Vestcor Inc Increases Stake in Fox Corporation (NASDAQ:FOX)

Key Points

• Vestcor Inc significantly increased its stake in Fox Corporation by 16,222.6% during the first quarter, owning a total of 69,208 shares valued at approximately $3.65 million.
• Several institutional investors, including Federated Hermes Inc and Mackenzie Financial Corp, also increased their stakes in Fox Corporation during the same period.
• Fox Corporation reported earnings of $1.10 per share for the quarter, surpassing analysts' expectations of $0.96, with revenues totaling $4.37 billion.

Vestcor Inc raised its holdings in shares of Fox Corporation (NASDAQ:FOX - Free Report) by 16,222.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 69,208 shares of the company's stock after acquiring an additional 68,784 shares during the quarter. Vestcor Inc's holdings in FOX were worth $3,648,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also modified their holdings of the company. Federated Hermes Inc. grew its stake in shares of FOX by 66.2% during the 1st quarter. Federated Hermes Inc. now owns 580 shares of the company's stock valued at $31,000 after acquiring an additional 231 shares during the period. Picton Mahoney Asset Management boosted its position in shares of FOX by 6.9% in the first quarter. Picton Mahoney Asset Management now owns 5,400 shares of the company's stock worth $285,000 after purchasing an additional 350 shares during the period. Mackenzie Financial Corp raised its position in shares of FOX by 65.7% during the 1st quarter. Mackenzie Financial Corp now owns 7,453 shares of the company's stock valued at $393,000 after purchasing an additional 2,954 shares during the period. Empirical Finance LLC raised its position in shares of FOX by 8.9% during the 1st quarter. Empirical Finance LLC now owns 5,097 shares of the company's stock valued at $269,000 after purchasing an additional 417 shares during the period. Finally, Skandinaviska Enskilda Banken AB publ lifted its stake in shares of FOX by 23.6% during the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 363,662 shares of the company's stock valued at $19,169,000 after buying an additional 69,517 shares in the last quarter. Hedge funds and other institutional investors own 26.41% of the company's stock.

FOX Trading Down 0.7%

Shares of FOX stock opened at $50.97 on Thursday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.33 and a current ratio of 2.45. The stock has a fifty day simple moving average of $50.88 and a two-hundred day simple moving average of $49.53. The firm has a market capitalization of $22.92 billion, a PE ratio of 12.68, a PEG ratio of 1.15 and a beta of 0.56. Fox Corporation has a 52-week low of $33.72 and a 52-week high of $55.00.

FOX (NASDAQ:FOX - Get Free Report) last released its earnings results on Monday, May 12th. The company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.14. The firm had revenue of $4.37 billion during the quarter, compared to analysts' expectations of $4.19 billion. FOX had a return on equity of 17.99% and a net margin of 11.58%. On average, analysts predict that Fox Corporation will post 4.25 EPS for the current fiscal year.

Insider Activity

In other news, CFO Steven Tomsic sold 5,607 shares of FOX stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $55.37, for a total value of $310,459.59. Following the sale, the chief financial officer directly owned 133,923 shares of the company's stock, valued at approximately $7,415,316.51. The trade was a 4.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 23.06% of the stock is currently owned by 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.

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