Fox Corporation Plans Dividend of $0.29 (NASDAQ:FOXA)

Key Points

• Fox Corporation declared a $0.29-per-share dividend, payable September 23 to shareholders of record September 2; the ex-dividend date is also September 2. The article reports a 94.0% dividend yield, though Fox’s annual dividend is $0.56.
• Fox reported quarterly EPS of $1.79, beating analyst expectations of $1.44, while revenue increased 28.1% year over year. Its dividend appears well covered, with a 13.3% payout ratio and an expected future payout ratio of 9.7%.
• FOXA shares rose 5.3% to $61.77 during Thursday trading, and institutional investors own approximately 52.52% of the company’s outstanding stock.

Fox Corporation (NASDAQ:FOXA - Get Free Report) announced a dividend on Thursday, August 6th. Investors of record on Wednesday, September 2nd will be given a dividend of 0.29 per share on Wednesday, September 23rd. This represents a dividend yield of 94.0%. The ex-dividend date of this dividend is Wednesday, September 2nd.

FOX has increased its dividend by an average of 0.0%per year over the last three years and has increased its dividend every year for the last 4 years. FOX has a dividend payout ratio of 13.3% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect FOX to earn $5.76 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 9.7%.

FOX Stock Up 5.3%

Shares of NASDAQ:FOXA traded up $3.09 during trading hours on Thursday, reaching $61.77. The stock had a trading volume of 8,500,575 shares, compared to its average volume of 4,740,901. FOX has a 1 year low of $48.34 and a 1 year high of $76.39. The firm's 50 day moving average is $57.57 and its 200-day moving average is $60.75. The stock has a market capitalization of $25.96 billion, a price-to-earnings ratio of 16.30, a P/E/G ratio of 1.68 and a beta of 0.54. The company has a debt-to-equity ratio of 0.60, a quick ratio of 2.65 and a current ratio of 2.90.

FOX (NASDAQ:FOXA - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported $1.79 earnings per share (EPS) 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%.During the same period in the prior year, the business earned $1.27 earnings per share. FOX's quarterly revenue was up 28.1% on a year-over-year basis. Research analysts predict that FOX will post 4.96 earnings per share for the current fiscal year.

Institutional Investors Weigh In On FOX

Several institutional investors and hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC boosted its stake in shares of FOX by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 6,534,627 shares of the company's stock valued at $476,248,000 after acquiring an additional 29,923 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in shares of FOX by 72.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,821,284 shares of the company's stock worth $101,948,000 after purchasing an additional 762,645 shares during the last quarter. PFA Pension Forsikringsaktieselskab acquired a new stake in shares of FOX during the 4th quarter worth about $67,467,000. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of FOX by 3.0% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 572,145 shares of the company's stock worth $41,807,000 after buying an additional 16,716 shares in the last quarter. Finally, SG Americas Securities LLC grew its holdings in shares of FOX by 299.8% during the first quarter. SG Americas Securities LLC now owns 511,811 shares of the company's stock worth $29,890,000 after buying an additional 383,782 shares in the last quarter. 52.52% of the stock is currently owned by hedge funds and other institutional investors.

About FOX

Fox Corporation NASDAQ: FOXA is a U.S.-based media company focused on television broadcasting, cable news and sports programming, and digital distribution. The company was formed in 2019 as the successor to certain assets of 21st Century Fox after a transaction that transferred many film and television studio assets to The Walt Disney Company. Fox Corp's operations center on the Fox Broadcasting network, a portfolio of local television stations, national news and business cable networks, and sports media properties.

Fox produces, acquires and distributes a range of live and recorded programming, including news, opinion and commentary, national and local sports telecasts, and general entertainment.

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