Fox Co. (NASDAQ:FOXA) Stock Position Raised by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA lifted its stake in shares of Fox Co. (NASDAQ:FOXA) by 56.0% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 255,773 shares of the company’s stock after purchasing an additional 91,846 shares during the period. Pictet Asset Management Holding SA’s holdings in FOX were worth $12,425,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Norges Bank purchased a new stake in FOX during the fourth quarter valued at about $132,161,000. Jupiter Asset Management Ltd. purchased a new stake in shares of FOX in the 4th quarter valued at approximately $67,471,000. Jacobs Levy Equity Management Inc. boosted its stake in FOX by 228.4% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,387,107 shares of the company’s stock worth $58,716,000 after purchasing an additional 964,737 shares during the period. Robeco Institutional Asset Management B.V. raised its stake in FOX by 308.5% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 1,218,070 shares of the company’s stock valued at $59,174,000 after purchasing an additional 919,883 shares during the period. Finally, Allianz Asset Management GmbH lifted its holdings in shares of FOX by 3,077.5% in the fourth quarter. Allianz Asset Management GmbH now owns 885,476 shares of the company’s stock valued at $43,016,000 after purchasing an additional 857,609 shares in the last quarter. 52.52% of the stock is owned by hedge funds and other institutional investors.

FOX Stock Down 1.4 %

FOXA stock opened at $55.82 on Wednesday. The stock has a market capitalization of $25.31 billion, a price-to-earnings ratio of 11.95, a price-to-earnings-growth ratio of 1.27 and a beta of 0.67. The company has a 50-day moving average of $54.02 and a two-hundred day moving average of $48.33. Fox Co. has a 52-week low of $30.02 and a 52-week high of $58.74. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.50 and a quick ratio of 2.14.

FOX (NASDAQ:FOXA) last announced its earnings results on Tuesday, February 4th. The company reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.34. The firm had revenue of $5.08 billion during the quarter, compared to the consensus estimate of $4.78 billion. FOX had a return on equity of 18.50% and a net margin of 14.39%. The firm’s revenue for the quarter was up 19.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.34 EPS. As a group, equities research analysts anticipate that Fox Co. will post 4.38 EPS for the current year.

FOX Dividend Announcement

The business also recently declared a semi-annual dividend, which was paid on Wednesday, March 26th. Shareholders of record on Wednesday, March 5th were issued a $0.27 dividend. This represents a yield of 1%. The ex-dividend date of this dividend was Wednesday, March 5th. FOX’s dividend payout ratio (DPR) is presently 11.56%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. JPMorgan Chase & Co. upped their price target on FOX from $49.00 to $54.00 and gave the company a “neutral” rating in a research report on Wednesday, February 5th. Bank of America increased their price target on shares of FOX from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Wednesday, December 18th. Loop Capital boosted their price objective on shares of FOX from $60.00 to $62.00 and gave the company a “buy” rating in a research report on Tuesday. Wells Fargo & Company cut their target price on shares of FOX from $64.00 to $63.00 and set an “overweight” rating for the company in a research report on Wednesday, March 26th. Finally, Guggenheim restated a “buy” rating and set a $60.00 price target on shares of FOX in a report on Tuesday, March 25th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $51.56.

Insider Activity

In other news, insider Adam G. Ciongoli sold 1,278 shares of the stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $54.13, for a total value of $69,178.14. Following the completion of the transaction, the insider now owns 29,897 shares in the company, valued at approximately $1,618,324.61. This represents a 4.10 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Keith Rupert Murdoch sold 58,000 shares of FOX stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $53.17, for a total transaction of $3,083,860.00. Following the sale, the chairman now owns 1,200,862 shares in the company, valued at approximately $63,849,832.54. This trade represents a 4.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 21.77% of the stock is owned by company insiders.

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.