Fox Co. (NASDAQ:FOX) to Issue Dividend Increase – $0.27 Per Share

Fox Co. (NASDAQ:FOX) announced a quarterly dividend on Tuesday, August 6th, RTT News reports. Shareholders of record on Wednesday, September 4th will be given a dividend of 0.27 per share on Wednesday, September 25th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.98%. This is a positive change from FOX’s previous quarterly dividend of $0.26.

FOX has increased its dividend by an average of 3.5% annually over the last three years. FOX has a dividend payout ratio of 13.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect FOX to earn $3.67 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 14.2%.

FOX Price Performance

Shares of FOX opened at $36.19 on Wednesday. The business has a 50-day moving average of $32.90 and a 200-day moving average of $30.11. The company has a debt-to-equity ratio of 0.67, a current ratio of 3.24 and a quick ratio of 2.94. The company has a market capitalization of $16.89 billion, a price-to-earnings ratio of 11.34, a price-to-earnings-growth ratio of 5.71 and a beta of 0.82. FOX has a 1 year low of $25.82 and a 1 year high of $36.37.

FOX (NASDAQ:FOX) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.03. FOX had a net margin of 11.19% and a return on equity of 15.90%. During the same quarter last year, the business posted $0.88 earnings per share. As a group, equities research analysts anticipate that FOX will post 3.32 earnings per share for the current year.

Insider Activity

In other news, CFO Steven Tomsic sold 30,000 shares of the company’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $34.26, for a total transaction of $1,027,800.00. Following the transaction, the chief financial officer now owns 110,568 shares in the company, valued at $3,788,059.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Chairman Keith Rupert Murdoch sold 13,176 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $30.89, for a total transaction of $407,006.64. Following the transaction, the chairman now directly owns 1,408,862 shares of the company’s stock, valued at $43,519,747.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Steven Tomsic sold 30,000 shares of FOX stock in a transaction on Friday, June 7th. The shares were sold at an average price of $34.26, for a total transaction of $1,027,800.00. Following the completion of the sale, the chief financial officer now directly owns 110,568 shares of the company’s stock, valued at approximately $3,788,059.68. The disclosure for this sale can be found here. 19.21% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Separately, Seaport Res Ptn raised FOX from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 9th.

FOX Company Profile

Fox Corporation operates as a news, sports, and entertainment company in the United States (U.S.). The company operates through Cable Network Programming; Television; and Other, Corporate and Eliminations segments. The Cable Network Programming segment produces and licenses news, business 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.