Fox Corp $ 25.77 -0.05 (-0.19%)
FOXA News and Headlines - Fox Corp
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Baupost Group leader Seth Klarman (Trades, Portfolio) revealed on Monday he boosted his stake in Viasat Inc. (VSAT) by 18.62%.
The guru’s Boston-based hedge fund manages about $29 billion in assets as of June 30, 2019. It searches for value among a broad range of opportunities, including stocks, distressed debt, liquidations and foreign securities. With a long-term horizon, the renowned investor typically seeks securities trading well below his estimate of intrinsic value and waits for the price to rise. In March, Bloomberg reported that for the first time since 2011, Klarman was seeking more capital as
This is the final article in my series about The Walt Disney Company (DIS). Throughout this process, I’ve taken a detailed look at each of the company’s business segments. However, in order to truly appreciate what makes Disney unique, it’s critical to focus on the bigger picture as well.
The advantages that are created when the individual business segments come together as one was summarized by former CEO Bob Iger in early 2019, when he was asked by Barron’s about some of the acquisitions that had proved so critical to the company’s success. This was his response:
According to GuruFocus insider data, these are the largest CEO buys of the past week.
Fox
Fox Corp. (FOX) Executive Chairman and CEO Lachlan K. Murdoch bought 49,498 shares on June 20 at a price of $28.32. The stock has declined 9.07% since then.
Fox represents the assets not sold to Disney (DIS) by its predecessor, Twenty First Century Fox. The remaining assets include Fox News, the FOX broadcast network, FS1 and FS2, Fox Business, Big Ten Network and 28 owned and operated local television stations, of which 17 are affiliated with the
The largest Insider Buys this week were for Fox Corp. (FOX), Royalty Pharma PLC (RPRX), Consolidated Edison Inc. (ED) and Vistra Energy Corp. (VST).
Fox executive chairman and CEO bought 49,498 shares
Executive Chairman and CEO Lachlan K. Murdoch bought 49,498 shares of Fox on June 20 for an average price of $28.32. The stock has fallen 9.07% since then.
Fox is an American television broadcasting company formed from the 2019 acquisition of 21st Century Fox by the Walt Disney Co. (DIS). It was spun off from 21st Century Fox and its stock began trading on March 19, 2019. The
According to GuruFocus Insider Data, these were the largest CEO buys during the past week.
Fox
Fox Corp. (FOX) Executive Chairman and CEO Lachlan K. Murdoch bought 101,556 shares on June 15 at a price of $28.29. The price of the stock has decreased by 1.66% since then.
Fox represents the assets not sold to Disney by the predecessor firm, Twenty First Century Fox. The remaining assets include Fox News, the FOX broadcast network, FS1 and FS2, Fox Business, Big Ten Network, 28 owned and operated local television stations of which 17 are affiliated
According to current portfolio statistics, the largest five holdings in Seth Klarman (Trades, Portfolio)’s equity portfolio as of the March quarter are eBay Inc. (EBAY), Liberty Global PLC (LBTYK), Fox Corp. (FOXA), Viasat Inc. (VSAT) and Alphabet Inc. (GOOGL)(GOOG).
A Harvard University MBA graduate, Klarman founded the Boston-based firm in 1983. As of March, Baupost manages approximately $30.2 billion in assets according to its latest ADV form.
The author of “Margin of Safety” invests in a wide range of securities, including stocks, distressed debt, liquidations, foreign equities and bonds.
Daniel Loeb (Trades, Portfolio)’s Third Point LLC sold shares of the following stocks during the first quarter of 2020.
Campbell Soup
The firm exited its Campbell Soup Co. (CPB) position. The trade had an impact of -8.18% on the portfolio.
The supplier of well-known soup and other convenience food, has a market cap of $15.73 billion and an enterprise value of $21.49 billion.
GuruFocus gives the company a profitability and growth rating of 8 out of 10. The return on equity of 98.87% and return on assets of 11.03% are outperforming
In its portfolio for the first quarter, which was released earlier this week, Tweedy Browne (Trades, Portfolio) disclosed three new holdings.
The New York-based firm, which has been operating for a century, is an investment partnership that is owned and operated by its four managing directors, William H. Browne, John D. Spears, Thomas H. Shrager and Robert Q. Wyckoff Jr. Deriving its investment approach from the work of Benjamin Graham, the firm oversees around $4.5 billion in assets through four unique mutual funds. Each of the portfolios is managed according to the same value principles with an
Fox Corporation (FOX), which was formed a year ago following The Walt Disney Company’s (DIS) acquisition of the majority of the assets owned by 21st Century Fox, recently reported results for its third quarter of fiscal 2020. For the quarter, revenues increased by 25% to $3.44 billion, largely due to the fact that Fox broadcasted Super Bowl 54. Adjusted for the big game, which added roughly $600 million in to the top-line, revenues increased by low-single digits in the quarter.
Growth in the quarter (excluding the impact of Super Bowl 54) was driven by affiliate fees,
Fox’s (FOX)(FOXA) shares declined during the quarter as traditional media stocks struggled, in part due to near-term challenges in advertising. With most of the economy shut, there isn’t a compelling reason to air commercials on television. Fox’s main contributor to cash flow, Fox News, has produced strong viewership through the crisis and the company has one of the strongest balance sheets in the traditional media space, in part due to significant tax assets created as part of the Disney transaction, which closed in 2019.
From the AMG [url=https://www.gurufocus.com/StockBuy.php?GuruName=Yacktman+Fund]Yacktman Fund[/url] ([url=https://www.gurufocus.com/StockBuy.php?GuruName=Yacktman+Fund]Trades[/url], [url=https://www.gurufocus.com/holdings.php?GuruName=Yacktman+Fund]Portfolio[/url])'s first-quarter 2020 shareholder letter.
