Zurcher Kantonalbank Zurich Cantonalbank Sells 11,547 Shares of Fox Corporation (NASDAQ:FOXA)

Key Points

• Zurcher Kantonalbank Zurich Cantonalbank reduced its stake in Fox Corporation by 15.6%, selling 11,547 shares and holding a total of 62,609 shares worth $3,544,000.
• Several institutional investors have significantly increased their positions in Fox Corporation, with CIBC Private Wealth Group LLC increasing its stake by 122.3% during the fourth quarter.
• Analysts have given Fox shares a consensus rating of "Hold," with a price target range between $53.53 and $64.00, reflecting mixed views on the stock's potential.

Zurcher Kantonalbank Zurich Cantonalbank decreased its stake in shares of Fox Corporation (NASDAQ:FOXA - Free Report) by 15.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 62,609 shares of the company's stock after selling 11,547 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in FOX were worth $3,544,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. CIBC Private Wealth Group LLC lifted its position in FOX by 122.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 669 shares of the company's stock valued at $33,000 after purchasing an additional 368 shares during the period. MV Capital Management Inc. raised its position in 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 bought a new position in FOX in the first quarter worth approximately $43,000. Allworth Financial LP raised its position in FOX by 55.2% in the first quarter. Allworth Financial LP now owns 787 shares of the company's stock worth $45,000 after acquiring an additional 280 shares during the period. Finally, Private Trust Co. NA raised its position in FOX by 86.5% in the first quarter. Private Trust Co. NA now owns 929 shares of the company's stock worth $53,000 after acquiring an additional 431 shares during the period. Institutional investors own 52.52% of the company's stock.

Analyst Ratings Changes

Several research firms have weighed in on FOXA. Wells Fargo & Company increased their price target on shares of FOX from $58.00 to $62.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 13th. Guggenheim reiterated a "buy" rating and issued a $62.00 price target (up from $60.00) on shares of FOX in a research report on Wednesday, June 25th. Loop Capital increased their price target on shares of FOX from $62.00 to $64.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. Morgan Stanley increased their price objective on shares of FOX from $57.00 to $60.00 and gave the stock an "equal weight" rating in a research note on Tuesday, May 13th. Finally, Cfra Research cut shares of FOX from a "moderate buy" rating to a "hold" rating in a research note on Friday, June 27th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $53.53.

FOX Price Performance

Shares of NASDAQ FOXA opened at $55.76 on Friday. The firm has a market capitalization of $25.07 billion, a P/E ratio of 13.87, a PEG ratio of 1.24 and a beta of 0.51. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.33 and a current ratio of 2.45. Fox Corporation has a one year low of $36.09 and a one year high of $58.74. The company's fifty day moving average is $55.43 and its two-hundred day moving average is $53.42.

FOX (NASDAQ:FOXA - Get Free Report) last announced its earnings results on Monday, May 12th. The company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.17. FOX had a net margin of 11.58% and a return on equity of 17.99%. The firm had revenue of $4.37 billion during the quarter, compared to the consensus estimate of $4.14 billion. During the same quarter in the previous year, the company posted $1.40 EPS. The firm's revenue for the quarter was up 26.8% on a year-over-year basis. Analysts forecast that Fox Corporation will post 4.38 EPS for the current fiscal year.

Insider Activity at FOX

In related news, CFO Steven Tomsic sold 39,642 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $55.30, for a total transaction of $2,192,202.60. Following the completion of the sale, the chief financial officer owned 133,923 shares of the company's stock, valued at approximately $7,405,941.90. This represents a 22.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 21.77% of the stock is currently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.