State Street Corp Sells 2,204,216 Shares of Fox Corporation $FOXA

Key Points

• State Street reduced its FOXA stake by 11.2%, selling 2.2 million shares in the second quarter and retaining 17.46 million shares valued at approximately $910.9 million. Institutional investors and hedge funds collectively own 52.52% of the company.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $76.35. Ratings range from “Sell” to “Buy,” with price targets as high as $95.
• Fox reported stronger-than-expected quarterly results, posting $1.79 in EPS versus the $1.44 consensus estimate and $4.21 billion in revenue, up 28.1% year over year. CEO Lachlan Murdoch also purchased nearly 150,000 shares, increasing his direct stake by 11.98%.

State Street Corp reduced its stake in shares of Fox Corporation (NASDAQ:FOXA - Free Report) by 11.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,464,395 shares of the company's stock after selling 2,204,216 shares during the quarter. State Street Corp owned 4.16% of FOX worth $910,943,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. Geode Capital Management LLC boosted its stake in shares of FOX by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 6,534,627 shares of the company's stock valued at $476,248,000 after purchasing an additional 29,923 shares in the last quarter. Squarepoint Ops LLC increased its holdings in shares of FOX by 12.4% in the second quarter. Squarepoint Ops LLC now owns 1,127,389 shares of the company's stock valued at $58,805,000 after purchasing an additional 124,143 shares in the last quarter. Allianz Asset Management GmbH raised its position in shares of FOX by 2.6% during the second quarter. Allianz Asset Management GmbH now owns 966,811 shares of the company's stock worth $50,429,000 after acquiring an additional 24,511 shares during the last quarter. Junto Capital Management LP acquired a new position in FOX during the 2nd quarter valued at about $34,773,000. Finally, SG Americas Securities LLC boosted its stake in FOX by 299.8% in the first 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 last quarter. 52.52% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

FOXA has been the topic of a number of analyst reports. UBS Group reiterated a "neutral" rating on shares of FOX in a research report on Monday, June 15th. Fox Advisors set a $95.00 price objective on FOX in a research report on Monday, September 14th. Weiss Ratings lowered shares of FOX from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, August 12th. Guggenheim reaffirmed a "buy" rating and set a $85.00 price target on shares of FOX in a research report on Tuesday, August 25th. Finally, Citizens Jmp began coverage on shares of FOX in a report on Monday, September 14th. They issued a "market outperform" rating and a $95.00 target price on the stock. Ten research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $76.35.

Insider Transactions at FOX

In other news, CEO Lachlan Murdoch bought 149,934 shares of the stock in a transaction dated Tuesday, September 15th. The stock was bought at an average price of $68.53 per share, for a total transaction of $10,274,977.02. Following the completion of the acquisition, the chief executive officer directly owned 1,401,713 shares in the company, valued at approximately $96,059,391.89. This trade represents a 11.98% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 20.89% of the company's stock.

FOX Trading Down 0.8%

Shares of NASDAQ FOXA opened at $64.25 on Wednesday. The stock has a market cap of $26.96 billion, a P/E ratio of 16.78, a price-to-earnings-growth ratio of 1.15 and a beta of 0.55. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.99 and a current ratio of 3.17. Fox Corporation has a 52-week low of $48.34 and a 52-week high of $76.39. The firm has a 50 day moving average price of $63.52 and a two-hundred day moving average price of $61.36.

FOX (NASDAQ:FOXA - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported $1.79 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $3.64 billion. During the same quarter last year, the business earned $1.27 EPS. The company's revenue was up 28.1% compared to the same quarter last year. As a group, equities analysts forecast that Fox Corporation will post 5.94 EPS for the current year.

FOX Dividend Announcement

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

FOX Profile

Fox Corporation NASDAQ: FOXA is a media and entertainment company formed in 2019 following the separation of certain assets from 21st Century Fox. The company operates a portfolio of news, sports and entertainment brands focused primarily on the United States, with select services and programming available internationally.

Fox's businesses include FOX News Media, which operates FOX News Channel, FOX Business Network, FOX News Digital and related subscription and streaming services. Its sports operations include FOX Sports, FS1, FS2, FOX Deportes, the Big Ten Network and sports programming distributed through digital platforms.

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