Fox Co. (NASDAQ:FOXA) Shares Sold by abrdn plc

abrdn plc cut its stake in shares of Fox Co. (NASDAQ:FOXA) by 7.4% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 67,419 shares of the company’s stock after selling 5,362 shares during the period. abrdn plc’s holdings in FOX were worth $2,847,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. grew its position in shares of FOX by 5.9% during the first quarter. Vanguard Group Inc. now owns 29,880,203 shares of the company’s stock worth $934,354,000 after buying an additional 1,653,913 shares in the last quarter. Independent Franchise Partners LLP grew its position in shares of FOX by 3.3% during the second quarter. Independent Franchise Partners LLP now owns 18,495,954 shares of the company’s stock worth $635,706,000 after buying an additional 597,450 shares in the last quarter. LSV Asset Management lifted its stake in FOX by 5.9% during the second quarter. LSV Asset Management now owns 8,577,714 shares of the company’s stock worth $294,816,000 after purchasing an additional 481,267 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in FOX by 7.7% during the second quarter. Dimensional Fund Advisors LP now owns 3,758,734 shares of the company’s stock worth $129,180,000 after purchasing an additional 268,778 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. lifted its stake in FOX by 25.5% during the second quarter. D. E. Shaw & Co. Inc. now owns 2,420,940 shares of the company’s stock worth $83,208,000 after purchasing an additional 492,467 shares during the last quarter. 52.52% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

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

Analysts Set New Price Targets

Several research firms recently weighed in on FOXA. JPMorgan Chase & Co. boosted their target price on FOX from $38.00 to $41.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 25th. Wells Fargo & Company upgraded FOX from an “underweight” rating to an “overweight” rating and boosted their target price for the stock from $29.00 to $46.00 in a research note on Friday, August 16th. Guggenheim boosted their target price on FOX from $44.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, September 24th. Cfra restated a “sell” rating on shares of FOX in a research note on Wednesday, September 25th. Finally, Rosenblatt Securities boosted their price objective on FOX from $37.00 to $38.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $41.46.

FOX Price Performance

FOX stock opened at $41.88 on Monday. Fox Co. has a 12 month low of $28.28 and a 12 month high of $42.85. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.54 and a quick ratio of 2.33. The business has a 50 day simple moving average of $41.35 and a 200-day simple moving average of $37.25. The stock has a market capitalization of $19.27 billion, a PE ratio of 13.38, a price-to-earnings-growth ratio of 1.91 and a beta of 0.76.

FOX (NASDAQ:FOXA) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.90 EPS for the quarter, topping the consensus estimate of $0.83 by $0.07. FOX had a return on equity of 15.57% and a net margin of 10.74%. The business had revenue of $3.09 billion during the quarter, compared to analysts’ expectations of $3.10 billion. During the same quarter in the prior year, the business earned $0.88 earnings per share. The company’s quarterly revenue was up 2.0% compared to the same quarter last year. Equities analysts predict that Fox Co. will post 3.69 earnings per share for the current year.

About FOX

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.