Sumitomo Mitsui Trust Group Inc. Raises Stake in Fox Corporation $FOXA

Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Fox Corporation (NASDAQ:FOXA) by 3.0% during the 4th quarter, HoldingsChannel reports. The firm owned 572,145 shares of the company’s stock after purchasing an additional 16,716 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in FOX were worth $41,807,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in FOXA. Geneos Wealth Management Inc. lifted its stake in shares of FOX by 205.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 923 shares of the company’s stock worth $52,000 after acquiring an additional 621 shares during the period. EverSource Wealth Advisors LLC lifted its stake in shares of FOX by 286.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,368 shares of the company’s stock worth $77,000 after acquiring an additional 1,014 shares during the period. Baird Financial Group Inc. lifted its stake in shares of FOX by 19.7% in the 2nd quarter. Baird Financial Group Inc. now owns 17,500 shares of the company’s stock worth $981,000 after acquiring an additional 2,876 shares during the period. California State Teachers Retirement System lifted its stake in shares of FOX by 16.6% in the 2nd quarter. California State Teachers Retirement System now owns 350,844 shares of the company’s stock worth $19,661,000 after acquiring an additional 49,963 shares during the period. Finally, Ameriprise Financial Inc. lifted its stake in shares of FOX by 72.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,821,284 shares of the company’s stock worth $101,948,000 after acquiring an additional 762,645 shares during the period. Institutional investors and hedge funds own 52.52% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on FOXA shares. Morgan Stanley raised their target price on shares of FOX from $74.00 to $77.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 5th. Weiss Ratings restated a “buy (b)” rating on shares of FOX in a research note on Monday, December 29th. TD Cowen raised their target price on shares of FOX from $55.00 to $65.00 and gave the stock a “hold” rating in a research note on Thursday, February 5th. Citigroup raised their target price on shares of FOX from $77.00 to $78.00 and gave the stock a “buy” rating in a research note on Thursday, February 5th. Finally, Barclays reduced their target price on shares of FOX from $64.00 to $63.00 and set an “equal weight” rating for the company in a research note on Thursday, February 5th. Seven investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $72.93.

Insider Transactions at FOX

In other news, CEO Lachlan K. Murdoch sold 637,752 shares of FOX stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $58.20, for a total transaction of $37,117,166.40. Following the completion of the sale, the chief executive officer directly owned 152 shares in the company, valued at $8,846.40. The trade was a 99.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO John Nallen sold 242,309 shares of FOX stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $57.74, for a total transaction of $13,990,921.66. Following the sale, the chief operating officer owned 357,653 shares of the company’s stock, valued at approximately $20,650,884.22. This trade represents a 40.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 1,586,871 shares of company stock valued at $91,893,926. 19.68% of the stock is currently owned by company insiders.

FOX Stock Performance

Shares of FOXA opened at $63.66 on Thursday. The company has a current ratio of 2.78, a quick ratio of 2.44 and a debt-to-equity ratio of 0.60. The stock has a market cap of $27.08 billion, a P/E ratio of 15.30, a PEG ratio of 7.81 and a beta of 0.50. The company has a 50-day moving average of $58.82 and a two-hundred day moving average of $64.39. Fox Corporation has a 12-month low of $46.42 and a 12-month high of $76.39.

FOX (NASDAQ:FOXA) last announced its earnings results on Wednesday, February 4th. The company reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.35. The company had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.02 billion. FOX had a net margin of 11.41% and a return on equity of 18.14%. The firm’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.96 earnings per share. As a group, research analysts predict that Fox Corporation will post 4.38 EPS for the current fiscal year.

FOX Announces Dividend

The firm also recently announced a dividend, which was paid on Wednesday, March 25th. Shareholders of record on Wednesday, March 4th were given a dividend of $0.28 per share. The ex-dividend date was Wednesday, March 4th. This represents a yield of 83.0%. FOX’s payout ratio is presently 13.46%.

FOX Profile

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.