Fox Corp (FOXA) Announces Dividend Increase – $0.23 Per Share

Fox Corp (NASDAQ:FOXA) announced a Semi-Annual dividend on Thursday, May 9th, Zacks reports. Shareholders of record on Monday, May 20th will be paid a dividend of 0.23 per share on Monday, June 3rd. The ex-dividend date is Friday, May 17th. This is a positive change from FOX’s previous Semi-Annual dividend of $0.18.

FOX has raised its dividend payment by an average of 6.3% annually over the last three years. FOX has a payout ratio of 22.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect FOX to earn $2.56 per share next year, which means the company should continue to be able to cover its $0.46 annual dividend with an expected future payout ratio of 18.0%.

Shares of FOXA opened at $38.53 on Friday. FOX has a 52-week low of $35.90 and a 52-week high of $41.95. The company has a debt-to-equity ratio of 0.78, a current ratio of 4.60 and a quick ratio of 3.59.

FOX (NASDAQ:FOXA) last issued its earnings results on Wednesday, May 8th. The company reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.12. The company had revenue of $2.75 billion during the quarter, compared to analyst estimates of $2.61 billion. During the same period last year, the business earned $0.49 earnings per share. The firm’s revenue was up 11.7% compared to the same quarter last year. Equities analysts predict that FOX will post 2.24 EPS for the current fiscal year.

A number of analysts recently issued reports on the company. Rosenblatt Securities assumed coverage on FOX in a research report on Monday, May 6th. They set a “sell” rating and a $33.00 price objective for the company. Credit Suisse Group raised their price objective on FOX from $46.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday, May 6th. BMO Capital Markets assumed coverage on FOX in a research report on Wednesday, April 10th. They set a “market perform” rating and a $37.00 price objective for the company. Citigroup assumed coverage on FOX in a research report on Tuesday, April 9th. They set a “neutral” rating and a $40.00 price objective for the company. Finally, UBS Group cut their price objective on FOX from $52.00 to $41.00 and set a “neutral” rating for the company in a research report on Wednesday, April 3rd. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have given a buy rating to the company’s stock. FOX presently has a consensus rating of “Buy” and a consensus price target of $47.10.

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About FOX

Fox Corporation operates as a news, sports, and entertainment company in the United States. 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 primarily through cable television systems, direct broadcast satellite operators, telecommunications companies, and online video distributors.

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Dividend History for FOX (NASDAQ:FOXA)

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