Fox Co. Chairman Sells 100,000 Shares of Stock

On November 6th, 2024, Keith Rupert Murdoch, the Chairman of Fox Co. (NASDAQ:FOXA), sold 100,000 shares of the company’s stock. The sale was completed at an average price of $42.05 per share, resulting in a total transaction value of $4,205,000. Following this sale, Murdoch now holds 1,258,862 shares of the company, which are valued at approximately $52,935,147. This transaction marks a negligible decrease in his overall ownership percentage in Fox Co. The details of this sale were filed with the Securities and Exchange Commission (SEC).

Recent Performance of Fox Co. Stock

As of Friday, FOXA stock opened at $44.60. Over the past fifty days, the moving average price has been $41.66, while the 200-day moving average is $37.62. In the past twelve months, the stock reached a low of $28.28 and a high of $45.82. The market capitalization of Fox Co. currently stands at $20.53 billion, with a price-to-earnings (P/E) ratio of 10.90 and a P/E growth (P/E/G) ratio of 1.95. Additionally, the company's beta is 0.76, indicating lower volatility compared to the overall market. Fox Co. has a current ratio of 2.59, a quick ratio of 2.33, and a debt-to-equity ratio of 0.58.

Quarterly Earnings Report

The company released its latest quarterly earnings on November 4th. Fox Co. reported earnings per share (EPS) of $1.45, surpassing analysts' expectations of $1.12 by a significant margin of $0.33. The total revenue for the quarter was $3.56 billion, again exceeding predictions, which were set at $3.38 billion. The company posted a net margin of 13.40% and a return on equity (ROE) of 16.49%. Notably, this represents an 11.1% increase in revenue compared to the same quarter last year, when the EPS was reported at $1.09. Analysts forecast that the company will achieve an EPS of 3.7 for the current year.

Institutional Buying and Selling Trends

Several institutional investors have recently changed their positions in Fox Co. Massmutual Trust Co. FSB ADV increased its holdings in the stock by 176.6% in the second quarter, now owning 722 shares worth $25,000. In the third quarter, Quest Partners LLC initiated a new position valued at $51,000. Other institutions, including Friedenthal Financial and Duncker Streett & Co. Inc., also purchased new stakes in the company during the same period. Currently, institutional investors possess 52.52% of Fox Co.’s stock.

Recent Analyst Ratings

Analysts have recently provided various ratings for FOXA shares. Cfra maintained a “sell” rating as of September 25th. In contrast, Evercore ISI upgraded the stock to a “hold” rating. Bank of America raised its target price on the stock from $45.00 to $50.00 and assigned a “buy” rating. Rosenblatt Securities lifted their target from $37.00 to $38.00 and rated the stock as “neutral.” Barclays also increased their price target from $36.00 to $39.00 and rated the stock as “equal weight.” Currently, one analyst rates Fox Co. as a sell, nine analysts recommend holding, and eight suggest buying the stock. According to MarketBeat.com, the consensus rating for the stock is “Hold,” with a target price of $44.00.

Overview of Fox Co.

Fox Corporation operates primarily in the news, sports, and entertainment sectors within the United States. The firm is divided into four key segments: Cable Network Programming, Television, Credible, and The FOX Studio Lot. The Cable Network Programming segment focuses on producing and licensing various news and sports content, which is distributed via traditional cable television systems, direct broadcast satellite operators, and other digital channels.

Insider, Selling, Stock