M&R Capital Management Inc. Trims Stock Position in Fox Corp (NASDAQ:FOXA)

M&R Capital Management Inc. reduced its stake in shares of Fox Corp (NASDAQ:FOXA) by 2.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 80,349 shares of the company’s stock after selling 2,281 shares during the quarter. M&R Capital Management Inc.’s holdings in FOX were worth $2,235,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of FOXA. Vanguard Group Inc. increased its position in FOX by 16.8% during the 2nd quarter. Vanguard Group Inc. now owns 31,306,616 shares of the company’s stock valued at $839,644,000 after purchasing an additional 4,494,348 shares during the period. Independent Franchise Partners LLP increased its position in FOX by 15.4% during the 2nd quarter. Independent Franchise Partners LLP now owns 25,462,004 shares of the company’s stock valued at $682,890,000 after purchasing an additional 3,398,393 shares during the period. LSV Asset Management purchased a new position in FOX during the 2nd quarter valued at $86,745,000. Bank of America Corp DE increased its position in FOX by 50.2% during the 2nd quarter. Bank of America Corp DE now owns 7,977,975 shares of the company’s stock valued at $213,970,000 after purchasing an additional 2,665,657 shares during the period. Finally, Morgan Stanley increased its position in FOX by 24.6% during the 1st quarter. Morgan Stanley now owns 11,894,243 shares of the company’s stock valued at $281,061,000 after purchasing an additional 2,345,820 shares during the period. 57.41% of the stock is currently owned by institutional investors and hedge funds.

A number of research analysts have issued reports on FOXA shares. Loop Capital raised shares of FOX from a “hold” rating to a “buy” rating in a research report on Friday, July 24th. Rosenblatt Securities reduced their target price on shares of FOX from $23.00 to $22.00 and set a “sell” rating on the stock in a research report on Monday, August 10th. Goldman Sachs Group started coverage on shares of FOX in a research report on Monday, July 13th. They issued a “sell” rating and a $21.00 target price on the stock. BMO Capital Markets reduced their target price on shares of FOX from $29.00 to $26.00 and set a “market perform” rating on the stock in a research report on Thursday, August 6th. Finally, Morgan Stanley reaffirmed a “buy” rating and issued a $31.00 target price on shares of FOX in a research report on Tuesday, July 28th. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have assigned a buy rating to the company’s stock. FOX has a consensus rating of “Hold” and a consensus target price of $29.00.

FOXA traded up $0.19 during midday trading on Thursday, hitting $28.02. 3,424,015 shares of the company traded hands, compared to its average volume of 4,758,757. The company has a quick ratio of 3.48, a current ratio of 3.93 and a debt-to-equity ratio of 0.79. The firm has a market capitalization of $16.95 billion, a PE ratio of 17.40 and a beta of 1.39. The company’s 50-day moving average is $27.09 and its 200 day moving average is $26.43. Fox Corp has a 52 week low of $19.81 and a 52 week high of $39.74.

FOX (NASDAQ:FOXA) last posted its earnings results on Tuesday, August 4th. The company reported $0.62 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.61 by $0.01. The business had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.39 billion. FOX had a net margin of 8.12% and a return on equity of 14.93%. The business’s revenue for the quarter was down 3.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.62 EPS. On average, sell-side analysts predict that Fox Corp will post 1.9 earnings per share for the current fiscal year.

The firm also recently declared a Semi-Annual dividend, which will be paid on Wednesday, October 7th. Stockholders of record on Wednesday, September 2nd will be given a dividend of $0.23 per share. This represents a dividend yield of 1.8%. The ex-dividend date is Tuesday, September 1st. FOX’s payout ratio is currently 18.55%.

FOX Profile

Fox Corporation operates as a news, sports, and entertainment company in the United States. 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 primarily through cable television systems, direct broadcast satellite operators, telecommunications companies, and online video distributors.

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Institutional Ownership by Quarter for FOX (NASDAQ:FOXA)

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