Geode Capital Management LLC Lowers Holdings in Fox Corporation $FOXA

Geode Capital Management LLC trimmed its position in Fox Corporation (NASDAQ:FOXA) by 0.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,741,139 shares of the company’s stock after selling 4,133 shares during the period. Geode Capital Management LLC’s holdings in FOX were worth $376,818,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Hemington Wealth Management raised its position in shares of FOX by 217.6% in the first quarter. Hemington Wealth Management now owns 524 shares of the company’s stock worth $29,000 after buying an additional 359 shares in the last quarter. Zions Bancorporation National Association UT purchased a new position in FOX during the first quarter worth about $40,000. Allworth Financial LP increased its stake in FOX by 55.2% in the 1st quarter. Allworth Financial LP now owns 787 shares of the company’s stock worth $45,000 after acquiring an additional 280 shares during the last quarter. TCTC Holdings LLC raised its holdings in shares of FOX by 112.5% in the 1st quarter. TCTC Holdings LLC now owns 797 shares of the company’s stock valued at $45,000 after acquiring an additional 422 shares in the last quarter. Finally, Geneos Wealth Management Inc. boosted its position in shares of FOX by 205.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 923 shares of the company’s stock valued at $52,000 after acquiring an additional 621 shares during the last quarter. Institutional investors own 52.52% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on FOXA shares. Wall Street Zen cut shares of FOX from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. Bank of America boosted their price target on shares of FOX from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Friday, September 26th. Cfra Research raised shares of FOX from a “hold” rating to a “moderate buy” rating in a report on Tuesday, August 5th. Evercore ISI lifted their price objective on shares of FOX from $55.00 to $66.00 and gave the stock an “in-line” rating in a report on Friday, October 31st. Finally, JPMorgan Chase & Co. increased their target price on FOX from $61.00 to $65.00 and gave the company a “neutral” rating in a research note on Friday, October 31st. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $70.50.

FOX Stock Down 0.9%

Shares of NASDAQ:FOXA opened at $64.84 on Friday. The stock has a market capitalization of $28.79 billion, a P/E ratio of 14.57, a price-to-earnings-growth ratio of 1.45 and a beta of 0.52. The stock’s 50-day moving average price is $61.16 and its 200-day moving average price is $57.59. The company has a current ratio of 3.24, a quick ratio of 3.03 and a debt-to-equity ratio of 0.54. Fox Corporation has a 12-month low of $44.82 and a 12-month high of $67.22.

FOX (NASDAQ:FOXA) last issued its earnings results on Thursday, October 30th. The company reported $1.51 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.41. FOX had a return on equity of 18.61% and a net margin of 12.35%.The company had revenue of $3.74 billion during the quarter, compared to analysts’ expectations of $3.57 billion. During the same period in the prior year, the business posted $1.45 EPS. FOX’s quarterly revenue was up 4.9% compared to the same quarter last year. On average, equities analysts anticipate that Fox Corporation will post 4.38 earnings per share for the current year.

Insider Activity

In related news, Chairman Keith Rupert Murdoch sold 168,756 shares of the company’s stock in a transaction on Friday, November 7th. The shares were sold at an average price of $65.97, for a total transaction of $11,132,833.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Steven Tomsic sold 138,397 shares of the firm’s stock in a transaction on Monday, November 10th. The stock was sold at an average price of $66.54, for a total transaction of $9,208,936.38. Following the completion of the sale, the chief financial officer directly owned 180,556 shares in the company, valued at approximately $12,014,196.24. This trade represents a 43.39% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 324,920 shares of company stock valued at $21,485,254. 19.68% of the stock is currently owned by company insiders.

FOX Company 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.