Westpac Banking Corp Has $4.35 Million Stock Holdings in Fox Corporation (NASDAQ:FOXA)

Key Points

• Westpac Banking Corp has reduced its holdings in Fox Corporation by 26.8%, now owning 76,925 shares valued at approximately $4.35 million.
• Several institutional investors, including Assetmark Inc. and FMR LLC, have significantly increased their positions in FOX, indicating a trend of increasing investor interest.
• Fox Corporation recently reported earnings that surpassed analysts' expectations, with EPS of $1.27 and revenue of $3.29 billion, and announced a dividend increase from $0.18 to $0.28 per share.

Westpac Banking Corp cut its holdings in Fox Corporation (NASDAQ:FOXA - Free Report) by 26.8% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 76,925 shares of the company's stock after selling 28,195 shares during the quarter. Westpac Banking Corp's holdings in FOX were worth $4,354,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FOXA. Assetmark Inc. increased its position in FOX by 752.1% in the first quarter. Assetmark Inc. now owns 1,951,657 shares of the company's stock worth $110,464,000 after purchasing an additional 1,722,616 shares during the period. FMR LLC increased its position in FOX by 240.2% in the fourth quarter. FMR LLC now owns 1,884,927 shares of the company's stock worth $91,570,000 after purchasing an additional 1,330,908 shares during the period. Federated Hermes Inc. increased its position in FOX by 164,675.7% in the first quarter. Federated Hermes Inc. now owns 1,255,591 shares of the company's stock worth $71,066,000 after purchasing an additional 1,254,829 shares during the period. Nuveen LLC acquired a new stake in FOX in the first quarter worth about $63,125,000. Finally, Allianz Asset Management GmbH increased its position in FOX by 85.4% in the first quarter. Allianz Asset Management GmbH now owns 1,641,592 shares of the company's stock worth $92,914,000 after purchasing an additional 756,116 shares during the period. 52.52% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently commented on the company. Cfra Research upgraded FOX from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, August 5th. Wolfe Research upgraded FOX from an "underperform" rating to a "peer perform" rating in a report on Wednesday, July 9th. Wells Fargo & Company boosted their target price on FOX from $58.00 to $62.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 13th. Barclays restated an "outperform" rating on shares of FOX in a research report on Tuesday, May 13th. Finally, Cowen restated a "hold" rating on shares of FOX in a research report on Tuesday, May 13th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, FOX currently has a consensus rating of "Hold" and a consensus price target of $55.93.

FOX Stock Up 0.9%

Shares of FOX stock opened at $54.50 on Tuesday. The business's 50 day simple moving average is $55.38 and its 200 day simple moving average is $53.81. Fox Corporation has a 52-week low of $38.72 and a 52-week high of $58.74. The firm has a market cap of $24.50 billion, a PE ratio of 11.10, a P/E/G ratio of 1.29 and a beta of 0.54. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.76 and a current ratio of 2.91.

FOX (NASDAQ:FOXA - Get Free Report) last announced its quarterly earnings data 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. The company had revenue of $3.29 billion for the quarter, compared to analysts' expectations of $3.12 billion. FOX had a return on equity of 18.86% and a net margin of 13.88%. The business's revenue was up 6.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.90 EPS. On average, analysts predict that Fox Corporation will post 4.38 earnings per share for the current fiscal year.

FOX Increases Dividend

The business also recently disclosed a dividend, which will be paid on Wednesday, September 24th. Stockholders of record on Wednesday, September 3rd will be issued a $0.28 dividend. The ex-dividend date of this dividend is Wednesday, September 3rd. This is a boost from FOX's previous dividend of $0.18. FOX's payout ratio is currently 11.00%.

Insider Activity at FOX

In other news, CFO Steven Tomsic sold 5,607 shares of the stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $55.37, for a total value of $310,459.59. Following the completion of the sale, the chief financial officer owned 133,923 shares of the company's stock, valued at approximately $7,415,316.51. This represents a 4.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 21.77% of the company's stock.

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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