Convergence Investment Partners LLC Purchases New Position in Fox Co. (NASDAQ:FOXA)

Convergence Investment Partners LLC bought a new stake in Fox Co. (NASDAQ:FOXA) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 16,561 shares of the company’s stock, valued at approximately $805,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of FOX in the 4th quarter worth $28,000. Brooklyn Investment Group grew its position in FOX by 142.5% in the fourth quarter. Brooklyn Investment Group now owns 793 shares of the company’s stock worth $39,000 after acquiring an additional 466 shares in the last quarter. Quest Partners LLC purchased a new position in FOX in the third quarter worth about $51,000. Quarry LP purchased a new position in FOX in the third quarter worth about $70,000. Finally, Versant Capital Management Inc grew its position in FOX by 3,551.1% in the fourth quarter. Versant Capital Management Inc now owns 1,716 shares of the company’s stock worth $83,000 after acquiring an additional 1,669 shares in the last quarter. 52.52% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on FOXA shares. Citigroup lifted their target price on FOX from $50.00 to $58.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. Macquarie reaffirmed a “neutral” rating and set a $43.00 price objective on shares of FOX in a research note on Tuesday, November 5th. Morgan Stanley lifted their price target on shares of FOX from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Friday, November 1st. Moffett Nathanson cut shares of FOX from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $51.00 to $52.00 in a research note on Tuesday, January 21st. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on FOX from $42.00 to $47.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, FOX has an average rating of “Hold” and a consensus price target of $51.00.

Insider Buying and Selling at FOX

In other news, Chairman Keith Rupert Murdoch sold 186,871 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $46.22, for a total value of $8,637,177.62. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Adam G. Ciongoli sold 1,278 shares of the stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $54.13, for a total value of $69,178.14. Following the completion of the transaction, the insider now directly owns 29,897 shares in the company, valued at $1,618,324.61. This represents a 4.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 21.77% of the stock is currently owned by company insiders.

FOX Stock Performance

Shares of FOXA stock opened at $57.48 on Thursday. The business’s fifty day simple moving average is $50.43 and its 200-day simple moving average is $45.23. The company has a market cap of $26.06 billion, a PE ratio of 12.31, a PEG ratio of 1.23 and a beta of 0.76. 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 Co. has a 12-month low of $28.28 and a 12-month high of $57.72.

FOX (NASDAQ:FOXA) last announced its earnings results on Tuesday, February 4th. The company reported $0.96 earnings per share (EPS) for the quarter, beating 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 company had revenue of $5.08 billion for the quarter, compared to analyst estimates of $4.78 billion. During the same period in the prior year, the company posted $0.34 EPS. The firm’s quarterly revenue was up 19.9% compared to the same quarter last year. Analysts expect that Fox Co. will post 4.38 earnings per share for the current fiscal year.

FOX Announces Dividend

The business also recently disclosed a semi-annual dividend, which will be paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 5th will be issued a dividend of $0.27 per share. The ex-dividend date is Wednesday, March 5th. This represents a dividend yield of 1%. FOX’s dividend payout ratio (DPR) is currently 11.56%.

FOX Company Profile

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.