Insider Buying: FOX (NASDAQ:FOX) CEO Acquires 149,934 Shares of Stock

Fox Corporation (NASDAQ:FOX) CEO Lachlan Murdoch bought 149,934 shares of the firm’s stock in a transaction on Tuesday, September 15th. The stock was purchased at an average cost of $68.53 per share, for a total transaction of $10,274,977.02. Following the completion of the acquisition, the chief executive officer owned 1,401,713 shares in the company, valued at approximately $96,059,391.89. This trade represents a 11.98% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

FOX Price Performance

Shares of FOX stock traded down $1.19 on Wednesday, reaching $59.15. 1,007,409 shares of the stock were exchanged, compared to its average volume of 1,571,733. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.99 and a current ratio of 3.17. The firm has a market cap of $24.82 billion, a PE ratio of 15.44, a P/E/G ratio of 1.65 and a beta of 0.58. The firm’s 50 day moving average is $55.80 and its 200-day moving average is $54.86. Fox Corporation has a one year low of $44.08 and a one year high of $68.18.

FOX (NASDAQ:FOX) last announced its quarterly earnings data on Thursday, August 6th. The company reported $1.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.35. FOX had a net margin of 9.84% and a return on equity of 20.64%. The business had revenue of $4.21 billion for the quarter, compared to analysts’ expectations of $3.64 billion. As a group, analysts anticipate that Fox Corporation will post 5.99 EPS for the current fiscal year.

FOX Announces Dividend

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

Institutional Investors Weigh In On FOX

A number of institutional investors have recently added to or reduced their stakes in the business. Sequoia Financial Advisors LLC increased its position in FOX by 4.0% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 6,644 shares of the company’s stock valued at $311,000 after acquiring an additional 254 shares during the period. National Pension Service raised its stake in FOX by 56.2% during the second quarter. National Pension Service now owns 56,048 shares of the company’s stock worth $2,625,000 after buying an additional 20,157 shares during the last quarter. Engineers Gate Manager LP lifted its stake in shares of FOX by 1,257.1% in the 2nd quarter. Engineers Gate Manager LP now owns 75,018 shares of the company’s stock valued at $3,514,000 after purchasing an additional 69,490 shares during the period. Integrated Wealth Concepts LLC acquired a new position in shares of FOX in the 2nd quarter valued at about $70,000. Finally, Squarepoint Ops LLC bought a new stake in shares of FOX during the 2nd quarter valued at about $310,000. 26.41% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on FOX shares. JPMorgan Chase & Co. upgraded FOX from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $70.00 to $82.00 in a research report on Friday, August 14th. Wells Fargo & Company upgraded FOX from a “hold” rating to an “overweight” rating and set a $80.00 target price on the stock in a research report on Friday, August 14th. Weiss Ratings raised FOX from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, September 10th. Zacks Research downgraded FOX from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 28th. Finally, Guggenheim reissued a “buy” rating on shares of FOX in a report on Tuesday, August 25th. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, FOX currently has an average rating of “Moderate Buy” and an average target price of $77.67.

FOX Company Profile

Fox Corporation (NASDAQ: FOX) is a U.S.-based 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 retained a portfolio focused on news, sports, broadcast television and digital streaming.

The company’s principal businesses include Fox News Media, which operates Fox News Channel, Fox Business Network and related digital platforms; Fox Sports, which provides national and regional sports programming; and Fox Entertainment, which develops and distributes scripted and unscripted television content.