Wedge Capital Management L L P NC Purchases Shares of 748,224 Fox Corporation $FOX

Key Points

• Wedge Capital Management acquired 748,224 Fox shares worth approximately $35.0 million, representing about 0.18% of FOX. Hedge funds and other institutional investors collectively own 26.41% of the company.
• Analyst sentiment remains generally positive: FOX has a consensus rating of “Moderate Buy” and an average price target of $74.33, despite mixed recent rating changes.
• Fox exceeded quarterly expectations, reporting earnings of $1.79 per share versus a $1.44 consensus estimate and revenue of $4.21 billion versus $3.64 billion expected. The company also declared a $0.29-per-share dividend.

Wedge Capital Management L L P NC acquired a new position in Fox Corporation (NASDAQ:FOX - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 748,224 shares of the company's stock, valued at approximately $35,047,000. Wedge Capital Management L L P NC owned about 0.18% of FOX at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. AQR Capital Management LLC increased its position in FOX by 65.6% in the first quarter. AQR Capital Management LLC now owns 26,715 shares of the company's stock worth $1,408,000 after purchasing an additional 10,579 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of FOX by 4.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,446 shares of the company's stock worth $656,000 after buying an additional 586 shares in the last quarter. NewEdge Advisors LLC purchased a new position in shares of FOX in the 1st quarter worth $224,000. Woodline Partners LP increased its holdings in shares of FOX by 40.7% in the 1st quarter. Woodline Partners LP now owns 11,145 shares of the company's stock worth $587,000 after buying an additional 3,222 shares during the last quarter. Finally, Jane Street Group LLC raised its position in shares of FOX by 427.0% during the 1st quarter. Jane Street Group LLC now owns 97,261 shares of the company's stock valued at $5,127,000 after buying an additional 78,804 shares in the last quarter. 26.41% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

FOX has been the subject of several recent research reports. Weiss Ratings lowered FOX from a "buy (b)" rating to a "buy (b-)" rating in a research report on Monday, July 20th. Rothschild & Co Redburn set a $71.00 target price on shares of FOX in a research report on Friday, July 10th. Citigroup reiterated a "buy" rating on shares of FOX in a report on Friday, July 17th. Zacks Research raised FOX from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 30th. Finally, Seaport Research Partners restated a "neutral" rating on shares of FOX in a report on Friday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $74.33.

FOX Trading Down 1.8%

NASDAQ FOX opened at $55.34 on Wednesday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.99 and a current ratio of 3.17. The company has a market capitalization of $23.25 billion, a price-to-earnings ratio of 14.45, a price-to-earnings-growth ratio of 1.61 and a beta of 0.57. The company's 50-day simple moving average is $51.50 and its two-hundred day simple moving average is $54.49. Fox Corporation has a one year low of $44.08 and a one year high of $68.18.

FOX (NASDAQ:FOX - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported $1.79 earnings per share 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 analysts' expectations of $3.64 billion. Equities analysts forecast that Fox Corporation will post 5.69 EPS for the current fiscal year.

FOX Announces Dividend

The business also recently disclosed a dividend, which will be paid on Wednesday, September 23rd. Investors of record on Wednesday, September 2nd will be given a dividend of $0.29 per share. The ex-dividend date of this dividend is Wednesday, September 2nd. This represents a yield of 105.0%. FOX's dividend payout ratio (DPR) is presently 14.62%.

FOX Profile

Fox Corporation NASDAQ: FOX is a U.S.-based media company that operates television broadcast, news and sports businesses. The company traces its contemporary structure to the 2019 reorganization that followed the sale of certain entertainment assets to The Walt Disney Company; Fox Corporation retained a portfolio centered on the Fox Broadcasting Company, Fox Television Stations, Fox News Media and Fox Sports. Over time the company has expanded its digital footprint through acquisitions and direct-to-consumer services, building a mix of linear and streaming distribution.

FOX’s core activities include the creation, aggregation and distribution of television programming and live sports, the operation of national cable news and business networks, and the ownership and operation of local broadcast stations.

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