Fox Corporation $FOX Position Trimmed by ProShare Advisors LLC

ProShare Advisors LLC cut its stake in shares of Fox Corporation (NASDAQ:FOX) by 67.7% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 21,049 shares of the company’s stock after selling 44,212 shares during the quarter. ProShare Advisors LLC’s holdings in FOX were worth $1,185,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of FOX. Assenagon Asset Management S.A. lifted its holdings in shares of FOX by 54.7% during the third quarter. Assenagon Asset Management S.A. now owns 655,706 shares of the company’s stock valued at $36,916,000 after purchasing an additional 231,724 shares during the last quarter. Wedge Capital Management L L P NC purchased a new position in FOX in the 2nd quarter worth about $35,047,000. Gamco Investors INC. ET AL raised its holdings in FOX by 10.0% during the 1st quarter. Gamco Investors INC. ET AL now owns 585,183 shares of the company’s stock worth $31,073,000 after buying an additional 53,166 shares during the period. Gabelli Funds LLC raised its holdings in FOX by 2.3% during the 1st quarter. Gabelli Funds LLC now owns 579,800 shares of the company’s stock worth $30,787,000 after buying an additional 13,200 shares during the period. Finally, Cooper Investors PTY Ltd. acquired a new stake in FOX during the 3rd quarter worth about $24,136,000. 26.41% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Citizens Jmp upgraded shares of FOX to a “strong-buy” rating in a report on Monday, September 14th. Wolfe Research set a $93.00 price target on shares of FOX in a report on Thursday, August 20th. Guggenheim restated a “buy” rating on shares of FOX in a research report on Tuesday, August 25th. Wells Fargo & Company raised shares of FOX from a “hold” rating to an “overweight” rating and set a $80.00 price objective for the company in a research note on Friday, August 14th. Finally, Zacks Research upgraded shares of FOX from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 6th. Three equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $79.50.

Insider Transactions at FOX

In other news, CEO Lachlan Murdoch bought 149,934 shares of the stock in a transaction on Tuesday, September 15th. The shares were purchased at an average price of $68.53 per share, for a total transaction of $10,274,977.02. Following the completion of the purchase, the chief executive officer directly owned 1,401,713 shares of the company’s stock, valued at $96,059,391.89. This trade represents a 11.98% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 23.06% of the company’s stock.

FOX Stock Down 0.8%

Shares of NASDAQ FOX traded down $0.49 during mid-day trading on Friday, reaching $59.50. The company had a trading volume of 1,740,815 shares, compared to its average volume of 756,431. The stock has a fifty day moving average of $57.92 and a two-hundred day moving average of $55.84. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.99 and a current ratio of 3.79. The company has a market capitalization of $24.97 billion, a price-to-earnings ratio of 12.63, a PEG ratio of 1.39 and a beta of 0.66. Fox Corporation has a 12-month low of $44.08 and a 12-month high of $68.18.

FOX (NASDAQ:FOX) last announced its quarterly earnings data on Monday, November 2nd. The company reported $2.54 EPS for the quarter, beating analysts’ consensus estimates of $2.06 by $0.48. The firm had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.32 billion. FOX had a net margin of 11.30% and a return on equity of 23.96%. As a group, equities research analysts expect that Fox Corporation will post 6.54 EPS for the current year.

About FOX

Fox Corporation is a U.S. media company that produces and distributes news, sports and entertainment programming. Its operations include the FOX broadcast network, Fox News Media, Fox Sports, FOX Entertainment and Fox Television Stations. The company also owns Tubi, an ad-supported streaming service.

Fox Corporation was formed in 2019 after The Walt Disney Company acquired much of 21st Century Fox. The company’s programming and services are primarily aimed at audiences in the United States, with content also distributed to viewers in other markets.

Lachlan Murdoch serves as Fox Corporation’s executive chair and chief executive officer.