Wealthedge Investment Advisors LLC Invests $480,000 in Fox Corporation (NASDAQ:FOXA)

Key Points

• Wealthedge Investment Advisors LLC has invested $480,000 in Fox Corporation, acquiring 8,472 shares of the company during the first quarter.
• Fox Corporation reported earnings of $1.27 per share for the most recent quarter, exceeding estimates, with revenue of $3.29 billion, marking a 6.3% year-over-year increase.
• The company declared an increased dividend of $0.28 per share, set to be paid on September 24th, up from a previous $0.18 dividend.

Wealthedge Investment Advisors LLC purchased a new position in Fox Corporation (NASDAQ:FOXA - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 8,472 shares of the company's stock, valued at approximately $480,000.

A number of other institutional investors also recently made changes to their positions in the stock. Hemington Wealth Management lifted its stake in FOX by 217.6% during the first quarter. Hemington Wealth Management now owns 524 shares of the company's stock valued at $29,000 after purchasing an additional 359 shares during the last quarter. MV Capital Management Inc. lifted its stake in FOX by 929.9% during the first quarter. MV Capital Management Inc. now owns 690 shares of the company's stock valued at $39,000 after purchasing an additional 623 shares during the last quarter. Zions Bancorporation National Association UT acquired a new stake in FOX during the first quarter valued at approximately $40,000. Sentry Investment Management LLC acquired a new stake in FOX during the first quarter valued at approximately $43,000. Finally, Allworth Financial LP lifted its stake in FOX by 55.2% during the first quarter. Allworth Financial LP now owns 787 shares of the company's stock valued at $45,000 after purchasing an additional 280 shares during the last quarter. 52.52% of the stock is owned by institutional investors and hedge funds.

FOX Price Performance

NASDAQ FOXA opened at $59.89 on Friday. The company has a current ratio of 2.91, a quick ratio of 2.76 and a debt-to-equity ratio of 0.55. The company has a fifty day simple moving average of $55.62 and a 200 day simple moving average of $53.93. The company has a market cap of $26.93 billion, a P/E ratio of 12.20, a P/E/G ratio of 1.42 and a beta of 0.54. Fox Corporation has a 1 year low of $38.72 and a 1 year high of $59.98.

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

FOX Increases Dividend

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

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on FOXA shares. Cowen restated a "hold" rating on shares of FOX in a report on Tuesday, May 13th. Guggenheim restated a "buy" rating and set a $62.00 price target (up previously from $60.00) on shares of FOX in a report on Wednesday, June 25th. Bank of America boosted their price target on shares of FOX from $60.00 to $65.00 and gave the company a "buy" rating in a report on Wednesday, June 25th. UBS Group set a $65.00 price target on shares of FOX and gave the company a "buy" rating in a report on Wednesday, June 25th. Finally, Cfra Research upgraded shares of FOX from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, August 5th. One analyst has rated the stock with a sell rating, ten have given a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $56.20.

Insider Transactions at FOX

In other FOX news, CFO Steven Tomsic sold 5,607 shares of the firm's stock in a transaction on Wednesday, June 4th. The shares were 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 in the company, valued at $7,415,316.51. This trade represents a 4.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 21.77% of the stock is owned by corporate insiders.

FOX Company Profile

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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