In a recent 8K filing with the SEC, Fox Corporation (NASDAQ:FOXA) (NASDAQ:FOX) announced the results of its Annual Meeting of Stockholders held today. The meeting saw the election of several directors and the ratification of the company's independent auditor for the upcoming fiscal year.
The shareholders elected Lachlan K. Murdoch, Tony Abbott AC, William A. Burck, Chase Carey, Roland A. Hernandez, Margaret “Peggy” L. Johnson, and Paul D. Ryan as directors of the company. The votes for each director varied, with Murdoch receiving 181,675,897 votes in favor and Abbott receiving the highest number of favorable votes at 203,048,387.
Additionally, the selection of Ernst & Young LLP as the company's independent registered public accounting firm for the fiscal year ending June 30, 2025, was ratified with a significant majority. The proposal received 214,319,114 votes for, 60,386 against, and 28,058 abstentions.
The shareholders also approved, on an advisory and nonbinding basis, the compensation of named executive officers. This proposal garnered 195,653,229 votes in favor, 14,467,168 against, and 39,365 abstentions, alongside 4,247,796 broker non-votes.
In other recent news, FOX Corp has been experiencing significant financial developments. The media company reported an 11% increase in total revenues for the first quarter of the fiscal year 2025, hitting $3.56 billion. The EBITDA also rose by 21%, crossing the $1 billion mark, while the net income reached $827 million. These robust results were largely driven by high audience engagement across Fox News and sports programming.
In response to these strong financial results, Citi has raised its price target for FOX Corp from $47 to $50, maintaining a Buy rating on the stock. The new price target is based on approximately 10 times Citi's 2025 free cash flow per share estimate for FOX Corp. This decision indicates Citi's confidence in the media company's performance and future prospects.
FOX Corp's streaming service, Tubi, also reported a revenue growth of 19%, and is projected to exceed $1 billion for the fiscal year. Despite challenges such as a decline in NFL advertising revenue and increased sports rights fees, the company's executives have expressed optimism about improving subscriber trends and the political advertising landscape. These are recent developments that highlight the ongoing financial performance and market position of FOX Corp.
InvestingPro Insights
Fox Corporation's recent shareholder meeting results reflect strong investor confidence, which aligns with several positive financial indicators. According to InvestingPro data, Fox Corporation's stock has shown impressive performance, with a 51.82% total return over the past year and a substantial 55.35% year-to-date return. This upward trajectory is further supported by the stock trading near its 52-week high, at 96.11% of that peak.
The company's financial health appears robust, with a P/E ratio of 10.55, suggesting that the stock may be undervalued relative to its earnings. This is reinforced by an InvestingPro Tip indicating that Fox is trading at a low P/E ratio relative to its near-term earnings growth potential.
Additionally, Fox Corporation has demonstrated a commitment to shareholder value, as highlighted by another InvestingPro Tip noting that management has been aggressively buying back shares. This, coupled with the fact that the company has raised its dividend for four consecutive years, underscores a shareholder-friendly approach that aligns with the positive voting outcomes at the annual meeting.
For investors seeking more comprehensive analysis, InvestingPro offers 13 additional tips for Fox Corporation, providing deeper insights into the company's financial position and market performance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.