Fox Corporation (NASDAQ:FOX) to Issue $0.29 Dividend

Fox Corporation (NASDAQ:FOX) declared a dividend on Thursday, August 6th. Stockholders of record on Wednesday, September 2nd will be paid a dividend of 0.29 per share on Wednesday, September 23rd. This represents a dividend yield of 105.0%. The ex-dividend date is Wednesday, September 2nd.

FOX has increased its dividend by an average of 0.0%annually over the last three years and has raised its dividend every year for the last 4 years. FOX has a dividend payout ratio of 13.3% meaning its dividend is sufficiently covered by earnings. Analysts expect FOX to earn $5.69 per share next year, which means the company should continue to be able to cover its $0.56 annual dividend with an expected future payout ratio of 9.8%.

FOX Price Performance

FOX opened at $55.37 on Friday. The stock has a market capitalization of $23.27 billion, a P/E ratio of 14.61, a PEG ratio of 1.49 and a beta of 0.57. The company has a current ratio of 2.90, a quick ratio of 2.65 and a debt-to-equity ratio of 0.60. FOX has a 12-month low of $44.08 and a 12-month high of $68.18. The stock has a 50-day moving average price of $51.64 and a 200-day moving average price of $54.69.

FOX (NASDAQ:FOX) last issued its earnings results on Thursday, August 6th. The company reported $1.79 EPS for the quarter, topping analysts’ consensus estimates of $1.44 by $0.35. FOX had a net margin of 10.56% and a return on equity of 18.90%. The company had revenue of $4.21 billion for the quarter, compared to analysts’ expectations of $3.64 billion. Equities analysts predict that FOX will post 4.78 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have weighed in on FOX. Rothschild & Co Redburn set a $71.00 price target on shares of FOX in a research report on Friday, July 10th. Zacks Research upgraded shares of FOX from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 30th. Citigroup restated a “buy” rating on shares of FOX in a report on Friday, July 17th. Finally, Weiss Ratings cut FOX from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, July 20th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $74.33.

About FOX

Fox Corporation (NASDAQ:FOX) is a U.S.-based media company that operates television broadcast, news and sports businesses. The company traces its contemporary structure to the 2019 reorganization that followed the sale of certain entertainment assets to The Walt Disney Company; Fox Corporation retained a portfolio centered on the Fox Broadcasting Company, Fox Television Stations, Fox News Media and Fox Sports. Over time the company has expanded its digital footprint through acquisitions and direct-to-consumer services, building a mix of linear and streaming distribution.

FOX’s core activities include the creation, aggregation and distribution of television programming and live sports, the operation of national cable news and business networks, and the ownership and operation of local broadcast stations.