Fox Corporation (NASDAQ:FOXA) Announces Dividend Increase - $0.28 Per Share

Key Points

• Fox Corporation has announced a dividend increase of 55.6%, raising its payout to $0.28 per share, with the ex-dividend date set for September 3rd.
• The company's earnings for the last quarter exceeded expectations, reporting an EPS of $1.27 against a consensus estimate of $1.01, alongside a revenue rise of 6.3% year-over-year.
• With a current payout ratio of 12.8%, Fox is expected to maintain its dividend based on projected earnings of $4.12 per share for the next fiscal year.

Fox Corporation (NASDAQ:FOXA - Get Free Report) announced a dividend on Monday, August 4th, NASDAQ Dividends reports. Stockholders of record on Wednesday, September 3rd will be paid a dividend of 0.28 per share on Wednesday, September 24th. The ex-dividend date is Wednesday, September 3rd. This is a 55.6% increase from FOX's previous dividend of $0.18.

FOX has a payout ratio of 12.8% indicating that its dividend is sufficiently covered by earnings. Research analysts expect FOX to earn $4.12 per share next year, which means the company should continue to be able to cover its $0.54 annual dividend with an expected future payout ratio of 13.1%.

FOX Price Performance

Shares of FOX stock traded down $0.69 on Wednesday, reaching $54.20. 5,167,661 shares of the stock were exchanged, compared to its average volume of 3,309,230. The firm's 50 day moving average is $55.46 and its 200-day moving average is $53.61. FOX has a one year low of $38.52 and a one year high of $58.74. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.33 and a current ratio of 2.91. The firm has a market cap of $24.37 billion, a PE ratio of 11.48, a P/E/G ratio of 1.22 and a beta of 0.54.

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

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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