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

PNC Financial Services Group Inc. reduced its position in Fox Co. (NASDAQ:FOXA) by 32.5% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 739,322 shares of the company’s stock after selling 355,266 shares during the period. PNC Financial Services Group Inc.’s holdings in FOX were worth $31,295,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in FOXA. Vanguard Group Inc. raised its position in shares of FOX by 5.9% in the first quarter. Vanguard Group Inc. now owns 29,880,203 shares of the company’s stock valued at $934,354,000 after purchasing an additional 1,653,913 shares during the period. Retirement Systems of Alabama grew its stake in FOX by 1,727.2% in the 2nd quarter. Retirement Systems of Alabama now owns 965,066 shares of the company’s stock valued at $33,169,000 after buying an additional 912,250 shares in the last quarter. AXA S.A. raised its holdings in FOX by 294.2% during the 2nd quarter. AXA S.A. now owns 888,476 shares of the company’s stock valued at $30,537,000 after acquiring an additional 663,089 shares during the period. Independent Franchise Partners LLP lifted its position in shares of FOX by 3.3% during the second quarter. Independent Franchise Partners LLP now owns 18,495,954 shares of the company’s stock worth $635,706,000 after acquiring an additional 597,450 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. boosted its holdings in shares of FOX by 25.5% in the second quarter. D. E. Shaw & Co. Inc. now owns 2,420,940 shares of the company’s stock worth $83,208,000 after acquiring an additional 492,467 shares during the period. 52.52% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, COO John Nallen sold 182,481 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $43.73, for a total value of $7,979,894.13. Following the transaction, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Keith Rupert Murdoch sold 100,000 shares of the company’s stock in a transaction on 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 sale, the chairman now owns 1,258,862 shares of the company’s stock, valued at $52,935,147.10. This represents a 7.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 21.77% of the company’s stock.

Analysts Set New Price Targets

FOXA has been the topic of a number of analyst reports. Seaport Res Ptn lowered FOX from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 9th. Morgan Stanley increased their price target on shares of FOX from $38.00 to $40.00 and gave the stock an “equal weight” rating in a report on Friday, November 1st. Macquarie reaffirmed a “neutral” rating and set a $43.00 price objective on shares of FOX in a research note on Tuesday, November 5th. Guggenheim increased their target price on shares of FOX from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of FOX from $42.00 to $47.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $44.00.

FOX Stock Performance

NASDAQ:FOXA opened at $45.70 on Thursday. The company has a market capitalization of $20.87 billion, a price-to-earnings ratio of 11.17, a PEG ratio of 1.17 and a beta of 0.76. The business has a 50 day moving average of $42.58 and a 200 day moving average of $38.48. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.59 and a quick ratio of 2.33. Fox Co. has a 1-year low of $28.28 and a 1-year high of $47.58.

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

About FOX

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.