Empirical Finance LLC Lowers Holdings in Fox Corporation $FOXA

Empirical Finance LLC lowered its stake in shares of Fox Corporation (NASDAQ:FOXA) by 30.4% in the second quarter, HoldingsChannel reports. The fund owned 22,477 shares of the company’s stock after selling 9,834 shares during the quarter. Empirical Finance LLC’s holdings in FOX were worth $1,172,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. California State Teachers Retirement System boosted its position in shares of FOX by 4,720.6% in the second quarter. California State Teachers Retirement System now owns 19,330,183 shares of the company’s stock worth $1,008,262,000 after acquiring an additional 18,929,193 shares during the last quarter. Ameriprise Financial Inc. increased its position in FOX by 72.0% during the second quarter. Ameriprise Financial Inc. now owns 1,821,284 shares of the company’s stock worth $101,948,000 after purchasing an additional 762,645 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in FOX during the second quarter worth approximately $21,519,000. SG Americas Securities LLC raised its stake in FOX by 299.8% during the first quarter. SG Americas Securities LLC now owns 511,811 shares of the company’s stock worth $29,890,000 after purchasing an additional 383,782 shares during the period. Finally, Lazard Asset Management LLC raised its stake in FOX by 624.5% during the second quarter. Lazard Asset Management LLC now owns 281,126 shares of the company’s stock worth $15,753,000 after purchasing an additional 242,321 shares during the period. 52.52% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $80.00 price objective on shares of FOX in a research note on Friday, August 14th. Seaport Research Partners lowered FOX from a “buy” rating to a “neutral” rating in a research report on Friday, August 7th. Fox Advisors set a $82.00 target price on FOX in a report on Friday, August 14th. UBS Group reissued a “neutral” rating on shares of FOX in a research report on Monday, June 15th. Finally, Rothschild & Co Redburn set a $71.00 price target on FOX and gave the stock a “buy” rating in a research note on Friday, July 10th. Nine analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $74.38.

FOX Stock Performance

NASDAQ:FOXA opened at $63.86 on Thursday. The firm’s fifty day simple moving average is $61.59 and its 200 day simple moving average is $60.77. The company has a current ratio of 3.17, a quick ratio of 2.99 and a debt-to-equity ratio of 0.56. Fox Corporation has a twelve month low of $48.34 and a twelve month high of $76.39. The firm has a market capitalization of $26.80 billion, a price-to-earnings ratio of 16.67, a PEG ratio of 1.17 and a beta of 0.55.

FOX (NASDAQ:FOXA) last announced its quarterly earnings results on Thursday, August 6th. The company reported $1.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.44 by $0.35. FOX had a return on equity of 20.64% and a net margin of 9.84%.The firm had revenue of $4.21 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same period in the prior year, the firm earned $1.27 EPS. The firm’s quarterly revenue was up 28.1% compared to the same quarter last year. As a group, equities research analysts expect that Fox Corporation will post 5.94 earnings per share for the current fiscal year.

FOX Announces Dividend

The business also recently announced 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 86.0%. FOX’s dividend payout ratio (DPR) is 15.14%.

FOX Profile

Fox Corporation (NASDAQ: FOXA) is a media and entertainment company formed in 2019 following the separation of certain assets from 21st Century Fox. The company operates a portfolio of news, sports and entertainment brands focused primarily on the United States, with select services and programming available internationally.

Fox’s businesses include FOX News Media, which operates FOX News Channel, FOX Business Network, FOX News Digital and related subscription and streaming services. Its sports operations include FOX Sports, FS1, FS2, FOX Deportes, the Big Ten Network and sports programming distributed through digital platforms.