Fox Corporation $FOX Stock: Sumitomo Mitsui DS Asset Management Company Ltd Reduces Position

Sumitomo Mitsui DS Asset Management Company Ltd cut its holdings in Fox Corporation (NASDAQ:FOX) by 58.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,016 shares of the company’s stock after selling 31,007 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in FOX were worth $1,240,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Wedge Capital Management L L P NC purchased a new position in shares of FOX during the 2nd quarter worth approximately $35,047,000. Cooper Investors PTY Ltd. purchased a new stake in FOX in the 3rd quarter valued at approximately $24,136,000. Assenagon Asset Management S.A. lifted its stake in FOX by 54.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 655,706 shares of the company’s stock valued at $36,916,000 after buying an additional 231,724 shares in the last quarter. Foster & Motley Inc. purchased a new stake in FOX in the 2nd quarter valued at approximately $9,237,000. Finally, Perpetual Ltd grew its holdings in FOX by 174.1% during the 3rd quarter. Perpetual Ltd now owns 156,900 shares of the company’s stock valued at $8,833,000 after buying an additional 99,667 shares during the last quarter. 26.41% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other FOX news, CEO Lachlan Murdoch acquired 149,934 shares of the company’s stock in a transaction on Tuesday, September 15th. The shares were bought at an average cost of $68.53 per share, for a total transaction of $10,274,977.02. Following the acquisition, the chief executive officer directly owned 1,401,713 shares of the company’s stock, valued at $96,059,391.89. This trade represents a 11.98% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 23.06% of the stock is currently owned by company insiders.

FOX Stock Performance

NASDAQ:FOX opened at $59.46 on Friday. The firm has a 50-day moving average of $58.48 and a two-hundred day moving average of $55.73. The company has a debt-to-equity ratio of 0.56, a current ratio of 3.17 and a quick ratio of 2.99. The stock has a market cap of $24.95 billion, a P/E ratio of 15.52, a PEG ratio of 1.51 and a beta of 0.63. Fox Corporation has a 1-year low of $44.08 and a 1-year high of $68.18.

FOX (NASDAQ:FOX) last announced its earnings results on Thursday, August 6th. The company reported $1.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.44 by $0.35. FOX had a return on equity of 20.64% and a net margin of 9.84%. The business had revenue of $4.21 billion for the quarter, compared to analyst estimates of $3.64 billion. On average, research analysts expect that Fox Corporation will post 6.23 earnings per share for the current fiscal year.

FOX Dividend Announcement

The firm also recently disclosed a dividend, which was paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 2nd were paid a dividend of $0.29 per share. This represents a yield of 96.0%. The ex-dividend date was Wednesday, September 2nd. FOX’s dividend payout ratio (DPR) is 15.14%.

Wall Street Analysts Forecast Growth

FOX has been the subject of several recent research reports. Wells Fargo & Company raised FOX from a “hold” rating to an “overweight” rating and set a $80.00 price target for the company in a research report on Friday, August 14th. Citizens Jmp raised FOX to a “strong-buy” rating in a research note on Monday, September 14th. Wolfe Research set a $93.00 price target on shares of FOX in a research note on Thursday, August 20th. JPMorgan Chase & Co. upgraded FOX from a “neutral” rating to an “overweight” rating and increased their price target for the company from $70.00 to $82.00 in a report on Friday, August 14th. Finally, Guggenheim reiterated a “buy” rating on shares of FOX in a research note on Tuesday, August 25th. Three analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $78.40.

About FOX

Fox Corporation (NASDAQ: FOX) is a 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 operates a portfolio of news, sports, entertainment and local television businesses primarily serving audiences in the United States.

The company’s FOX News Media segment includes FOX News Channel, FOX Business Network, FOX News Digital and the FOX Nation streaming service. Its FOX Sports business provides live sports programming through the FOX broadcast network, FS1, FS2, FOX Deportes, the Big Ten Network and related digital platforms.