Handelsbanken Fonder AB Boosts Stock Position in Fox Corporation $FOXA

Handelsbanken Fonder AB grew its stake in shares of Fox Corporation (NASDAQ:FOXA) by 85.3% during the 4th quarter, HoldingsChannel reports. The fund owned 88,009 shares of the company’s stock after buying an additional 40,515 shares during the period. Handelsbanken Fonder AB’s holdings in FOX were worth $6,431,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Winnow Wealth LLC purchased a new stake in shares of FOX in the third quarter worth $1,238,000. BI Asset Management Fondsmaeglerselskab A S raised its position in shares of FOX by 23.0% in the third quarter. BI Asset Management Fondsmaeglerselskab A S now owns 150,522 shares of the company’s stock worth $9,492,000 after buying an additional 28,118 shares in the last quarter. SG Americas Securities LLC raised its position in shares of FOX by 346.6% in the fourth quarter. SG Americas Securities LLC now owns 128,029 shares of the company’s stock worth $9,355,000 after buying an additional 99,363 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of FOX by 0.9% in the third quarter. Bank of New York Mellon Corp now owns 1,924,975 shares of the company’s stock worth $121,389,000 after buying an additional 16,757 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its position in shares of FOX by 3.0% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 572,145 shares of the company’s stock worth $41,807,000 after buying an additional 16,716 shares in the last quarter. Hedge funds and other institutional investors own 52.52% of the company’s stock.

FOX Stock Down 0.4%

Shares of NASDAQ:FOXA opened at $63.98 on Friday. The stock’s 50-day moving average price is $61.81 and its 200-day moving average price is $65.10. Fox Corporation has a 12-month low of $52.96 and a 12-month high of $76.39. The stock has a market capitalization of $27.22 billion, a P/E ratio of 16.88, a price-to-earnings-growth ratio of 3.34 and a beta of 0.52. 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 (NASDAQ:FOXA) last posted its earnings results on Monday, May 11th. The company reported $1.32 earnings per share for the quarter, topping analysts’ consensus estimates of $1.02 by $0.30. The company had revenue of $3.99 billion during the quarter, compared to analyst estimates of $3.78 billion. FOX had a net margin of 10.56% and a return on equity of 18.90%. FOX’s revenue for the quarter was down 8.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.10 earnings per share. On average, equities analysts anticipate that Fox Corporation will post 4.93 earnings per share for the current year.

Insider Transactions at FOX

In other FOX news, CEO Lachlan K. Murdoch sold 637,752 shares of the firm’s stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $58.20, for a total value of $37,117,166.40. Following the completion of the sale, the chief executive officer directly owned 152 shares in the company, valued at $8,846.40. This trade represents a 99.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, COO John Nallen sold 216,806 shares of the firm’s stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $57.68, for a total transaction of $12,505,370.08. Following the completion of the sale, the chief operating officer owned 362,206 shares of the company’s stock, valued at $20,892,042.08. This trade represents a 37.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 1,586,871 shares of company stock valued at $91,893,926. 19.68% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on FOXA. The Goldman Sachs Group reiterated a “buy” rating and issued a $80.00 price objective on shares of FOX in a research report on Wednesday, February 4th. Evercore set a $73.00 price objective on FOX in a research report on Tuesday, May 12th. TD Cowen increased their price objective on FOX from $55.00 to $65.00 and gave the stock a “hold” rating in a research report on Thursday, February 5th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $79.00 price objective on shares of FOX in a research report on Tuesday, May 12th. Finally, Argus upgraded FOX to a “hold” rating in a research report on Thursday, February 19th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $74.86.

FOX Company Profile

Fox Corporation (NASDAQ: FOXA) is a U.S.-based media company focused on television broadcasting, cable news and sports programming, and digital distribution. The company was formed in 2019 as the successor to certain assets of 21st Century Fox after a transaction that transferred many film and television studio assets to The Walt Disney Company. Fox Corp’s operations center on the Fox Broadcasting network, a portfolio of local television stations, national news and business cable networks, and sports media properties.

Fox produces, acquires and distributes a range of live and recorded programming, including news, opinion and commentary, national and local sports telecasts, and general entertainment.