FOX (NASDAQ:FOXA) COO John Nallen Sells 242,309 Shares

Fox Corporation (NASDAQ:FOXA) COO John Nallen sold 242,309 shares of the business’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $57.74, for a total transaction of $13,990,921.66. Following the completion of the sale, the chief operating officer directly owned 357,653 shares of the company’s stock, valued at approximately $20,650,884.22. This trade represents a 40.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

John Nallen also recently made the following trade(s):

• On Thursday, March 12th, John Nallen sold 216,806 shares of FOX stock. The stock was sold at an average price of $57.68, for a total value of $12,505,370.08.

FOX Stock Performance

Shares of FOXA traded down $0.35 during midday trading on Friday, reaching $57.39. 9,569,095 shares of the stock were exchanged, compared to its average volume of 3,978,365. Fox Corporation has a twelve month low of $46.42 and a twelve month high of $76.39. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.78 and a quick ratio of 2.44. The company has a market capitalization of $24.41 billion, a price-to-earnings ratio of 13.80, a PEG ratio of 7.54 and a beta of 0.55. The business’s 50-day moving average price is $65.28 and its 200 day moving average price is $64.45.

FOX (NASDAQ:FOXA) last announced its earnings results on Wednesday, February 4th. The company reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.35. FOX had a net margin of 11.41% and a return on equity of 18.14%. The business had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.02 billion. During the same period in the previous year, the company posted $0.96 EPS. The company’s quarterly revenue was up 2.0% on a year-over-year basis. On average, sell-side analysts expect that Fox Corporation will post 4.38 EPS for the current fiscal year.

FOX Dividend Announcement

The firm also recently disclosed a dividend, which will be paid on Wednesday, March 25th. Shareholders of record on Wednesday, March 4th will be paid a $0.28 dividend. The ex-dividend date is Wednesday, March 4th. This represents a yield of 83.0%. FOX’s payout ratio is currently 13.46%.

Institutional Investors Weigh In On FOX

A number of hedge funds have recently added to or reduced their stakes in FOXA. Geode Capital Management LLC boosted its holdings in FOX by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 6,534,627 shares of the company’s stock valued at $476,248,000 after purchasing an additional 29,923 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of FOX by 0.9% during the 3rd 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. Ameriprise Financial Inc. raised its stake in shares of FOX by 72.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,821,284 shares of the company’s stock worth $101,948,000 after buying an additional 762,645 shares in the last quarter. Andra AP fonden lifted its holdings in shares of FOX by 2.6% in the 3rd quarter. Andra AP fonden now owns 944,500 shares of the company’s stock valued at $59,560,000 after buying an additional 23,700 shares during the period. Finally, PFA Pension Forsikringsaktieselskab purchased a new stake in shares of FOX in the fourth quarter valued at approximately $67,467,000. Institutional investors and hedge funds own 52.52% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Bank of America lowered FOX from a “buy” rating to an “underperform” rating and set a $45.00 price target on the stock. in a report on Wednesday, February 25th. Guggenheim upped their price objective on FOX from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, December 22nd. Evercore increased their price objective on FOX from $66.00 to $70.00 and gave the stock an “in-line” rating in a research report on Thursday, February 5th. JPMorgan Chase & Co. boosted their target price on FOX from $65.00 to $69.00 and gave the company a “neutral” rating in a report on Thursday, February 5th. Finally, Barclays cut their price target on FOX from $64.00 to $63.00 and set an “equal weight” rating for the company in a research note on Thursday, February 5th. Seven equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $71.80.

About FOX

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.