarter. Wedmont Private Capital now owns 5,433 shares of the company's stock valued at $345,000 after acquiring an additional 1,178 shares during the period. Finally, Elevation Wealth Partners LLC boosted its holdings in FOX by 811.0% during the 3rd quarter. Elevation Wealth Partners LLC now owns 911 shares of the company's stock valued at $57,000 after acquiring an additional 811 shares during the period. 52.52% of the stock is owned by hedge funds and other institutional investors.

FOX Stock Up 2.7%

NASDAQ:FOXA opened at $67.00 on Wednesday. Fox Corporation has a 1-year low of $48.34 and a 1-year high of $76.39. The company has a 50-day moving average of $65.39 and a 200 day moving average of $62.06. The firm has a market cap of $28.12 billion, a PE ratio of 17.49, a price-to-earnings-growth ratio of 1.14 and a beta of 0.60. The company has a debt-to-equity ratio of 0.56, a current ratio of 3.17 and a quick ratio of 2.99.

FOX (NASDAQ:FOXA - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported $1.79 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.44 by $0.35. The firm had revenue of $4.21 billion for the quarter, compared to the consensus estimate of $3.64 billion. FOX had a net margin of 9.84% and a return on equity of 20.64%. The company's quarterly revenue was up 28.1% on a year-over-year basis. During the same period last year, the firm earned $1.27 earnings per share. As a group, research analysts anticipate that Fox Corporation will post 6.06 EPS for the current fiscal year.

FOX Announces Dividend

The company also recently announced a dividend, which was paid on Wednesday, September 23rd. Investors of record on Wednesday, September 2nd were given a dividend of $0.29 per share. The ex-dividend date of this dividend was Wednesday, September 2nd. This represents a yield of 86.0%. FOX's dividend payout ratio is presently 15.14%.

Insider Buying and Selling

In other news, CEO Lachlan Murdoch purchased 149,934 shares of the business's stock in a transaction on Tuesday, September 15th. The shares were acquired at an average cost of $68.53 per share, with a total value of $10,274,977.02. Following the completion of the acquisition, the chief executive officer 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 20.89% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts have weighed in on FOXA shares. Zacks Research lowered FOX from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 5th. Oppenheimer lowered shares of FOX to a "market perform" rating in a research note on Friday. Citigroup began coverage on shares of FOX in a report on Monday, September 14th. They issued an "outperform" rating on the stock. Fox Advisors set a $85.00 price objective on shares of FOX in a report on Friday. Finally, Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $80.00 price objective on shares of FOX in a research report on Friday, August 14th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $78.12.

FOX Company Profile

Fox Corporation NASDAQ: FOXA is a U.S. media and entertainment company that produces and distributes news, sports, and entertainment programming. Its portfolio includes FOX News Media, FOX Sports, FOX Entertainment, FOX Television Stations, and the ad-supported streaming service Tubi.

FOX News Media operates FOX News Channel, FOX Business Network, and related digital platforms. FOX Sports provides national and regional sports programming, while FOX Entertainment develops and distributes scripted and unscripted television content.

Want to see what other hedge funds are holding FOXA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fox Corporation (NASDAQ:FOXA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.