Fox Corporation Announces Dividend of $0.29 (NASDAQ:FOX)

Key Points

• Fox Corporation declared a $0.29 per-share dividend, payable September 23 to shareholders of record September 2; the article lists a 13.3% payout ratio and expects the dividend to remain well covered by earnings.
• FOX reported quarterly earnings of $1.79 per share, exceeding estimates of $1.44, while revenue reached $4.21 billion versus expectations of $3.64 billion.
• Shares rose $3.17 to $55.37 during Thursday trading, giving Fox a market capitalization of approximately $23.27 billion.

Fox Corporation (NASDAQ:FOX - Get Free Report) declared a dividend on Thursday, August 6th. Shareholders of record on Wednesday, September 2nd will be paid a dividend of 0.29 per share on Wednesday, September 23rd. This represents a yield of 105.0%. The ex-dividend date is Wednesday, September 2nd.

FOX has raised its dividend by an average of 0.0%annually over the last three years and has increased its dividend annually for the last 4 consecutive years. FOX has a dividend payout ratio of 13.3% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect FOX to earn $5.69 per share next year, which means the company should continue to be able to cover its $0.56 annual dividend with an expected future payout ratio of 9.8%.

FOX Price Performance

Shares of NASDAQ:FOX traded up $3.17 during trading on Thursday, hitting $55.37. 1,705,544 shares of the stock were exchanged, compared to its average volume of 1,679,088. The company has a market cap of $23.27 billion, a PE ratio of 14.61, a P/E/G ratio of 1.51 and a beta of 0.57. The company has a current ratio of 2.90, a quick ratio of 2.65 and a debt-to-equity ratio of 0.60. The company has a fifty day moving average price of $51.72 and a two-hundred day moving average price of $54.76. FOX has a 12-month low of $44.08 and a 12-month 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, beating analysts' consensus estimates of $1.44 by $0.35. FOX had a return on equity of 18.90% and a net margin of 10.56%.The business had revenue of $4.21 billion during the quarter, compared to analysts' expectations of $3.64 billion. On average, analysts forecast that FOX will post 4.78 EPS for the current year.

FOX Company 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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