State of Alaska Department of Revenue Sells 20,443 Shares of Fox Corporation $FOX

Key Points

• State of Alaska Department of Revenue cut its FOX position by 30.8% in the third quarter, selling 20,443 shares and retaining 45,855 shares valued at approximately $2.58 million.
• FOX reported quarterly earnings of $1.79 per share, exceeding estimates of $1.44, while revenue of $4.21 billion also surpassed expectations. Institutional investors own 26.41% of the company.
• Analyst sentiment remains positive, with FOX carrying an average “Buy” rating and a consensus price target of $76.56, compared with a recent share price of $57.22.

State of Alaska Department of Revenue lowered its position in shares of Fox Corporation (NASDAQ:FOX - Free Report) by 30.8% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 45,855 shares of the company's stock after selling 20,443 shares during the quarter. State of Alaska Department of Revenue's holdings in FOX were worth $2,581,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Versant Capital Management Inc boosted its stake in shares of FOX by 42.3% in the 2nd quarter. Versant Capital Management Inc now owns 844 shares of the company's stock worth $40,000 after buying an additional 251 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in shares of FOX in the second quarter valued at approximately $70,000. Glenmede Trust Co. NA increased its position in shares of FOX by 143.9% during the first quarter. Glenmede Trust Co. NA now owns 2,697 shares of the company's stock valued at $143,000 after acquiring an additional 1,591 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in shares of FOX by 27.6% during the first quarter. EverSource Wealth Advisors LLC now owns 2,838 shares of the company's stock valued at $151,000 after acquiring an additional 613 shares during the last quarter. Finally, CX Institutional increased its position in shares of FOX by 54.4% during the third quarter. CX Institutional now owns 2,898 shares of the company's stock valued at $163,000 after acquiring an additional 1,021 shares during the last quarter. Institutional investors own 26.41% of the company's stock.

FOX Price Performance

FOX opened at $57.22 on Monday. The company has a quick ratio of 2.99, a current ratio of 3.17 and a debt-to-equity ratio of 0.56. The stock has a market cap of $24.01 billion, a price-to-earnings ratio of 14.94, a PEG ratio of 1.48 and a beta of 0.63. Fox Corporation has a twelve month low of $44.08 and a twelve month high of $68.18. The company's 50-day moving average price is $58.28 and its two-hundred day moving average price is $55.52.

FOX (NASDAQ:FOX - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported $1.79 earnings per share for the quarter, beating 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 firm had revenue of $4.21 billion during the quarter, compared to the consensus estimate of $3.64 billion. As a group, equities analysts expect that Fox Corporation will post 5.99 earnings per share for the current year.

FOX Dividend Announcement

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

Insider Buying and Selling

In other news, CEO Lachlan Murdoch acquired 149,934 shares of the company's stock in a transaction that occurred on Tuesday, September 15th. The shares were acquired at an average price of $68.53 per share, for a total transaction of $10,274,977.02. Following the completion of the purchase, the chief executive officer owned 1,401,713 shares in the company, valued at approximately $96,059,391.89. This trade represents a 11.98% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 23.06% of the company's stock.

Wall Street Analyst Weigh In

FOX has been the topic of a number of recent analyst reports. Citizens Jmp upgraded FOX to a "strong-buy" rating in a report on Monday, September 14th. Guggenheim restated a "buy" rating on shares of FOX in a research note on Tuesday, August 25th. Fox Advisors set a $85.00 price objective on FOX in a research note on Friday. Wells Fargo & Company raised FOX from a "hold" rating to an "overweight" rating and set a $80.00 target price for the company in a research report on Friday, August 14th. Finally, Citigroup began coverage on FOX in a research report on Monday, September 14th. They set an "outperform" rating for the company. Three research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $76.56.

FOX Company Profile

Fox Corporation NASDAQ: FOX is a media and entertainment company formed in 2019 following the acquisition of most of 21st Century Fox's entertainment assets by The Walt Disney Company. Fox operates a portfolio of news, sports, entertainment and local television businesses primarily serving audiences in the United States.

The company's FOX News Media segment includes FOX News Channel, FOX Business Network, FOX News Digital and the FOX Nation streaming service. Its FOX Sports business provides live sports programming through the FOX broadcast network, FS1, FS2, FOX Deportes, the Big Ten Network and related digital platforms.

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