Baird Financial Group Inc. Decreases Stake in Fox Corporation $FOXA

Baird Financial Group Inc. lowered its position in Fox Corporation (NASDAQ:FOXA) by 11.6% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 14,624 shares of the company’s stock after selling 1,927 shares during the period. Baird Financial Group Inc.’s holdings in FOX were worth $828,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. CWM LLC grew its stake in FOX by 8.6% during the 1st quarter. CWM LLC now owns 6,663 shares of the company’s stock valued at $377,000 after acquiring an additional 527 shares in the last quarter. Sequoia Financial Advisors LLC boosted its holdings in shares of FOX by 7.8% during the 1st quarter. Sequoia Financial Advisors LLC now owns 6,433 shares of the company’s stock worth $364,000 after purchasing an additional 464 shares during the last quarter. Private Trust Co. NA boosted its holdings in shares of FOX by 86.5% during the 1st quarter. Private Trust Co. NA now owns 929 shares of the company’s stock worth $53,000 after purchasing an additional 431 shares during the last quarter. HB Wealth Management LLC acquired a new position in shares of FOX during the 1st quarter worth approximately $420,000. Finally, Janney Montgomery Scott LLC boosted its holdings in shares of FOX by 152.1% during the 1st quarter. Janney Montgomery Scott LLC now owns 31,794 shares of the company’s stock worth $1,800,000 after purchasing an additional 19,181 shares during the last quarter. Hedge funds and other institutional investors own 52.52% of the company’s stock.

FOX Stock Down 6.1%

FOX stock opened at $58.64 on Wednesday. Fox Corporation has a fifty-two week low of $38.72 and a fifty-two week high of $62.69. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.76 and a current ratio of 2.91. The firm has a 50 day moving average price of $57.22 and a 200 day moving average price of $54.63. The company has a market capitalization of $26.13 billion, a PE ratio of 11.94, a price-to-earnings-growth ratio of 1.50 and a beta of 0.52.

FOX (NASDAQ:FOXA) last posted its earnings results on Tuesday, August 5th. The company reported $1.27 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.26. FOX had a net margin of 13.88% and a return on equity of 18.86%. The firm had revenue of $3.29 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter last year, the firm earned $0.90 EPS. The firm’s revenue for the quarter was up 6.3% on a year-over-year basis. Research analysts expect that Fox Corporation will post 4.38 earnings per share for the current year.

FOX Increases Dividend

The business also recently announced a dividend, which will be paid on Wednesday, September 24th. Investors of record on Wednesday, September 3rd will be issued a $0.28 dividend. This is a boost from FOX’s previous dividend of $0.18. The ex-dividend date is Wednesday, September 3rd. This represents a yield of 93.0%. FOX’s payout ratio is 11.41%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Cfra Research upgraded FOX from a “hold” rating to a “moderate buy” rating in a report on Tuesday, August 5th. Bank of America boosted their target price on FOX from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, June 25th. Morgan Stanley set a $65.00 target price on FOX in a report on Tuesday. Cowen restated a “hold” rating on shares of FOX in a report on Tuesday, May 13th. Finally, UBS Group set a $65.00 target price on FOX and gave the stock a “buy” rating in a report on Wednesday, June 25th. Nine investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, FOX currently has an average rating of “Hold” and an average price target of $56.47.

FOX Profile

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.