Yacktman Asset Management LP Cuts Holdings in Fox Co. (NASDAQ:FOX)

Yacktman Asset Management LP cut its stake in Fox Co. (NASDAQ:FOX) by 10.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,201,888 shares of the company’s stock after selling 796,792 shares during the quarter. FOX comprises about 3.9% of Yacktman Asset Management LP’s holdings, making the stock its 6th biggest holding. Yacktman Asset Management LP owned about 1.58% of FOX worth $329,414,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. State Street Corp raised its holdings in FOX by 7.5% in the third quarter. State Street Corp now owns 9,639,382 shares of the company’s stock worth $374,008,000 after purchasing an additional 671,511 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of FOX by 3.1% in the 3rd quarter. Geode Capital Management LLC now owns 3,109,955 shares of the company’s stock worth $120,299,000 after acquiring an additional 92,515 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in FOX by 58.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 2,970,917 shares of the company’s stock valued at $135,890,000 after acquiring an additional 1,095,073 shares during the period. Janus Henderson Group PLC boosted its stake in FOX by 15.2% during the third quarter. Janus Henderson Group PLC now owns 1,716,165 shares of the company’s stock worth $66,582,000 after acquiring an additional 226,867 shares in the last quarter. Finally, National Bank of Canada FI grew its holdings in FOX by 212.7% in the third quarter. National Bank of Canada FI now owns 1,437,637 shares of the company’s stock worth $55,780,000 after purchasing an additional 977,907 shares during the period. 26.41% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at FOX

In related news, insider Adam G. Ciongoli sold 1,278 shares of FOX stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $54.13, for a total value of $69,178.14. Following the completion of the sale, the insider now owns 29,897 shares of the company’s stock, valued at $1,618,324.61. The trade was a 4.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Keith Rupert Murdoch sold 771,024 shares of the stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $46.07, for a total value of $35,521,075.68. The disclosure for this sale can be found here. 23.06% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Separately, Moffett Nathanson lowered shares of FOX from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 21st.

FOX Price Performance

FOX opened at $50.35 on Tuesday. Fox Co. has a 1 year low of $25.82 and a 1 year high of $52.54. The stock has a 50-day moving average price of $46.46 and a 200-day moving average price of $41.47. The firm has a market cap of $23.00 billion, a PE ratio of 10.78, a P/E/G ratio of 1.47 and a beta of 0.82. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.50 and a quick ratio of 2.33.

FOX (NASDAQ:FOX) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $0.96 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.35. FOX had a net margin of 14.39% and a return on equity of 18.50%. During the same quarter in the previous year, the business earned $0.34 EPS. Sell-side analysts predict that Fox Co. will post 4.25 earnings per share for the current fiscal year.

FOX Dividend Announcement

The firm also recently declared a quarterly 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. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date is Wednesday, March 5th. FOX’s payout ratio is currently 11.56%.

FOX 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.