During the first quarter of 2023, Klein Pavlis & Peasley Financial Inc. made a strategic investment in Fox Corporation (NASDAQ: FOXA), acquiring 4,958 shares valued at approximately $277,000. This acquisition was detailed in the firm’s recent filing with the Securities and Exchange Commission.
Other institutional investors have also been active in the market, adjusting their positions in Fox Corporation. Greenleaf Trust increased its stake by 3.1%, acquiring an additional 205 shares to bring its total to 6,778 shares, worth around $384,000. Similarly, Allworth Financial LP grew its position by an impressive 55.2%, now holding 787 shares valued at $45,000, following the purchase of 280 shares.
Moreover, Linden Thomas Advisory Services LLC raised its stake by 0.6%, owning now 49,869 shares valued at $2,823,000, while the State of Alaska Department of Revenue lifted its holdings by 1.2%, resulting in 25,521 shares worth approximately $1,444,000. GeoWealth Management LLC also increased its stake by 32.4% during the fourth quarter, now owning 1,448 shares valued at $70,000.
Analyst Ratings and Stock Performance
Analysts have issued various ratings for Fox Corporation, reflecting a range of opinions on the stock’s performance. On May 13, 2023, Barclays reiterated an “outperform” rating. Following this, Bank of America raised its price target from $60.00 to $65.00, assigning a “buy” rating. Additionally, Wells Fargo & Company increased its price objective from $58.00 to $62.00, giving the stock an “overweight” rating.
Despite these positive outlooks, one analyst has assigned a sell rating to Fox Corporation. In total, twelve analysts have rated the stock as a hold, while nine have given it a buy rating. The consensus among analysts is a “hold” rating, with an average target price set at $53.53.
As of the latest trading session, Fox Corporation’s stock opened at $55.54, experiencing a slight decline of 0.4%. The company maintains a market capitalization of $24.97 billion and has a price-to-earnings ratio of 13.82. Additionally, Fox’s performance metrics include a debt-to-equity ratio of 0.57, a quick ratio of 2.33, and a current ratio of 2.45.
Earnings and Insider Trading
Fox Corporation recently announced its earnings results for the quarter ending May 12, 2023. The company reported $1.10 earnings per share, exceeding analysts’ expectations of $0.93 by $0.17. Revenue for the quarter stood at $4.37 billion, surpassing the consensus estimate of $4.14 billion. Year-over-year, Fox’s revenue grew by 26.8%.
In related news, Steven Tomsic, the Chief Financial Officer, sold 39,642 shares of the company’s stock on June 3, 2023, at an average price of $55.30, totaling $2,192,202.60. Following this transaction, Tomsic’s direct ownership in the company is now 133,923 shares, valued at approximately $7.4 million.
Insider ownership accounts for 21.77% of the company’s stock, indicating a significant level of confidence among company executives. Overall, institutional investors collectively hold 52.52% of Fox Corporation’s shares, reflecting a strong interest from the investment community in this media and entertainment giant.
For those interested in the latest developments regarding Fox Corporation, updates on hedge fund activities and insider trades can be accessed through financial news platforms.
