Allstate Corp Acquires 11,655 Shares of Fox Corporation $FOXA

Allstate Corp grew its position in Fox Corporation (NASDAQ:FOXA) by 182.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 18,040 shares of the company’s stock after acquiring an additional 11,655 shares during the quarter. Allstate Corp’s holdings in FOX were worth $1,318,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. PFA Pension Forsikringsaktieselskab bought a new position in shares of FOX in the 4th quarter worth $67,467,000. Ameriprise Financial Inc. increased its position in FOX by 72.0% during the second quarter. Ameriprise Financial Inc. now owns 1,821,284 shares of the company’s stock worth $101,948,000 after buying an additional 762,645 shares during the last quarter. Lazard Asset Management LLC boosted its holdings in shares of FOX by 624.5% during the second quarter. Lazard Asset Management LLC now owns 281,126 shares of the company’s stock worth $15,753,000 after acquiring an additional 242,321 shares during the period. SG Americas Securities LLC boosted its holdings in shares of FOX by 346.6% during the fourth quarter. SG Americas Securities LLC now owns 128,029 shares of the company’s stock worth $9,355,000 after acquiring an additional 99,363 shares during the period. Finally, California State Teachers Retirement System boosted its stake in shares of FOX by 16.6% in the second quarter. California State Teachers Retirement System now owns 350,844 shares of the company’s stock valued at $19,661,000 after buying an additional 49,963 shares during the period. 52.52% of the stock is owned by institutional investors and hedge funds.

Insider Activity at FOX

In related news, CEO Lachlan K. Murdoch sold 637,752 shares of the stock in a transaction on Friday, March 13th. The shares were sold at an average price of $58.20, for a total transaction of $37,117,166.40. Following the sale, the chief executive officer directly owned 152 shares of the company’s stock, valued at approximately $8,846.40. This represents a 99.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO John Nallen sold 242,309 shares of the stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $57.74, for a total transaction of $13,990,921.66. Following the sale, the chief operating officer directly owned 357,653 shares in the company, valued at $20,650,884.22. This trade represents a 40.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 1,586,871 shares of company stock valued at $91,893,926. 19.68% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. TD Cowen upped their price target on shares of FOX from $55.00 to $65.00 and gave the stock a “hold” rating in a report on Thursday, February 5th. JPMorgan Chase & Co. increased their price target on FOX from $69.00 to $70.00 and gave the stock a “neutral” rating in a report on Tuesday, May 12th. UBS Group set a $64.00 price target on FOX in a report on Tuesday, February 24th. Bank of America downgraded FOX from a “buy” rating to an “underperform” rating and set a $45.00 price target for the company. in a report on Wednesday, February 25th. Finally, Evercore set a $73.00 price objective on shares of FOX in a research report on Tuesday, May 12th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, FOX has an average rating of “Hold” and a consensus price target of $74.86.

FOX Stock Down 2.9%

Shares of FOXA stock opened at $63.92 on Friday. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.90 and a quick ratio of 2.65. The company has a market capitalization of $26.86 billion, a price-to-earnings ratio of 16.87, a PEG ratio of 3.42 and a beta of 0.52. The company’s fifty day moving average price is $62.52 and its 200-day moving average price is $65.10. Fox Corporation has a one year low of $52.96 and a one year high of $76.39.

FOX (NASDAQ:FOXA) last released its quarterly earnings results on Monday, May 11th. The company reported $1.32 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.30. The firm 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%. The firm’s revenue for the quarter was down 8.6% compared to the same quarter last year. During the same period in the previous year, the company earned $1.10 EPS. Sell-side analysts expect that Fox Corporation will post 4.93 EPS for the current fiscal year.

About FOX

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.