Fintel reports that BlackRock has filed a 13G/A form with the SEC disclosing ownership of 45.74MM shares of Fox Corporation, Class A (FOXA). This represents 15.1% of the company.
In their previous filing dated January 27, 2022 they reported 39.87MM shares and 12.40% of the company, an increase in shares of 14.75% and an increase in total ownership of 2.70% (calculated as current - previous percent ownership).
Analyst Price Forecast Suggests 10.67% Upside
As of January 31, 2023, the average one-year price target for Fox Corporation is $37.56. The forecasts range from a low of $27.27 to a high of $48.30. The average price target represents an increase of 10.67% from its latest reported closing price of $33.94.
The projected annual revenue for Fox Corporation is $15,270MM, an increase of 8.14%. The projected annual EPS is $3.61, an increase of 82.37%.
Fund Sentiment
There are 1183 funds or institutions reporting positions in Fox Corporation. This is a decrease of 12 owner(s) or 1.00%.
Average portfolio weight of all funds dedicated to US:FOXA is 0.1952%, a decrease of 2.0863%. Total shares owned by institutions decreased in the last three months by 1.82% to 370,429K shares.
What are large shareholders doing?
Dodge & Cox holds 42,493,512 shares representing 7.83% ownership of the company. In it's prior filing, the firm reported owning 46,473,345 shares, representing a decrease of 9.37%. The firm decreased its portfolio allocation in FOXA by 4.52% over the last quarter.
DODGX - Dodge & Cox Stock Fund holds 29,108,475 shares representing 5.36% ownership of the company. In it's prior filing, the firm reported owning 29,951,475 shares, representing a decrease of 2.90%. The firm decreased its portfolio allocation in FOXA by 0.17% over the last quarter.
Independent Franchise Partners LLP holds 19,381,694 shares representing 3.57% ownership of the company. In it's prior filing, the firm reported owning 19,945,516 shares, representing a decrease of 2.91%. The firm increased its portfolio allocation in FOXA by 3.73% over the last quarter.
Ninety One UK holds 12,016,368 shares representing 2.21% ownership of the company. In it's prior filing, the firm reported owning 11,376,169 shares, representing an increase of 5.33%. The firm increased its portfolio allocation in FOXA by 11.78% over the last quarter.
Lsv Asset Management holds 8,889,096 shares representing 1.64% ownership of the company. In it's prior filing, the firm reported owning 9,156,613 shares, representing a decrease of 3.01%. The firm increased its portfolio allocation in FOXA by 0.62% over the last quarter.
Fox Corporation Declares $0.25 Dividend
Fox Corporation said on August 10, 2022 that its board of directors declared a regular semi-annual dividend of $0.25 per share ($0.50 annualized). Shareholders of record as of August 30, 2022 received the payment on September 28, 2022. Previously, the company paid $0.24 per share.
At the current share price of $33.94 / share, the stock's dividend yield is 1.47%. Looking back five years and taking a sample every week, the average dividend yield has been 1.42%, the lowest has been 1.05%, and the highest has been 2.28%. The standard deviation of yields is 0.22 (n=176).
The current dividend yield is 0.22 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 0.24. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.09%, demonstrating that it has increased its dividend over time.
Fox Background Information
(This description is provided by the company.)
Fox Corporation produces and distributes compelling news, sports and entertainment content through its iconic domestic brands including: FOX News Media, FOX Sports, FOX Entertainment and FOX Television Stations. These brands hold cultural significance with consumers and commercial importance for distributors and advertisers. The breadth and depth of its footprint allows them to deliver content that engages and informs audiences, develop deeper consumer relationships and create more compelling product offerings. FOX maintains an impressive track record of news, sports, and entertainment industry success that shapes its strategy to capitalize on existing strengths and invest in new initiatives.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
