American Century Companies Inc., a leading institutional investor, has increased its stake in Fox Co. (NASDAQ:FOXA) by 11.7% during the first quarter of this year, according to its latest filing with the Securities and Exchange Commission. The company now owns 495,743 shares of Fox’s stock after acquiring an additional 52,075 shares. This represents a significant investment for American Century Companies Inc.
Currently, American Century Companies Inc. holds approximately 0.09% of FOX’s total worth which amounts to $16,867,000 as per their most recent SEC filing.
In other news, Fox recently announced a Semi-Annual dividend that will be paid on September 27th of this year. Shareholders of record as of August 30th will receive a dividend of $0.26 per share. This is an increase from the previous dividend amounting to $0.25 per share that was paid out semi-annually.
The ex-dividend date for this particular payout falls on August 29th. Investors who own FOX shares before this date will be eligible for the upcoming dividend payment.
This increase in dividend signals positive growth for Fox and could potentially attract more investors seeking income-generating opportunities.
At present, FOX’s dividend payout ratio stands at approximately 21.55%. This ratio indicates the percentage of earnings distributed to shareholders in the form of dividends.
While this news provides valuable insights into American Century Companies Inc.’s investment strategy and FOX’s financial performance, it is important to conduct thorough research and seek professional advice before making any investment decisions.
Overall, American Century Companies Inc.’s boosted stake in Fox showcases its confidence in the company’s future prospects, and the increased dividend amount reflects positive growth potential for investors interested in long-term stability and return on investment.
Disclaimer: The information provided in this article is based on publicly available sources and should not be construed as financial or investment advice. The article is for informational purposes only.
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Fluctuating Investment Landscape: Institutional Investors and Analyst Ratings Impact FOX Corporation’s Stock Performance
September 2, 2023 – In recent months, several large investors have made notable changes to their holdings in FOX Corporation (NASDAQ:FOXA), leaving many perplexed by the fluctuating investment landscape. Envestnet Asset Management Inc., for instance, has significantly boosted its position in FOX shares during the first quarter of this year by a staggering 871.4%. This move saw them acquire an additional 2,783,315 shares, bringing their total ownership to 3,102,730 shares valued at $15,135,000. Meanwhile, Norges Bank entered the scene in the fourth quarter of last year as they acquired a new position in FOX worth approximately $82,385,000.
Great Lakes Advisors LLC also made waves in the market by raising its holdings in FOX by an astounding 11,612.4% during the first quarter of this year. The firm now owns 1,935,479 shares of FOX stock with an estimated value of $65,903,000 after purchasing an additional 1,918,954 shares. Pacer Advisors Inc., on the other hand, witnessed substantial growth as they expanded their holdings in FOX by 35.2% during the same period. With an additional purchase of 935,365 shares worth $122,415,000, Pacer Advisors Inc.’s total ownership now stands at 3,595 ,152 shares.
Furthermore,Squarepoint Ops LLC joined the ranks as a newcomer to the industry when they recently bought a new stake in FOX valued at $26 ,977 ,000 during the fourth quarter of last year. It is intriguing to observe how these institutional investors are taking significant positions in FOX Corporation and contributing to its overall stock performance.
In light of these noteworthy investment maneuvers and shifts in ownership percentages among large investors,Fox Corporation’s stock prices have been under scrutiny from equity analysts. One such analyst is Morgan Stanley who has increased their price objective on FOX shares from $37.00 to $39.00, all while maintaining an “equal weight” rating for the stock. Credit Suisse Group has also reaffirmed a “neutral” rating and established a price target of $33.00 per share for FOX in their research reports.
In the midst of these evaluations, StockNews.com provided their insights by covering FOX and assigning it a “hold” rating.Additionally, JPMorgan Chase & Co. have shown optimism in their ratings by upgrading FOX to an “overweight” rating and raising their target price from $38.00 to $40.00.
However, there are dissenting voices as well. Wells Fargo & Company has downgraded the stock from its previous “equal weight” rating to an “underweight” rating while reducing their price target from $35.00 to $31.00.
When looking at the performance of FOXA stock, we find that it opened at $33.06 on Friday, with a 50-day simple moving average of $33.56 and a 200-day simple moving average of $33.40.The company currently boasts a market cap of about $16 .18 billion, with a PE ratio of 14 .25.
Fox Corporation’s financial highlights are equally intriguing, as they recently announced quarterly earnings data reflecting impressive results for the quarter ending August 8th.The company reported earnings per share (EPS) of $0 .88 for this period – surpassing analysts’ consensus estimate by a substantial margin of 17 cents per share or approximately 24%. This strong performance can be attributed to factors such as Fox’s return on equity (ROE) standing at 16 .98% and its net margin reaching 8 .31%.
Moreover,FOX recorded revenue totaling $3 .03 billion during the quarter – aligning perfectly with market expectations.Profit margins improved compared to the same period last year. Despite these positive findings, FOX’s revenue did not experience significant growth in comparison to the previous year.
Looking ahead, consensus among sell-side analysts suggests that Fox Corporation will post EPS of 3.03 for the current fiscal year.Much remains uncertain regarding how these recent market developments and investment trends will ultimately impact FOX’s stock performance moving forward.Since institutional investors now hold a 55 .93% stake in the company, their strategies and choices can heavily influence future movements in FOXA stock.
Reference Date: September 2, 2023