Allstate Corp Raises Stock Position in Fox Corporation $FOXA

Allstate Corp boosted its holdings in Fox Corporation (NASDAQ:FOXA) by 182.5% in the 4th quarter, Holdings Channel reports. The firm owned 18,040 shares of the company’s stock after purchasing an additional 11,655 shares during the period. Allstate Corp’s holdings in FOX were worth $1,318,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Bank of New York Mellon Corp grew its stake in shares of FOX by 0.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,924,975 shares of the company’s stock worth $121,389,000 after purchasing an additional 16,757 shares during the period. Ameriprise Financial Inc. lifted its holdings in shares of FOX by 72.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,821,284 shares of the company’s stock worth $101,948,000 after acquiring an additional 762,645 shares during the period. Andra AP fonden raised its holdings in FOX by 2.6% in the third quarter. Andra AP fonden now owns 944,500 shares of the company’s stock valued at $59,560,000 after buying an additional 23,700 shares during the period. PFA Pension Forsikringsaktieselskab purchased a new position in FOX in the fourth quarter valued at approximately $67,467,000. Finally, Sumitomo Mitsui Trust Group Inc. grew its position in FOX by 3.0% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 572,145 shares of the company’s stock valued at $41,807,000 after acquiring an additional 16,716 shares in the last quarter. Hedge funds and other institutional investors own 52.52% of the company’s stock.

Analysts Set New Price Targets

FOXA has been the subject of a number of recent analyst reports. Argus raised shares of FOX to a “hold” rating in a research report on Thursday, February 19th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $80.00 target price on shares of FOX in a research note on Wednesday, February 4th. Barclays boosted their price target on FOX from $63.00 to $67.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 12th. Evercore set a $73.00 target price on FOX in a research report on Tuesday, May 12th. Finally, JPMorgan Chase & Co. upped their target price on FOX from $69.00 to $70.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 12th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $74.86.

FOX Stock Down 2.9%

FOXA stock opened at $63.92 on Friday. The business has a 50 day moving average price of $62.52 and a two-hundred day moving average price of $65.10. The company has a market cap of $26.86 billion, a price-to-earnings ratio of 16.87, a P/E/G ratio of 3.42 and a beta of 0.52. Fox Corporation has a twelve month low of $52.96 and a twelve month high of $76.39. The company has a quick ratio of 2.65, a current ratio of 2.90 and a debt-to-equity ratio of 0.60.

FOX (NASDAQ:FOXA) last announced its earnings results on Monday, May 11th. The company reported $1.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.30. The company had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $3.78 billion. FOX had a net margin of 10.56% and a return on equity of 18.90%. FOX’s quarterly revenue was down 8.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.10 earnings per share. Analysts anticipate that Fox Corporation will post 4.93 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, COO John Nallen sold 216,806 shares of the company’s stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $57.68, for a total transaction of $12,505,370.08. Following the completion of the sale, the chief operating officer directly owned 362,206 shares in the company, valued at approximately $20,892,042.08. This represents a 37.44% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Lachlan K. Murdoch sold 637,752 shares of the business’s stock in a transaction on Friday, March 13th. The stock was sold at an average price of $58.20, for a total value of $37,117,166.40. Following the transaction, the chief executive officer directly owned 152 shares of the company’s stock, valued at $8,846.40. This trade represents a 99.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 1,586,871 shares of company stock valued at $91,893,926. Corporate insiders own 19.68% of the company’s stock.

FOX Company Profile

Fox Corporation (NASDAQ: FOXA) is a U.S.-based media company focused on television broadcasting, cable news and sports programming, and digital distribution. The company was formed in 2019 as the successor to certain assets of 21st Century Fox after a transaction that transferred many film and television studio assets to The Walt Disney Company. Fox Corp’s operations center on the Fox Broadcasting network, a portfolio of local television stations, national news and business cable networks, and sports media properties.

Fox produces, acquires and distributes a range of live and recorded programming, including news, opinion and commentary, national and local sports telecasts, and general entertainment.