Billionaire Paul Singer’s Long-Term Picks

#4 Twenty-First Century Fox Inc (NASDAQ:FOX)

– Shares Owned by Elliott Management (as of September 30): 3.7 Million

– Value of Holding (as of September 30): $100.2 Million

Twenty-First Century Fox Inc (NASDAQ:FOX) is the only stock in this list in which Elliott Management reduced its stake significantly (by 48%) during the third quarter. However, Elliott Management was not the only fund that lost conviction on the stock during that period. The number of funds covered by Insider Monkey that reported being long in the company declined by 10 to 32 during the third quarter and the aggregate value of their holdings in the company also came down by $1 billion. Shares of Twenty-First Century Fox Inc (NASDAQ:FOX) have been on a continuous downward path since the start of 2015 and technical analyst believe that it has now entered the oversold territory. The company currently trades at forward price to earnings multiple of 11.59, which is significantly lower than its peer group.

According to recent reports the company is currently engaged in finding  buyers for its 39% stake in British broadcasting major SKY PLC. On January 6, the company announced that it has entered into a preliminary agreement to acquire a minority stake in augmented and virtual reality company ODG. On the same day analysts at Credit Suisse reiterated their ‘Outperform’ rating on the stock while upping their price target on it to $38 from $34.

On January 4, Pacific Crest analyst Andy Hargreaves published a report in which he named the firm’s top network stock picks for 2016, which included Twenty-First Century Fox. Mr. Hargreaves has a ‘Overweight’ rating on the stock and expects 2016 to be a good year for networks. Seth Klarman‘s Baupost Group initiated a stake in Twenty-First Century Fox Inc during the third quarter by purchasing over 6.5 million shares of the company.