Fox Corporation $FOX Stock: Pictet Asset Management Holding SA Trims Stake

Pictet Asset Management Holding SA cut its position in Fox Corporation (NASDAQ:FOX) by 8.9% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 84,747 shares of the company’s stock after selling 8,319 shares during the quarter. Pictet Asset Management Holding SA’s holdings in FOX were worth $4,771,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Covestor Ltd boosted its holdings in shares of FOX by 102.0% in the 3rd quarter. Covestor Ltd now owns 1,289 shares of the company’s stock valued at $73,000 after buying an additional 651 shares in the last quarter. Rakuten Investment Management Inc. raised its stake in shares of FOX by 6.6% during the 3rd quarter. Rakuten Investment Management Inc. now owns 23,978 shares of the company’s stock worth $1,339,000 after acquiring an additional 1,479 shares in the last quarter. Aware Super Pty Ltd as trustee of Aware Super raised its stake in shares of FOX by 23.8% during the 3rd quarter. Aware Super Pty Ltd as trustee of Aware Super now owns 6,234 shares of the company’s stock worth $351,000 after acquiring an additional 1,200 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in FOX during the third quarter valued at approximately $2,084,000. Finally, Summit Global Investments lifted its position in FOX by 101.2% during the third quarter. Summit Global Investments now owns 46,609 shares of the company’s stock valued at $2,624,000 after acquiring an additional 23,439 shares during the last quarter. 26.41% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on FOX shares. Zacks Research downgraded shares of FOX from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 10th. Wolfe Research set a $93.00 price target on FOX in a research report on Thursday, August 20th. Wells Fargo & Company upgraded FOX from a “hold” rating to an “overweight” rating and set a $80.00 price objective for the company in a report on Friday, August 14th. Seaport Research Partners upgraded FOX from a “hold” rating to a “buy” rating and set a $76.00 price objective for the company in a report on Monday, November 9th. Finally, Royal Bank Of Canada set a $95.00 price objective on FOX in a research report on Tuesday, October 20th. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $79.50.

FOX Stock Performance

NASDAQ:FOX traded up $2.40 during trading hours on Friday, hitting $61.11. 555,344 shares of the company were exchanged, compared to its average volume of 1,019,905. The company has a debt-to-equity ratio of 0.53, a current ratio of 3.79 and a quick ratio of 3.50. Fox Corporation has a 52-week low of $44.08 and a 52-week high of $68.18. The stock has a market capitalization of $25.78 billion, a price-to-earnings ratio of 12.97, a PEG ratio of 1.35 and a beta of 0.66. The company’s 50 day moving average price is $57.92 and its 200-day moving average price is $55.71.

FOX (NASDAQ:FOX) last posted its quarterly earnings results on Monday, November 2nd. The company reported $2.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.06 by $0.48. The business had revenue of $4.57 billion during the quarter, compared to analysts’ expectations of $4.32 billion. FOX had a net margin of 11.30% and a return on equity of 23.96%. As a group, research analysts forecast that Fox Corporation will post 6.22 earnings per share for the current year.

Insider Buying and Selling at FOX

In related news, CEO Lachlan Murdoch acquired 149,934 shares of the company’s stock in a transaction dated Tuesday, September 15th. The shares were purchased at an average cost of $68.53 per share, with a total value of $10,274,977.02. Following the completion of the acquisition, the chief executive officer directly owned 1,401,713 shares of the company’s stock, valued at $96,059,391.89. This represents a 11.98% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 23.06% of the stock is owned by company insiders.

About FOX

Fox Corporation is a U.S. media company that produces and distributes news, sports and entertainment programming. Its operations include the FOX broadcast network, Fox News Media, Fox Sports, FOX Entertainment and Fox Television Stations. The company also owns Tubi, an ad-supported streaming service. Fox Corporation was formed in 2019 after The Walt Disney Company acquired much of 21st Century Fox. The company’s programming and services are primarily aimed at audiences in the United States, with content also distributed to viewers in other markets.