Legal & General Group Plc Decreases Stock Holdings in Fox Co. (NASDAQ:FOXA)

Legal & General Group Plc cut its stake in Fox Co. (NASDAQ:FOXA - Free Report) by 22.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,467,975 shares of the company's stock after selling 427,736 shares during the period. Legal & General Group Plc owned about 0.32% of FOX worth $71,314,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in FOXA. Nomura Asset Management Co. Ltd. grew its position in shares of FOX by 0.9% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 69,082 shares of the company's stock valued at $2,924,000 after acquiring an additional 590 shares during the period. M&T Bank Corp raised its position in FOX by 7.4% in the third quarter. M&T Bank Corp now owns 14,645 shares of the company's stock valued at $620,000 after purchasing an additional 1,010 shares during the period. Toronto Dominion Bank lifted its position in shares of FOX by 11.8% during the third quarter. Toronto Dominion Bank now owns 76,077 shares of the company's stock worth $3,220,000 after purchasing an additional 8,040 shares in the last quarter. Invst LLC acquired a new position in FOX during the 3rd quarter worth $740,000. Finally, World Investment Advisors LLC purchased a new stake in shares of FOX in the 3rd quarter valued at approximately $3,587,000. 52.52% of the stock is currently owned by hedge funds and other institutional investors.

FOX Price Performance

FOXA stock traded up $0.23 during trading on Thursday, hitting $48.49. 877,258 shares of the stock traded hands, compared to its average volume of 3,363,810. The stock has a market cap of $21.99 billion, a price-to-earnings ratio of 10.37, a P/E/G ratio of 1.27 and a beta of 0.51. Fox Co. has a one year low of $30.30 and a one year high of $58.74. The company has a 50 day simple moving average of $53.73 and a 200 day simple moving average of $48.99. The company has a current ratio of 2.50, a quick ratio of 2.14 and a debt-to-equity ratio of 0.57.

FOX (NASDAQ:FOXA - Get Free Report) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.34. FOX had a return on equity of 18.50% and a net margin of 14.39%. The firm had revenue of $5.08 billion during the quarter, compared to analysts' expectations of $4.78 billion. During the same period in the previous year, the business posted $0.34 EPS. The company's quarterly revenue was up 19.9% compared to the same quarter last year. Equities analysts expect that Fox Co. will post 4.38 EPS for the current fiscal year.

FOX Dividend Announcement

The business also recently announced a semi-annual dividend, which was paid on Wednesday, March 26th. Investors of record on Wednesday, March 5th were given a $0.27 dividend. This represents a dividend yield of 1%. The ex-dividend date was Wednesday, March 5th. FOX's dividend payout ratio is currently 11.56%.

Wall Street Analysts Forecast Growth

FOXA has been the subject of a number of research analyst reports. Loop Capital upped their target price on FOX from $60.00 to $62.00 and gave the company a "buy" rating in a research report on Tuesday, April 1st. JPMorgan Chase & Co. raised their price target on FOX from $49.00 to $54.00 and gave the company a "neutral" rating in a report on Wednesday, February 5th. Moffett Nathanson lowered FOX from a "buy" rating to a "neutral" rating and boosted their price target for the stock from $51.00 to $52.00 in a research note on Tuesday, January 21st. Guggenheim reissued a "buy" rating and issued a $60.00 price objective on shares of FOX in a research note on Tuesday, March 25th. Finally, Bank of America upped their price objective on FOX from $50.00 to $55.00 and gave the company a "buy" rating in a research report on Wednesday, December 18th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $50.94.

Insider Buying and Selling at FOX

In related news, insider Adam G. Ciongoli sold 1,278 shares of the firm's stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $54.13, for a total transaction of $69,178.14. Following the sale, the insider now owns 29,897 shares of the company's stock, valued at $1,618,324.61. This trade represents a 4.10 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Chairman Keith Rupert Murdoch sold 58,000 shares of the company's stock in a transaction on 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 completion of the sale, the chairman now directly owns 1,200,862 shares in the company, valued at approximately $63,849,832.54. This represents a 4.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 21.77% of the company's stock.

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.