Truist Financial Corp Reduces Stock Position in Fox Co. (NASDAQ:FOXA)

Truist Financial Corp reduced its stake in Fox Co. (NASDAQ:FOXA) by 3.8% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,654 shares of the company’s stock after selling 344 shares during the quarter. Truist Financial Corp’s holdings in FOX were worth $297,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of FOXA. Vanguard Group Inc. grew its holdings in shares of FOX by 5.9% in the first quarter. Vanguard Group Inc. now owns 29,880,203 shares of the company’s stock valued at $934,354,000 after purchasing an additional 1,653,913 shares during the period. Independent Franchise Partners LLP grew its stake in shares of FOX by 3.3% in the 2nd quarter. Independent Franchise Partners LLP now owns 18,495,954 shares of the company’s stock valued at $635,706,000 after buying an additional 597,450 shares during the period. LSV Asset Management increased its holdings in shares of FOX by 5.9% during the 2nd quarter. LSV Asset Management now owns 8,577,714 shares of the company’s stock worth $294,816,000 after buying an additional 481,267 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of FOX by 7.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,758,734 shares of the company’s stock valued at $129,180,000 after buying an additional 268,778 shares during the period. Finally, D. E. Shaw & Co. Inc. lifted its holdings in FOX by 25.5% in the second quarter. D. E. Shaw & Co. Inc. now owns 2,420,940 shares of the company’s stock valued at $83,208,000 after acquiring an additional 492,467 shares during the last quarter. 52.52% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

FOXA has been the topic of a number of research analyst reports. The Goldman Sachs Group lifted their target price on FOX from $42.00 to $44.00 and gave the company a “buy” rating in a research report on Wednesday, August 7th. Seaport Res Ptn cut shares of FOX from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 9th. Macquarie lifted their price target on shares of FOX from $32.00 to $35.00 and gave the company a “neutral” rating in a research report on Monday, August 12th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of FOX from $39.00 to $42.00 and gave the stock a “buy” rating in a report on Wednesday, August 7th. Finally, Cfra reiterated a “sell” rating on shares of FOX in a report on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, FOX has an average rating of “Hold” and an average price target of $41.08.

FOX Trading Down 0.2 %

NASDAQ:FOXA opened at $42.47 on Friday. Fox Co. has a 12-month low of $28.28 and a 12-month high of $42.85. The firm has a market cap of $19.82 billion, a PE ratio of 13.31, a price-to-earnings-growth ratio of 1.90 and a beta of 0.76. The company has a current ratio of 2.54, a quick ratio of 2.33 and a debt-to-equity ratio of 0.61. The stock has a fifty day moving average price of $40.91 and a 200 day moving average price of $36.39.

FOX (NASDAQ:FOXA) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.07. FOX had a return on equity of 15.57% and a net margin of 10.74%. The business had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.10 billion. During the same period in the previous year, the company posted $0.88 earnings per share. The business’s revenue for the quarter was up 2.0% on a year-over-year basis. Sell-side analysts anticipate that Fox Co. will post 3.69 earnings per share for the current fiscal year.

FOX Increases Dividend

The company also recently disclosed a Semi-Annual dividend, which was paid on Wednesday, September 25th. Stockholders of record on Wednesday, September 4th were given a dividend of $0.27 per share. This is a boost from FOX’s previous Semi-Annual dividend of $0.26. This represents a dividend yield of 1.4%. The ex-dividend date was Wednesday, September 4th. FOX’s payout ratio is 16.93%.

Insider Buying and Selling

In other FOX news, COO John Nallen sold 52,874 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $38.96, for a total value of $2,059,971.04. Following the sale, the chief operating officer now directly owns 249,424 shares in the company, valued at $9,717,559.04. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other FOX news, COO John Nallen sold 52,874 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $38.96, for a total value of $2,059,971.04. Following the transaction, the chief operating officer now directly owns 249,424 shares in the company, valued at $9,717,559.04. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Lachlan K. Murdoch acquired 119,705 shares of FOX stock in a transaction dated Thursday, August 15th. The shares were bought at an average price of $39.06 per share, with a total value of $4,675,677.30. Following the transaction, the chief executive officer now directly owns 1,076,407 shares in the company, valued at approximately $42,044,457.42. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. 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.