Fox Co. (NASDAQ:FOX) Plans Dividend Increase – $0.27 Per Share

Fox Co. (NASDAQ:FOX) announced a quarterly dividend on Tuesday, August 6th, RTT News reports. Shareholders of record on Wednesday, September 4th will be paid a dividend of 0.27 per share on Wednesday, September 25th. This represents a $1.08 annualized dividend and a yield of 2.98%. This is a boost from FOX’s previous quarterly dividend of $0.26.

FOX has increased its dividend by an average of 3.5% annually over the last three years. FOX has a dividend payout ratio of 13.8% indicating that its dividend is sufficiently covered by earnings. Analysts expect FOX to earn $3.67 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 14.2%.

FOX Stock Up 6.3 %

Shares of FOX stock opened at $36.19 on Wednesday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.94 and a current ratio of 3.24. FOX has a 52-week low of $25.82 and a 52-week high of $36.37. The company’s 50 day moving average price is $32.90 and its 200-day moving average price is $30.11. The stock has a market capitalization of $16.89 billion, a price-to-earnings ratio of 11.34, a P/E/G ratio of 5.71 and a beta of 0.82.

FOX (NASDAQ:FOX) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.87 by $0.03. FOX had a net margin of 11.19% and a return on equity of 15.90%. During the same period last year, the firm posted $0.88 EPS. Equities research analysts forecast that FOX will post 3.32 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, Seaport Res Ptn raised FOX from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 9th.

Insider Buying and Selling

In other news, Chairman Keith Rupert Murdoch sold 13,176 shares of FOX stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $30.89, for a total transaction of $407,006.64. Following the sale, the chairman now owns 1,408,862 shares of the company’s stock, valued at approximately $43,519,747.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Chairman Keith Rupert Murdoch sold 13,176 shares of the stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $30.89, for a total value of $407,006.64. Following the completion of the transaction, the chairman now owns 1,408,862 shares of the company’s stock, valued at approximately $43,519,747.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Steven Tomsic sold 30,000 shares of FOX stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $34.26, for a total value of $1,027,800.00. Following the sale, the chief financial officer now owns 110,568 shares in the company, valued at $3,788,059.68. The disclosure for this sale can be found here. 19.21% of the stock is currently owned by insiders.

FOX Company Profile

Fox Corporation operates as a news, sports, and entertainment company in the United States (U.S.). The company operates through Cable Network Programming; Television; and Other, Corporate and Eliminations segments. The Cable Network Programming segment produces and licenses news, business 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.