Raymond James & Associates Cuts Stock Position in Fox Co. (NASDAQ:FOXA)

Raymond James & Associates cut its stake in shares of Fox Co. (NASDAQ:FOXA) by 17.8% in the 3rd quarter, HoldingsChannel reports. The fund owned 173,565 shares of the company’s stock after selling 37,604 shares during the quarter. Raymond James & Associates’ holdings in FOX were worth $7,347,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of FOXA. Vanguard Group Inc. boosted its holdings in FOX by 5.9% during the 1st quarter. Vanguard Group Inc. now owns 29,880,203 shares of the company’s stock valued at $934,354,000 after acquiring an additional 1,653,913 shares during the period. Retirement Systems of Alabama boosted its holdings in FOX by 1,727.2% during the 2nd quarter. Retirement Systems of Alabama now owns 965,066 shares of the company’s stock valued at $33,169,000 after acquiring an additional 912,250 shares during the period. AXA S.A. boosted its holdings in FOX by 294.2% during the 2nd quarter. AXA S.A. now owns 888,476 shares of the company’s stock valued at $30,537,000 after acquiring an additional 663,089 shares during the period. Independent Franchise Partners LLP boosted its holdings in FOX by 3.3% during the 2nd quarter. Independent Franchise Partners LLP now owns 18,495,954 shares of the company’s stock valued at $635,706,000 after acquiring an additional 597,450 shares during the period. Finally, D. E. Shaw & Co. Inc. boosted its holdings in FOX by 25.5% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 2,420,940 shares of the company’s stock valued at $83,208,000 after acquiring an additional 492,467 shares during the period. 52.52% of the stock is currently owned by hedge funds and other institutional investors.

FOX Stock Up 0.1 %

Shares of NASDAQ:FOXA opened at $42.03 on Thursday. Fox Co. has a 52-week low of $28.28 and a 52-week high of $42.85. The firm has a market capitalization of $19.62 billion, a P/E ratio of 13.18, a P/E/G ratio of 1.92 and a beta of 0.76. The stock has a 50 day moving average price of $41.31 and a 200-day moving average price of $37.04. The company has a debt-to-equity ratio of 0.61, a quick ratio of 2.33 and a current ratio of 2.54.

FOX (NASDAQ:FOXA) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.07. FOX had a return on equity of 15.57% and a net margin of 10.74%. The company had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3.10 billion. During the same quarter last year, the company earned $0.88 EPS. The firm’s revenue for the quarter was up 2.0% on a year-over-year basis. As a group, equities research analysts anticipate that Fox Co. will post 3.69 EPS for the current fiscal year.

Insider Activity at FOX

In related news, COO John Nallen sold 52,874 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was 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 of the company’s stock, valued at $9,717,559.04. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other FOX news, CEO Lachlan K. Murdoch bought 119,705 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were acquired at an average cost of $39.06 per share, for a total transaction of $4,675,677.30. Following the purchase, the chief executive officer now owns 1,076,407 shares in the company, valued at approximately $42,044,457.42. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO John Nallen sold 52,874 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $38.96, for a total value of $2,059,971.04. Following the sale, the chief operating officer now owns 249,424 shares in the company, valued at approximately $9,717,559.04. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 21.77% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on FOXA. Cfra restated a “sell” rating on shares of FOX in a report on Wednesday, September 25th. Wells Fargo & Company raised FOX from an “underweight” rating to an “overweight” rating and upped their price target for the company from $29.00 to $46.00 in a research report on Friday, August 16th. Rosenblatt Securities upped their price target on FOX from $37.00 to $38.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Barclays upped their price target on FOX from $36.00 to $39.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 9th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on FOX from $39.00 to $42.00 and gave the company a “buy” rating in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $41.08.

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.