Vanguard Group Inc. Raises Stake in Fox Corporation (NASDAQ:FOXA)

Vanguard Group Inc. grew its position in Fox Corporation (NASDAQ:FOXA - Free Report) by 2.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 25,739,628 shares of the company's stock after acquiring an additional 518,835 shares during the period. Vanguard Group Inc. owned about 5.68% of FOX worth $1,456,863,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. MV Capital Management Inc. raised its position in shares of FOX by 929.9% in the first quarter. MV Capital Management Inc. now owns 690 shares of the company's stock worth $39,000 after acquiring an additional 623 shares during the period. Sentry Investment Management LLC acquired a new position in shares of FOX during the 1st quarter worth about $43,000. Allworth Financial LP raised its position in shares of FOX by 55.2% during the 1st quarter. Allworth Financial LP now owns 787 shares of the company's stock worth $45,000 after purchasing an additional 280 shares during the last quarter. TCTC Holdings LLC raised its position in shares of FOX by 112.5% during the 1st quarter. TCTC Holdings LLC now owns 797 shares of the company's stock worth $45,000 after purchasing an additional 422 shares during the last quarter. Finally, Private Trust Co. NA raised its position in shares of FOX by 86.5% during the 1st quarter. Private Trust Co. NA now owns 929 shares of the company's stock worth $53,000 after purchasing an additional 431 shares during the last quarter. Institutional investors and hedge funds own 52.52% of the company's stock.

FOX Stock Up 1.4%

FOX stock traded up $0.82 during mid-day trading on Thursday, reaching $59.94. 3,090,532 shares of the company's stock were exchanged, compared to its average volume of 3,972,000. The company has a market cap of $26.95 billion, a P/E ratio of 12.21, a P/E/G ratio of 1.34 and a beta of 0.54. Fox Corporation has a twelve month low of $38.72 and a twelve month high of $59.98. The company has a quick ratio of 2.76, a current ratio of 2.91 and a debt-to-equity ratio of 0.55. The company has a fifty day moving average of $55.50 and a 200-day moving average of $53.86.

FOX (NASDAQ:FOXA - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $1.27 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.01 by $0.26. FOX had a net margin of 13.88% and a return on equity of 18.86%. The company had revenue of $3.29 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same period in the prior year, the business earned $0.90 EPS. The firm's quarterly revenue was up 6.3% on a year-over-year basis. Sell-side analysts expect that Fox Corporation will post 4.38 EPS for the current year.

FOX Increases Dividend

The business also recently announced a dividend, which will be paid on Wednesday, September 24th. Investors of record on Wednesday, September 3rd will be given a $0.28 dividend. This is a positive change from FOX's previous dividend of $0.18. The ex-dividend date of this dividend is Wednesday, September 3rd. FOX's payout ratio is 11.00%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Bank of America upped their price target on shares of FOX from $60.00 to $65.00 and gave the stock a "buy" rating in a research report on Wednesday, June 25th. Cfra Research raised shares of FOX from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, August 5th. Loop Capital upped their price objective on shares of FOX from $62.00 to $64.00 and gave the company a "buy" rating in a research note on Tuesday, May 13th. Morgan Stanley upped their price objective on shares of FOX from $60.00 to $65.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 6th. Finally, Barclays reaffirmed an "outperform" rating on shares of FOX in a research note on Tuesday, May 13th. One analyst has rated the stock with a sell rating, ten have given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $56.20.

Insider Activity at FOX

In related news, CFO Steven Tomsic sold 39,642 shares of the stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $55.30, for a total value of $2,192,202.60. Following the transaction, the chief financial officer directly owned 133,923 shares of the company's stock, valued at $7,405,941.90. This trade represents a 22.84% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 21.77% of the stock is owned by company insiders.

About FOX

Fox Corporation operates as a news, sports, and entertainment company in the United States (U.S.). The company operates through four segments: Cable Network Programming, Television, Credible, and The FOX Studio Lot. The Cable Network Programming segment produces and licenses news and sports content for distribution through traditional cable television systems, direct broadcast satellite operators and telecommunication companies, virtual multi-channel video programming distributors, and other digital platforms primarily in the U.S.