Geode Capital Management LLC Reduces Stock Position in Fox Co. (NASDAQ:FOXA)

Geode Capital Management LLC trimmed its position in Fox Co. (NASDAQ:FOXA) by 0.5% during the fourth quarter, Holdings Channel.com reports. The firm owned 6,595,502 shares of the company’s stock after selling 35,164 shares during the period. Geode Capital Management LLC’s holdings in FOX were worth $319,965,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. WealthTrak Capital Management LLC purchased a new position in shares of FOX during the fourth quarter valued at approximately $26,000. SRS Capital Advisors Inc. raised its holdings in FOX by 91.0% in the 4th quarter. SRS Capital Advisors Inc. now owns 550 shares of the company’s stock valued at $27,000 after acquiring an additional 262 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new position in FOX in the 4th quarter valued at $28,000. Jones Financial Companies Lllp lifted its stake in shares of FOX by 61.5% during the 4th quarter. Jones Financial Companies Lllp now owns 654 shares of the company’s stock worth $32,000 after purchasing an additional 249 shares during the period. Finally, CIBC Private Wealth Group LLC boosted its holdings in shares of FOX by 122.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 669 shares of the company’s stock worth $33,000 after purchasing an additional 368 shares during the last quarter. 52.52% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on FOXA shares. JPMorgan Chase & Co. increased their target price on FOX from $49.00 to $54.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 5th. Loop Capital increased their price objective on shares of FOX from $60.00 to $62.00 and gave the stock a “buy” rating in a report on Tuesday. Barclays boosted their target price on shares of FOX from $39.00 to $50.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. The Goldman Sachs Group set a $60.00 price target on shares of FOX and gave the stock a “buy” rating in a research note on Tuesday, February 4th. Finally, Citigroup boosted their price objective on shares of FOX from $50.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $51.56.

Insider Buying and Selling at FOX

In other news, insider Adam G. Ciongoli sold 1,278 shares of the stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $54.13, for a total transaction of $69,178.14. Following the completion of the transaction, the insider now directly owns 29,897 shares in the company, valued at approximately $1,618,324.61. This represents a 4.10 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Keith Rupert Murdoch sold 58,000 shares of FOX stock in a transaction on Friday, February 21st. The stock was sold at an average price of $53.17, for a total transaction of $3,083,860.00. Following the completion of the sale, the chairman now owns 1,200,862 shares of the company’s stock, valued at approximately $63,849,832.54. This trade represents a 4.61 % decrease in their position. The disclosure for this sale can be found here. 21.77% of the stock is owned by insiders.

FOX Stock Down 4.1 %

Shares of NASDAQ:FOXA opened at $49.73 on Friday. The company has a market capitalization of $22.55 billion, a price-to-earnings ratio of 10.65, a price-to-earnings-growth ratio of 1.27 and a beta of 0.51. The company has a 50 day moving average of $54.27 and a two-hundred day moving average of $48.49. Fox Co. has a 52-week low of $30.02 and a 52-week high of $58.74. The company has a quick ratio of 2.14, a current ratio of 2.50 and a debt-to-equity ratio of 0.57.

FOX (NASDAQ:FOXA) last released its quarterly earnings results on Tuesday, February 4th. The company reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.34. The firm had revenue of $5.08 billion for the quarter, compared to the consensus estimate of $4.78 billion. FOX had a net margin of 14.39% and a return on equity of 18.50%. The firm’s quarterly revenue was up 19.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.34 EPS. As a group, analysts forecast that Fox Co. will post 4.38 earnings per share for the current fiscal year.

FOX Dividend Announcement

The firm also recently declared a semi-annual dividend, which was paid on Wednesday, March 26th. Investors of record on Wednesday, March 5th were paid a $0.27 dividend. This represents a dividend yield of 1%. The ex-dividend date of this dividend was Wednesday, March 5th. FOX’s dividend payout ratio (DPR) is 11.56%.

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.