Sumitomo Mitsui Trust Group Inc. Sells 18,240 Shares of Fox Corporation $FOXA

Key Points

• Sumitomo Mitsui Trust Group cut its Fox stake by 3.7%, selling 18,240 shares in the third quarter; it still held 476,665 shares valued at about $29.9 million.
• Fox reported quarterly earnings of $2.54 per share, beating estimates of $2.02, while revenue rose 22.3% year over year to $4.57 billion.
• Analysts had a consensus “Moderate Buy” rating and an average price target of $79.16; CEO Lachlan Murdoch also purchased nearly 150,000 shares.

Sumitomo Mitsui Trust Group Inc. decreased its holdings in Fox Corporation (NASDAQ:FOXA - Free Report) by 3.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 476,665 shares of the company's stock after selling 18,240 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.11% of FOX worth $29,863,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FOXA. Squarepoint Ops LLC raised its stake in 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 buying an additional 124,143 shares during the last quarter. Allianz Asset Management GmbH boosted its holdings in FOX by 2.6% in 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 in the last quarter. Junto Capital Management LP purchased a new stake in shares of FOX during the second quarter worth about $34,773,000. Robeco Institutional Asset Management B.V. purchased a new stake in shares of FOX during the third quarter worth about $29,395,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of FOX during the second quarter valued at about $21,519,000. 52.52% of the stock is currently owned by hedge funds and other institutional investors.

FOX Stock Down 2.8%

Shares of FOXA opened at $67.67 on Friday. The company has a market capitalization of $28.40 billion, a price-to-earnings ratio of 10.77, a PEG ratio of 1.15 and a beta of 0.63. Fox Corporation has a 52 week low of $48.34 and a 52 week high of $76.39. The stock's 50-day moving average price is $64.88 and its 200-day moving average price is $62.20. The company has a quick ratio of 2.99, a current ratio of 3.79 and a debt-to-equity ratio of 0.53.

FOX (NASDAQ:FOXA - Get Free Report) last posted its earnings results on Monday, November 2nd. The company reported $2.54 earnings per share for the quarter, beating the consensus estimate of $2.02 by $0.52. The firm had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.32 billion. FOX had a net margin of 11.30% and a return on equity of 23.96%. The business's quarterly revenue was up 22.3% on a year-over-year basis. During the same period in the previous year, the firm earned $1.51 EPS. On average, sell-side analysts predict that Fox Corporation will post 5.98 EPS for the current year.

Insider Activity

In related news, CEO Lachlan Murdoch bought 149,934 shares of the business's stock in a transaction dated Tuesday, September 15th. The stock was acquired at an average price of $68.53 per share, with a total value of $10,274,977.02. Following the completion of the purchase, the chief executive officer directly owned 1,401,713 shares of the company's stock, 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 document filed with the SEC, which is available through the SEC website. 20.89% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts recently commented on FOXA shares. Oppenheimer lowered shares of FOX to a "market perform" rating in a research report on Friday, October 16th. Wells Fargo & Company upgraded shares of FOX from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $65.00 to $80.00 in a research note on Friday, August 14th. Fox Advisors set a $85.00 price target on shares of FOX in a research note on Friday, October 16th. Rothschild & Co Redburn upgraded shares of FOX from a "neutral" rating to a "buy" rating and set a $71.00 price objective for the company in a research note on Friday, July 10th. Finally, Needham & Company LLC assumed coverage on shares of FOX in a research note on Friday, October 16th. They set a "buy" rating for the company. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat.com, FOX presently has an average rating of "Moderate Buy" and an average target price of $79.16.

FOX 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.

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