Edgestream Partners L.P. Boosts Stake in Fox Co. (NASDAQ:FOXA)

Edgestream Partners L.P. raised its stake in shares of Fox Co. (NASDAQ:FOXA) by 343.1% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 203,956 shares of the company’s stock after buying an additional 157,927 shares during the quarter. Edgestream Partners L.P.’s holdings in FOX were worth $7,010,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of FOXA. Principal Securities Inc. purchased a new stake in FOX during the 4th quarter worth about $156,000. Dimensional Fund Advisors LP grew its holdings in shares of FOX by 1.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,391,117 shares of the company’s stock worth $100,618,000 after buying an additional 51,942 shares in the last quarter. Vanguard Personalized Indexing Management LLC grew its holdings in shares of FOX by 107.3% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 33,220 shares of the company’s stock worth $986,000 after buying an additional 17,198 shares in the last quarter. Norges Bank acquired a new position in shares of FOX in the fourth quarter valued at approximately $68,391,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of FOX during the fourth quarter valued at approximately $355,000. Hedge funds and other institutional investors own 52.52% of the company’s stock.

FOX Price Performance

FOX stock opened at $39.71 on Tuesday. The firm has a fifty day moving average of $38.79 and a 200-day moving average of $34.49. Fox Co. has a 52-week low of $28.28 and a 52-week high of $41.58. The company has a quick ratio of 2.33, a current ratio of 2.54 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $18.53 billion, a P/E ratio of 12.45, a PEG ratio of 1.78 and a beta of 0.76.

FOX (NASDAQ:FOXA) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.07. The firm had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.10 billion. FOX had a return on equity of 15.57% and a net margin of 10.74%. The firm’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.88 EPS. As a group, analysts predict that Fox Co. will post 3.72 EPS for the current year.

FOX Increases Dividend

The business also recently announced a Semi-Annual dividend, which will be paid on Wednesday, September 25th. Investors of record on Wednesday, September 4th will be issued a dividend of $0.27 per share. This is an increase from FOX’s previous Semi-Annual dividend of $0.26. This represents a dividend yield of 1.4%. The ex-dividend date is Wednesday, September 4th. FOX’s dividend payout ratio (DPR) is presently 16.93%.

Insider Buying and Selling

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

Analyst Ratings Changes

Several research firms have commented on FOXA. Deutsche Bank Aktiengesellschaft lifted their target price on shares of FOX from $39.00 to $42.00 and gave the stock a “buy” rating in a research note on Wednesday, August 7th. Macquarie lifted their price objective on FOX from $32.00 to $35.00 and gave the company a “neutral” rating in a research report on Monday, August 12th. Evercore ISI increased their target price on 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 raised their price target on FOX from $37.00 to $38.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Finally, Wells Fargo & Company raised shares of FOX from an “underweight” rating to an “overweight” rating and upped their price objective for the company from $29.00 to $46.00 in a research note on Friday, August 16th. Ten analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $38.23.

About FOX

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.