New York Life Investment Management LLC Makes New $1.71 Million Investment in Fox Corporation $FOXA

New York Life Investment Management LLC acquired a new position in Fox Corporation (NASDAQ:FOXA) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 27,358 shares of the company’s stock, valued at approximately $1,714,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. 71 West Capital Partners purchased a new position in shares of FOX during the third quarter valued at about $201,000. AlphaCore Capital LLC purchased a new stake in FOX in the third quarter worth about $328,000. Allspring Global Investments Holdings LLC lifted its holdings in FOX by 21.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 672,023 shares of the company’s stock worth $41,182,000 after buying an additional 119,143 shares during the period. Pictet Asset Management Holding SA lifted its holdings in FOX by 112.3% in the third quarter. Pictet Asset Management Holding SA now owns 493,559 shares of the company’s stock worth $30,921,000 after buying an additional 261,072 shares during the period. Finally, Alps Advisors Inc. bought a new stake in FOX during the 3rd quarter valued at approximately $736,000. 52.52% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Lachlan Murdoch acquired 149,934 shares of FOX stock in a transaction that occurred on Tuesday, September 15th. The stock was bought at an average price of $68.53 per share, with a total value of $10,274,977.02. Following the transaction, the chief executive officer directly owned 1,401,713 shares in the company, valued at approximately $96,059,391.89. This represents a 11.98% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 20.89% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Raymond James Financial upgraded FOX to a “strong-buy” rating in a report on Friday, October 16th. Wells Fargo & Company upgraded FOX from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $65.00 to $80.00 in a research note on Friday, August 14th. Needham & Company LLC assumed coverage on FOX in a research note on Friday, October 16th. They issued a “buy” rating for the company. Bank of America upgraded FOX from an “underperform” rating to a “buy” rating and lifted their price target for the company from $54.00 to $85.00 in a research report on Friday, October 16th. Finally, Seaport Research Partners raised FOX from a “neutral” rating to a “buy” rating and set a $76.00 price target on the stock in a research note on Monday, November 9th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, FOX presently has an average rating of “Moderate Buy” and a consensus target price of $79.84.

FOX Stock Up 4.1%

Shares of NASDAQ FOXA traded up $2.71 on Friday, reaching $68.42. 6,754,841 shares of the company’s stock traded hands, compared to its average volume of 9,477,000. Fox Corporation has a 12 month low of $48.34 and a 12 month high of $76.39. The business’s 50 day simple moving average is $64.87 and its two-hundred day simple moving average is $62.04. The company has a market cap of $28.86 billion, a price-to-earnings ratio of 14.53, a price-to-earnings-growth ratio of 1.07 and a beta of 0.63. The company has a quick ratio of 3.50, a current ratio of 3.79 and a debt-to-equity ratio of 0.53.

FOX (NASDAQ:FOXA) last issued its quarterly earnings results on Monday, November 2nd. The company reported $2.54 EPS for the quarter, topping analysts’ consensus estimates of $2.02 by $0.52. FOX had a return on equity of 23.96% and a net margin of 11.30%. The firm had revenue of $4.57 billion for the quarter, compared to analysts’ expectations of $4.32 billion. During the same period in the previous year, the firm posted $1.51 EPS. The business’s revenue for the quarter was up 22.3% compared to the same quarter last year. As a group, equities research analysts forecast that Fox Corporation will post 6.09 EPS for the current fiscal year.

FOX Profile

Fox Corporation is a media company focused primarily on news, sports and entertainment for audiences in the United States. Its businesses include Fox News Media, Fox Sports and Fox Entertainment, which produce and distribute television programming, news coverage, live sports and entertainment content. The company also operates the Fox broadcast network and local television stations, and offers streaming services including Tubi, an ad-supported streaming platform, and Fox Nation, a subscription service.