Fox Corp (NASDAQ:FOX) Chairman Emeritus Keith Rupert Murdoch recently sold a significant portion of his holdings in the company, according to the latest SEC filings. Murdoch offloaded a total of 63,176 shares of Class B Common Stock over two consecutive days, resulting in proceeds exceeding $1.9 million.
The transactions occurred on May 15 and May 16, with 13,176 shares sold at a weighted average price of $30.89 and 50,000 shares at an average of $30.32, respectively. Prices for the shares sold ranged from $30.26 to $30.97.
Following these sales, Murdoch's ownership in Fox Corp, as indicated by the SEC filing, includes 1,358,862 shares of Class B Common Stock. This figure also accounts for 5,372 shares that were previously reported as directly held by him. The shares sold were held by K. Rupert Murdoch 2004 Revocable Trust, indicating an indirect ownership structure.
Investors and followers of Fox Corp's insider activity will note this significant sale as part of the ongoing financial moves by one of the company's key figures. The disclosure provided by the SEC filing ensures transparency in the transactions and provides the market with information about the trading activities of company insiders.
InvestingPro Insights
Amidst the recent insider trading activity by Fox Corp (NASDAQ:FOX) Chairman Emeritus Keith Rupert Murdoch, the company's financial health and prospects continue to draw attention from investors. According to InvestingPro data, Fox Corp maintains a market capitalization of $14.25 billion and is trading at a P/E ratio of 10.27, which is considered low relative to near-term earnings growth. The company's adjusted P/E ratio for the last twelve months as of Q3 2024 stands at a slightly lower 9.52.
One notable InvestingPro Tip for Fox Corp is that the management has been actively engaging in share buybacks, a move that often reflects confidence in the company's future performance and a commitment to returning value to shareholders. Additionally, Fox has demonstrated a commitment to its shareholders by raising its dividend for three consecutive years, with the dividend yield currently at 1.7% and a growth of 4.0% over the last twelve months as of Q3 2024.
While revenue has seen a decline of 6.66% over the last twelve months as of Q3 2024, Fox Corp's gross profit margin remains robust at 34.75%. This, coupled with a moderate debt level and liquid assets exceeding short-term obligations, suggests a stable financial position. It's also noteworthy that analysts predict the company will be profitable this year, which aligns with the company's performance over the last twelve months.
For investors looking for a deeper dive into Fox Corp's financials and future prospects, there are additional InvestingPro Tips available that can provide further insights. With the use of coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription to access these valuable tips and metrics.
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