Fox Corporation Declares Dividend of $0.29 (NASDAQ:FOX)

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 of this dividend is Wednesday, September 2nd.

FOX has raised its dividend by an average of 0.0%annually over the last three years and has increased its dividend annually for the last 4 consecutive years. FOX has a payout ratio of 13.3% indicating that its dividend is sufficiently covered by earnings. Equities 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 Stock Performance

Shares of FOX stock traded up $3.17 during trading on Thursday, hitting $55.37. 1,705,544 shares of the stock were exchanged, compared to its average volume of 1,679,088. The company has a current ratio of 2.90, a quick ratio of 2.65 and a debt-to-equity ratio of 0.60. The company has a fifty day moving average price of $51.72 and a 200-day moving average price of $54.76. The stock has a market capitalization of $23.27 billion, a price-to-earnings ratio of 14.61, a price-to-earnings-growth ratio of 1.51 and a beta of 0.57. FOX has a 1-year low of $44.08 and a 1-year high of $68.18.

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Brown Brothers Harriman & Co. boosted its position in shares of FOX by 336.9% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 616 shares of the company’s stock worth $35,000 after acquiring an additional 475 shares in the last quarter. Versant Capital Management Inc lifted its stake in FOX by 42.3% in the 2nd quarter. Versant Capital Management Inc now owns 844 shares of the company’s stock valued at $40,000 after purchasing an additional 251 shares during the last quarter. Geneos Wealth Management Inc. boosted its position in FOX by 95.1% in the first quarter. Geneos Wealth Management Inc. now owns 1,442 shares of the company’s stock valued at $76,000 after buying an additional 703 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of FOX by 130.2% during the second quarter. EverSource Wealth Advisors LLC now owns 2,300 shares of the company’s stock worth $119,000 after buying an additional 1,301 shares during the last quarter. Finally, Glenmede Trust Co. NA raised its position in FOX by 143.9% in the first quarter. Glenmede Trust Co. NA now owns 2,697 shares of the company’s stock valued at $143,000 after purchasing an additional 1,591 shares during the last quarter. Institutional investors own 26.41% of the company’s stock.

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.