Bank of New York Mellon Corp Sells 61,026 Shares of Fox Corporation $FOX

Bank of New York Mellon Corp decreased its stake in shares of Fox Corporation (NASDAQ:FOX) by 9.0% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 618,914 shares of the company’s stock after selling 61,026 shares during the quarter. Bank of New York Mellon Corp’s holdings in FOX were worth $31,955,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the stock. Federated Hermes Inc. raised its position in FOX by 66.2% in the 1st quarter. Federated Hermes Inc. now owns 580 shares of the company’s stock valued at $31,000 after purchasing an additional 231 shares during the last quarter. IFP Advisors Inc raised its holdings in FOX by 457.6% during the first quarter. IFP Advisors Inc now owns 697 shares of the company’s stock worth $37,000 after acquiring an additional 572 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in FOX by 183.0% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 801 shares of the company’s stock worth $42,000 after buying an additional 518 shares during the last quarter. SVB Wealth LLC bought a new stake in shares of FOX during the 1st quarter worth about $69,000. Finally, Covestor Ltd increased its position in FOX by 37.0% during the first quarter. Covestor Ltd now owns 1,402 shares of the company’s stock worth $74,000 after acquiring an additional 379 shares during the period. 26.41% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FOX has been the topic of several recent analyst reports. Fox Advisors set a $97.00 price target on FOX in a research note on Tuesday, October 28th. Weiss Ratings reissued a “buy (b)” rating on shares of FOX in a research note on Friday, October 31st. UBS Group reissued a “buy” rating on shares of FOX in a research report on Friday, October 31st. Cfra reiterated a “buy” rating and issued a $73.00 target price on shares of FOX in a research note on Monday, November 3rd. Finally, Zacks Research raised shares of FOX from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $81.67.

Insider Activity at FOX

In other FOX news, CFO Steven Tomsic sold 138,397 shares of the business’s stock in a transaction on Monday, November 10th. The stock was sold at an average price of $66.54, for a total value of $9,208,936.38. Following the sale, the chief financial officer directly owned 180,556 shares in the company, valued at $12,014,196.24. The trade was a 43.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Keith Rupert Murdoch sold 168,756 shares of the company’s stock in a transaction on Friday, November 7th. The shares were sold at an average price of $65.97, for a total value of $11,132,833.32. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 324,920 shares of company stock worth $21,485,254. Insiders own 23.06% of the company’s stock.

FOX Stock Performance

NASDAQ FOX opened at $58.95 on Friday. The company has a market capitalization of $26.17 billion, a PE ratio of 13.25, a price-to-earnings-growth ratio of 1.34 and a beta of 0.57. The company has a debt-to-equity ratio of 0.54, a quick ratio of 3.03 and a current ratio of 3.24. Fox Corporation has a 52-week low of $42.20 and a 52-week high of $60.73. The company has a 50-day simple moving average of $55.01 and a 200 day simple moving average of $52.36.

FOX (NASDAQ:FOX) last released its earnings results on Thursday, October 30th. The company reported $1.51 earnings per share for the quarter, beating analysts’ consensus estimates of $1.06 by $0.45. FOX had a net margin of 12.35% and a return on equity of 18.61%. The firm had revenue of $3.74 billion during the quarter, compared to the consensus estimate of $3.57 billion. On average, research analysts predict that Fox Corporation will post 4.25 EPS for the current year.

FOX Company Profile

Fox Corporation operates as a news, sports, and entertainment company in the United States (U.S.). The company operates through four segments: Cable Network Programming, Television, Credible, and The FOX Studio Lot. The Cable Network Programming segment produces and licenses news and sports content for distribution through traditional cable television systems, direct broadcast satellite operators and telecommunication companies, virtual multi-channel video programming distributors, and other digital platforms primarily in the U.S.