Fox Co. (NASDAQ:FOXA) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp decreased its stake in Fox Co. (NASDAQ:FOXA) by 1.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,959,897 shares of the company’s stock after selling 23,524 shares during the period. Bank of New York Mellon Corp’s holdings in FOX were worth $67,362,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Massmutual Trust Co. FSB ADV boosted its holdings in shares of FOX by 176.6% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 722 shares of the company’s stock valued at $25,000 after buying an additional 461 shares in the last quarter. UMB Bank n.a. boosted its stake in FOX by 254.4% during the 1st quarter. UMB Bank n.a. now owns 1,127 shares of the company’s stock worth $35,000 after purchasing an additional 809 shares during the period. Global Retirement Partners LLC boosted its stake in FOX by 38.4% during the 1st quarter. Global Retirement Partners LLC now owns 1,305 shares of the company’s stock worth $41,000 after purchasing an additional 362 shares during the period. Altshuler Shaham Ltd acquired a new stake in FOX during the 4th quarter worth $43,000. Finally, Friedenthal Financial acquired a new stake in FOX during the 2nd quarter worth $51,000. Institutional investors and hedge funds own 52.52% of the company’s stock.

Insider Activity at FOX

In related news, CFO Steven Tomsic sold 30,000 shares of the stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $34.26, for a total value of $1,027,800.00. Following the sale, the chief financial officer now directly owns 110,568 shares of the company’s stock, valued at approximately $3,788,059.68. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, CEO Lachlan K. Murdoch purchased 119,705 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were bought at an average cost of $39.06 per share, with a total value of $4,675,677.30. Following the purchase, the chief executive officer now directly owns 1,076,407 shares of the company’s stock, valued at $42,044,457.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Steven Tomsic sold 30,000 shares of the firm’s stock in a transaction dated Friday, June 7th. The stock was 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 directly owns 110,568 shares in the company, valued at $3,788,059.68. The disclosure for this sale can be found here. 21.77% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on FOXA. The Goldman Sachs Group increased their price target on shares of FOX from $42.00 to $44.00 and gave the stock a “buy” rating in a research note on Wednesday, August 7th. Evercore ISI upped their price objective on shares of FOX from $33.00 to $38.00 and gave the stock an “in-line” rating in a research report on Wednesday, August 7th. Rosenblatt Securities upped their price objective on shares of FOX from $37.00 to $38.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Wells Fargo & Company upgraded shares of FOX from an “underweight” rating to an “overweight” rating and upped their price objective for the stock from $29.00 to $46.00 in a research report on Friday, August 16th. Finally, Bank of America upgraded shares of FOX from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $34.00 to $40.00 in a research report on Thursday, May 9th. Nine equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $38.23.

FOX Stock Performance

Shares of FOXA opened at $41.07 on Friday. The company has a market capitalization of $19.17 billion, a PE ratio of 12.87, a P/E/G ratio of 1.51 and a beta of 0.77. Fox Co. has a 52-week low of $28.28 and a 52-week high of $41.42. The company has a 50-day simple moving average of $37.26 and a 200-day simple moving average of $33.52. The company has a quick ratio of 2.94, a current ratio of 3.24 and a debt-to-equity ratio of 0.67.

FOX (NASDAQ:FOXA) last issued 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 firm had revenue of $3.09 billion for 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 revenue was up 2.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.88 EPS. Equities research analysts predict that Fox Co. will post 3.33 earnings per share for the current fiscal year.

FOX Increases Dividend

The firm also recently disclosed 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 represents a yield of 1.4%. This is a boost from FOX’s previous Semi-Annual dividend of $0.26. The ex-dividend date is Wednesday, September 4th. FOX’s dividend payout ratio is presently 16.93%.

FOX Company 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.