Fox Co. (NASDAQ:FOXA) Shares Sold by Covington Capital Management

Covington Capital Management cut its stake in Fox Co. (NASDAQ:FOXAGet Rating) by 52.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,129 shares of the company’s stock after selling 1,228 shares during the period. Covington Capital Management’s holdings in FOX were worth $36,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Twin Tree Management LP purchased a new stake in shares of FOX in the first quarter valued at approximately $26,000. Asset Dedication LLC purchased a new stake in shares of FOX in the first quarter valued at approximately $36,000. CWM LLC grew its position in shares of FOX by 287.3% in the first quarter. CWM LLC now owns 1,282 shares of the company’s stock valued at $51,000 after purchasing an additional 951 shares in the last quarter. Parallel Advisors LLC grew its position in shares of FOX by 32.7% in the first quarter. Parallel Advisors LLC now owns 1,794 shares of the company’s stock valued at $72,000 after purchasing an additional 442 shares in the last quarter. Finally, Archer Investment Corp purchased a new stake in shares of FOX in the first quarter valued at approximately $95,000. 56.49% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FOXA has been the subject of a number of analyst reports. Evercore ISI dropped their price target on FOX from $44.00 to $38.00 in a research report on Wednesday, July 27th. Credit Suisse Group lowered their price objective on FOX to $46.00 in a research report on Monday, August 15th. Morgan Stanley lowered FOX from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $45.00 to $38.00 in a research report on Monday, July 18th. The Goldman Sachs Group lowered their price objective on FOX from $32.00 to $30.00 and set a “sell” rating for the company in a research report on Tuesday, July 26th. Finally, Wolfe Research lowered FOX from an “outperform” rating to a “peer perform” rating and lowered their price objective for the stock from $52.00 to $39.00 in a research report on Thursday, June 2nd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $40.90.

FOX Stock Up 2.0 %

NASDAQ:FOXA opened at $34.36 on Tuesday. The company has a quick ratio of 3.26, a current ratio of 3.61 and a debt-to-equity ratio of 0.63. The stock’s fifty day moving average is $34.29 and its two-hundred day moving average is $35.60. Fox Co. has a 52 week low of $31.33 and a 52 week high of $44.95. The stock has a market capitalization of $18.87 billion, a price-to-earnings ratio of 16.28, a price-to-earnings-growth ratio of 0.61 and a beta of 0.87.

FOX (NASDAQ:FOXAGet Rating) last released its quarterly earnings results on Wednesday, August 10th. The company reported $0.74 EPS for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.04). The firm had revenue of $3.03 billion for the quarter, compared to analyst estimates of $3.05 billion. FOX had a return on equity of 14.05% and a net margin of 8.62%. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter last year, the company earned $0.65 earnings per share. Research analysts anticipate that Fox Co. will post 3.68 EPS for the current year.

FOX Increases Dividend

The business also recently disclosed a Semi-Annual dividend, which will be paid on Wednesday, September 28th. Stockholders of record on Wednesday, August 31st will be paid a $0.25 dividend. This is a boost from FOX’s previous Semi-Annual dividend of $0.24. This represents a dividend yield of 1.4%. The ex-dividend date of this dividend is Tuesday, August 30th. FOX’s dividend payout ratio (DPR) is presently 23.70%.

FOX Profile

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Fox Corporation operates as a news, sports, and entertainment company in the United States (U.S.). The company operates through Cable Network Programming; Television; and Other, Corporate and Eliminations segments. The Cable Network Programming segment produces and licenses news, business news, and sports content for distribution through traditional and virtual multi-channel video programming distributors (MVPDs) and other digital platforms, primarily in the U.S.

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Institutional Ownership by Quarter for FOX (NASDAQ:FOXA)

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