PNC Financial Services Group Inc. Sells 355,266 Shares of Fox Co. (NASDAQ:FOXA)

PNC Financial Services Group Inc. cut its stake in Fox Co. (NASDAQ:FOXA) by 32.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 739,322 shares of the company’s stock after selling 355,266 shares during the period. PNC Financial Services Group Inc. owned 0.16% of FOX worth $31,295,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of FOX by 5.9% during the first quarter. Vanguard Group Inc. now owns 29,880,203 shares of the company’s stock worth $934,354,000 after buying an additional 1,653,913 shares during the period. Covestor Ltd boosted its position in FOX by 283.0% during the first quarter. Covestor Ltd now owns 2,880 shares of the company’s stock valued at $90,000 after acquiring an additional 2,128 shares during the last quarter. UniSuper Management Pty Ltd grew its holdings in FOX by 565.6% during the 1st quarter. UniSuper Management Pty Ltd now owns 23,830 shares of the company’s stock worth $745,000 after acquiring an additional 20,250 shares during the period. Bessemer Group Inc. raised its position in shares of FOX by 11.0% in the 1st quarter. Bessemer Group Inc. now owns 3,290 shares of the company’s stock worth $103,000 after acquiring an additional 326 shares in the last quarter. Finally, CreativeOne Wealth LLC acquired a new position in shares of FOX in the 1st quarter valued at about $609,000. Institutional investors and hedge funds own 52.52% of the company’s stock.

FOX Stock Down 0.1 %

FOXA stock opened at $45.70 on Thursday. The stock’s 50 day moving average is $42.58 and its 200-day moving average is $38.48. Fox Co. has a twelve month low of $28.28 and a twelve month high of $47.58. The firm has a market capitalization of $20.87 billion, a PE ratio of 11.17, a P/E/G ratio of 1.17 and a beta of 0.76. The company has a quick ratio of 2.33, a current ratio of 2.59 and a debt-to-equity ratio of 0.58.

FOX (NASDAQ:FOXA) last posted its quarterly earnings data on Monday, November 4th. The company reported $1.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.33. The firm had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $3.38 billion. FOX had a net margin of 13.40% and a return on equity of 16.49%. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.09 EPS. Sell-side analysts expect that Fox Co. will post 3.94 EPS for the current fiscal year.

Wall Street Analyst Weigh In

FOXA has been the subject of several recent analyst reports. Barclays raised their target price on FOX from $36.00 to $39.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 9th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of FOX from $42.00 to $47.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Seaport Res Ptn lowered shares of FOX from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 9th. Loop Capital lifted their price target on shares of FOX from $43.00 to $46.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Finally, Rosenblatt Securities increased their price objective on shares of FOX from $37.00 to $38.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $44.00.

Insiders Place Their Bets

In related news, COO John Nallen sold 182,481 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $43.73, for a total transaction of $7,979,894.13. Following the completion of the sale, the chief operating officer now owns 249,424 shares in the company, valued at approximately $10,907,311.52. This trade represents a 42.25 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Keith Rupert Murdoch sold 100,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $42.05, for a total transaction of $4,205,000.00. Following the completion of the transaction, the chairman now owns 1,258,862 shares in the company, valued at approximately $52,935,147.10. The trade was a 7.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 21.77% of the stock is currently owned by insiders.

FOX 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.