Fox Co. (NASDAQ:FOXA) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System reduced its stake in Fox Co. (NASDAQ:FOXA) by 2.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 79,612 shares of the company’s stock after selling 2,400 shares during the period. State of Michigan Retirement System’s holdings in FOX were worth $2,736,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of FOXA. Mitsubishi UFJ Trust & Banking Corp raised its stake in FOX by 31.1% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 495,488 shares of the company’s stock valued at $15,523,000 after buying an additional 117,458 shares in the last quarter. Quest Partners LLC acquired a new stake in shares of FOX during the 4th quarter valued at approximately $1,796,000. Jane Street Group LLC lifted its position in shares of FOX by 25.2% during the 1st quarter. Jane Street Group LLC now owns 139,502 shares of the company’s stock valued at $4,362,000 after acquiring an additional 28,072 shares during the period. Scout Investments Inc. lifted its position in shares of FOX by 102.0% during the 4th quarter. Scout Investments Inc. now owns 209,871 shares of the company’s stock valued at $6,227,000 after acquiring an additional 105,960 shares during the period. Finally, Hsbc Holdings PLC raised its position in shares of FOX by 99.9% during the 4th quarter. Hsbc Holdings PLC now owns 652,921 shares of the company’s stock worth $19,339,000 after purchasing an additional 326,254 shares during the last quarter. 52.52% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at FOX

In other FOX news, CFO Steven Tomsic sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $34.26, for a total transaction of $1,027,800.00. Following the completion of the sale, the chief financial officer now directly owns 110,568 shares in the company, valued at $3,788,059.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other FOX news, CFO Steven Tomsic sold 30,000 shares of the business’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $34.26, for a total transaction of $1,027,800.00. Following the sale, the chief financial officer now owns 110,568 shares of the company’s stock, valued at $3,788,059.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO John Nallen sold 52,874 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $38.96, for a total transaction of $2,059,971.04. Following the completion of the transaction, the chief operating officer now owns 249,424 shares in the company, valued at approximately $9,717,559.04. The disclosure for this sale can be found here. 21.77% of the stock is currently owned by company insiders.

FOX Stock Down 0.1 %

NASDAQ:FOXA opened at $41.04 on Wednesday. The stock’s fifty day moving average price is $36.95 and its two-hundred day moving average price is $33.38. Fox Co. has a 52-week low of $28.28 and a 52-week high of $41.40. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.94 and a current ratio of 3.24. The company has a market cap of $19.15 billion, a price-to-earnings ratio of 12.87, a P/E/G ratio of 1.51 and a beta of 0.77.

FOX (NASDAQ:FOXA) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $0.07. The business had revenue of $3.09 billion during the quarter, compared to analysts’ expectations of $3.10 billion. FOX had a net margin of 11.19% and a return on equity of 15.90%. The firm’s quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.88 EPS. On average, analysts anticipate that Fox Co. will post 3.33 EPS for the current year.

FOX Increases Dividend

The company also recently announced a Semi-Annual dividend, which will be paid on Wednesday, September 25th. Investors of record on Wednesday, September 4th will be paid a $0.27 dividend. This is an increase from FOX’s previous Semi-Annual dividend of $0.26. This represents a yield of 1.4%. The ex-dividend date is Wednesday, September 4th. FOX’s dividend payout ratio (DPR) is 16.93%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Bank of America raised shares of FOX from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $34.00 to $40.00 in a research note on Thursday, May 9th. JPMorgan Chase & Co. increased their price objective on shares of FOX from $36.00 to $38.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Macquarie upped their target price on shares of FOX from $32.00 to $35.00 and gave the stock a “neutral” rating in a research report on Monday, August 12th. Wells Fargo & Company upgraded shares of FOX from an “underweight” rating to an “overweight” rating and increased their price objective for the company from $29.00 to $46.00 in a report on Friday, August 16th. Finally, Rosenblatt Securities increased their target price on shares of FOX from $37.00 to $38.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Nine equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $38.23.

FOX Profile

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 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.