Lachlan Murdoch Sells 637,752 Shares of FOX (NASDAQ:FOXA) Stock

Key Points

• Lachlan Murdoch sold 637,752 shares of Fox Corporation on March 13 at an average price of $58.20, totaling about $37.12 million, leaving him with just 152 shares (a 99.98% decline in his ownership).
• FOX traded at $57.39 on Friday on unusually heavy volume (9.57M shares vs. a 3.98M average); the company has a market cap of $24.41 billion and a P/E of 13.8 with a 52-week range of $46.42–$76.39.
• Fox announced a $0.28 dividend payable March 25 (record March 4) with a reported yield of 83.0% and a payout ratio of 13.46%, while analysts hold mixed views — consensus target price is $71.80.

Fox Corporation (NASDAQ:FOXA - Get Free Report) CEO Lachlan Murdoch sold 637,752 shares of the firm's stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $58.20, for a total transaction of $37,117,166.40. Following the completion of the transaction, the chief executive officer directly owned 152 shares in the company, valued at approximately $8,846.40. This represents a 99.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

FOX Price Performance

NASDAQ FOXA traded down $0.35 during trading hours on Friday, hitting $57.39. 9,569,095 shares of the company's stock traded hands, compared to its average volume of 3,978,365. The company has a market capitalization of $24.41 billion, a PE ratio of 13.80, a PEG ratio of 7.54 and a beta of 0.55. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.78 and a quick ratio of 2.44. Fox Corporation has a 52-week low of $46.42 and a 52-week high of $76.39. The firm's 50-day moving average is $65.28 and its 200-day moving average is $64.45.

FOX (NASDAQ:FOXA - Get Free Report) last released its earnings results on Wednesday, February 4th. The company reported $0.82 earnings per share for the quarter, topping analysts' consensus estimates of $0.47 by $0.35. FOX had a net margin of 11.41% and a return on equity of 18.14%. The business had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.02 billion. During the same period last year, the company posted $0.96 EPS. The business's revenue was up 2.0% on a year-over-year basis. Equities analysts forecast that Fox Corporation will post 4.38 EPS for the current fiscal year.

FOX Dividend Announcement

The company also recently announced a dividend, which will be paid on Wednesday, March 25th. Shareholders of record on Wednesday, March 4th will be issued a $0.28 dividend. This represents a yield of 83.0%. The ex-dividend date is Wednesday, March 4th. FOX's payout ratio is presently 13.46%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on FOXA. Guggenheim upped their price objective on FOX from $75.00 to $85.00 and gave the company a "buy" rating in a report on Monday, December 22nd. TD Cowen raised their target price on FOX from $55.00 to $65.00 and gave the stock a "hold" rating in a research note on Thursday, February 5th. Evercore upped their price target on FOX from $66.00 to $70.00 and gave the company an "in-line" rating in a research note on Thursday, February 5th. The Goldman Sachs Group reiterated a "buy" rating and set a $80.00 price target on shares of FOX in a report on Wednesday, February 4th. Finally, Wells Fargo & Company downgraded FOX from an "overweight" rating to a "hold" rating in a research report on Thursday, February 5th. Seven investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, FOX has an average rating of "Hold" and a consensus target price of $71.80.

Institutional Trading of FOX

Several hedge funds have recently made changes to their positions in the business. FWL Investment Management LLC purchased a new stake in shares of FOX during the 3rd quarter worth $26,000. Elyxium Wealth LLC purchased a new position in FOX in the fourth quarter valued at $27,000. CYBER HORNET ETFs LLC acquired a new stake in FOX in the second quarter valued at $35,000. Rosenberg Matthew Hamilton raised its stake in FOX by 58.5% in the fourth quarter. Rosenberg Matthew Hamilton now owns 696 shares of the company's stock valued at $51,000 after buying an additional 257 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new stake in FOX during the 3rd quarter worth about $51,000. Institutional investors and hedge funds own 52.52% of the company's stock.

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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