In the first quarter the AMG [url=https://www.gurufocus.com/StockBuy.php?GuruName=Yacktman+Fund]Yacktman Fund[/url] ([url=https://www.gurufocus.com/StockBuy.php?GuruName=Yacktman+Fund]Trades[/url], [url=https://www.gurufocus.com/holdings.php?GuruName=Yacktman+Fund]Portfolio[/url]) (the Fund) returned -21.7%, lagging the S&P 500® Index’s -19.6% fall but significantly outperforming the Fund’s secondary benchmark, the Russell 1000® Value Index, which returned -26.7%.
We hope this letter finds investors well as they deal with the personal, social, and economic challenges brought about by COVID-19. In the first quarter, markets around the globe crashed due to quarantines, business closure, and economic chaos. It was a very busy quarter for the Fund and we put substantial cash to work in new opportunities and fund holdings that became more attractively
An aggressive strategy
In time of crisis, stock investors often fly to defensive stocks. These are companies that will do relatively well during a downturn.
However, using a defensive strategy now is like looking at your rearview window and using that view to decide where to turn next. It would be a great strategy if you executed it prior to the stock market's downturn, or at the very early stages of the crisis. However, it is a little late now because stocks have become more expensive again.
To take advantage of the crisis situation and recovery, I believe investors
For the first time since 2011, billionaire investor Seth Klarman (Trades, Portfolio) is seeking more capital for his hedge fund.
Having complained about the lack of bargains in the overvalued market for years, Bloomberg reported on Thursday that the value investor told clients that Baupost Group has spent about $1.5 billion on assets in recent weeks amid the carnage caused by the coronavirus pandemic.
The guru’s renewed bullish outlook is still in stark contrast to his fund’s performance, however, having posted losses amid the broader selloff. Bloomberg reported that a person familiar with the matter said the
Why I’m selling Fox
At the time of writing, I’m an investor in Fox (FOX) - but I think that is likely to change.
Before explaining why I’m likely to part ways with this investment, let me provide a bit of background. I first invested in 21st Century Fox in 2016. In late 2017, CNBC reported that The Walt Disney Company (DIS) was interested in acquiring a majority of the company's assets. Over the next year, Fox shareholders became the beneficiaries of a back and forth bidding war between Comcast (CMCSA) and Disney. When Disney ultimately emerged as the
Auxier Asset Management leader Jeff Auxier (Trades, Portfolio) released his fourth-quarter 2019 portfolio last week, listing six new holdings.
The guru’s Oregon-based firm seeks to invest in “compelling, undervalued” companies that have, among other attributes, strong or improving fundamentals, consistent operating results, a significant competitive advantage, understandable products and a demonstrated ability to earn a high return on capital.
With these criteria in mind, Auxier established positions in 58.com Inc. (WUBA), Fox Corp. (FOXA), Illinois Tool Works Inc. (ITW), Value Line Inc. (VALU) and Aon PLC (AON) during the quarter.
He also gained a 12,545-share holding in
Fox Corp. (FOX)(FOXA), which was formed in March 2019 following The Walt Disney Co.’s (DIS) acquisition of the majority of the assets owned by 21st Century Fox, recently reported results for the second quarter of fiscal 2020. For the quarter, revenue increased 5% to $3.8 billion. The gains in the period were largely driven by a 7% increase in affiliate fees, along with a 1% increase in advertising revenue despite tough comparisons in the year-ago period.
As shown below, the pace of affiliate fee growth accelerated sequentially from the 4% growth rate reported in the first quarter (in addition, as
T Rowe Price Equity Income Fund (Trades, Portfolio), which was founded in 1937, bought shares of the following stocks in both the third and fourth quarters of fiscal 2019.
Equitable Holdings
The guru increased the Equitable Holdings Inc. (EQH) position by 84.06% in the third quarter and then boosted it 82.31% in the fourth quarter. The stock has a weight of 0.57% in the portfolio.
The company, which operates in the insurance industry, has a market cap of $12.76 billion and a revenue of $13.05 billion.
Texas-based investment firm Yacktman Asset Management (Trades, Portfolio) bought shares of the following stocks in both the third and fourth quarters of fiscal 2019.
Berkshire Hathaway
The guru increased the Berkshire Hathaway Inc. (BRK.A)(BRK.B) position by 2.71% in the third quarter and then raised it 4.49% in the fourth quarter. The stock has a weight of 0.38% in the portfolio.
Warren Buffett's famous conglomerate has a market cap of $550.19 billion. Its revenue of $258.750 million has grown 5.20% over the last five years.
Yacktman Asset Management (Trades, Portfolio) disclosed this week that its top four buys in fourth-quarter 2019 were News Corp. (NWSA), Fox Corp. (FOX)(FOXA), Macy’s Inc. (M) and Berkshire Hathaway Inc. (BRK.A)(BRK.B).
According to its website, the Austin-based firm seeks long-term capital appreciation by employing an “objective, patient and diligent investing approach.” Chief Investment Officer Stephen Yacktman identifies growth companies that have the following attributes: good business with high returns on tangible assets, shareholder-oriented management and a low purchase price.
As of quarter-end, Yacktman’s $7.91 billion equity portfolio contains 48 stocks, with
CNBC got hold of a letter by billionaire hedge fund manager Seth Klarman (Trades, Portfolio). His letter to investors is typically extremely hard to get, but this is the second year in a row that I’ve seen it surface while Davos was going on.
In the letter, Klarman apparently defended value investing and attacked passive investing, which he believes is creating distortions. He’s certainly not alone in that belief. Murray Stahl (Trades, Portfolio) and Steven Bregman of Horizon Kinetics have been arguing
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