Fox Corporation $FOX Stock: Summit Global Investments Increases Stake

Summit Global Investments lifted its holdings in shares of Fox Corporation (NASDAQ:FOX) by 101.2% during the third quarter, HoldingsChannel reports. The firm owned 46,609 shares of the company’s stock after acquiring an additional 23,439 shares during the quarter. Summit Global Investments’ holdings in FOX were worth $2,624,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of FOX. National Pension Service boosted its holdings in shares of FOX by 56.2% in the second quarter. National Pension Service now owns 56,048 shares of the company’s stock valued at $2,625,000 after buying an additional 20,157 shares during the period. Public Employees Retirement System of Ohio bought a new stake in FOX in the 2nd quarter valued at $2,415,000. F&V Capital Management LLC lifted its position in FOX by 31.0% in the 2nd quarter. F&V Capital Management LLC now owns 373,105 shares of the company’s stock valued at $17,476,000 after acquiring an additional 88,395 shares in the last quarter. Great Lakes Advisors LLC acquired a new position in FOX in the 2nd quarter worth $4,222,000. Finally, Perpetual Ltd raised its stake in shares of FOX by 174.1% in the 3rd quarter. Perpetual Ltd now owns 156,900 shares of the company’s stock valued at $8,833,000 after purchasing an additional 99,667 shares during the period. Institutional investors and hedge funds own 26.41% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on FOX. Weiss Ratings upgraded FOX from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, September 10th. Wells Fargo & Company raised FOX from a “hold” rating to an “overweight” rating and set a $80.00 price objective for the company in a research report on Friday, August 14th. Citizens Jmp upgraded FOX to a “strong-buy” rating in a report on Monday, September 14th. Guggenheim reissued a “buy” rating on shares of FOX in a research report on Tuesday, August 25th. Finally, JPMorgan Chase & Co. upgraded FOX from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $70.00 to $82.00 in a research note on Friday, August 14th. Three analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $78.78.

Insider Transactions at FOX

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

FOX Stock Down 1.8%

FOX stock opened at $56.20 on Friday. The company has a market cap of $23.58 billion, a P/E ratio of 14.67, a price-to-earnings-growth ratio of 1.40 and a beta of 0.63. Fox Corporation has a 1-year low of $44.08 and a 1-year high of $68.18. The company has a fifty day simple moving average of $58.14 and a 200 day simple moving average of $56.00. The company has a current ratio of 3.17, a quick ratio of 2.99 and a debt-to-equity ratio of 0.56.

FOX (NASDAQ:FOX) last issued its quarterly earnings results on Thursday, August 6th. The company reported $1.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.44 by $0.35. FOX had a net margin of 9.84% and a return on equity of 20.64%. The firm had revenue of $4.21 billion for the quarter, compared to analyst estimates of $3.64 billion. Research analysts anticipate that Fox Corporation will post 6.23 earnings per share for the current fiscal year.

FOX Announces Dividend

The business also recently disclosed a dividend, which was paid on Wednesday, September 23rd. Stockholders of record on Wednesday, September 2nd were issued a $0.29 dividend. The ex-dividend date was Wednesday, September 2nd. This represents a dividend yield of 96.0%. FOX’s dividend payout ratio (DPR) is presently 15.14%.

About FOX

Fox Corporation (NASDAQ: FOX) is a media and entertainment company formed in 2019 following the acquisition of most of 21st Century Fox’s entertainment assets by The Walt Disney Company. Fox operates a portfolio of news, sports, entertainment and local television businesses primarily serving audiences in the United States.

The company’s FOX News Media segment includes FOX News Channel, FOX Business Network, FOX News Digital and the FOX Nation streaming service. Its FOX Sports business provides live sports programming through the FOX broadcast network, FS1, FS2, FOX Deportes, the Big Ten Network and related digital platforms.