Fox Corporation Chief Financial Officer Steven Tomsic sold 138,397 shares of the company’s stock in a transaction on November 10, 2023. The shares were sold at an average price of $66.54, resulting in a total transaction value of approximately $9,208,936.38. Following this sale, Tomsic retains 180,556 shares, which are valued at around $12,014,196.24. This sale marks a significant reduction of 43.39% in his ownership stake.
The transaction was disclosed in a filing with the Securities and Exchange Commission, which is publicly available. Following the news, shares of FOXA traded up by 0.8%, reaching $66.53. On that day, the stock recorded a trading volume of 3,276,556 shares, slightly below its average volume of 3,857,616 shares.
Company Financials and Recent Performance
Fox Corporation recently reported its financial performance for the quarter ending October 30, 2023. The company achieved earnings of $1.51 per share, exceeding the consensus estimate of $1.10 by $0.41. This represents a year-over-year increase in earnings, as the previous year’s earnings per share were $1.45. The company’s revenue for the quarter was $3.74 billion, surpassing analyst expectations of $3.57 billion and reflecting a year-over-year growth of 4.9%.
In terms of ratios, Fox Corporation has a current ratio of 3.24 and a quick ratio of 3.03, indicating a strong liquidity position. The company maintains a debt-to-equity ratio of 0.54. Over the past year, the stock has seen a low of $44.73 and a high of $67.17. The current fifty-day moving average price stands at $60.63, while the two-hundred-day moving average is $57.07.
Institutional Investor Activity
Recent activity among institutional investors has been noteworthy. Assetmark Inc. significantly increased its stake in Fox, raising it by 752.1% in the first quarter, now holding 1,951,657 shares valued at approximately $110,464,000. Federated Hermes Inc. has also made substantial purchases, increasing its holdings by an astonishing 164,675.7% during the same period.
Other notable investors include Nuveen LLC, which acquired a new stake valued at about $63,125,000, and Junto Capital Management LP, which invested approximately $53,681,000. Notably, institutional investors now hold 52.52% of the company’s stock.
As Fox Corporation continues to navigate the complex media landscape, it is poised for potential growth, particularly given its diversified segments, including cable network programming, television, and digital platforms. With ongoing shifts in viewership and advertising dynamics, the company aims to adapt and thrive in this competitive environment.
