NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

News Corp continues $1 billion share buyback program

Published 27/06/2024, 13:18
NWS
-
NWSA
-

News Corp (NASDAQ:NWSA) has reaffirmed its commitment to its $1 billion share repurchase program, according to a recent SEC filing. The company, known for its presence in the newspaper industry, is authorized to buy back outstanding shares of its Class A and Class B common stock. This buyback initiative is part of the company's strategy to enhance shareholder value.

The filing, dated Wednesday, June 26, 2024, states that News Corp must report daily to the Australian Securities Exchange (ASX) any transactions made under this repurchase program. The company also provides quarterly and annual reports detailing the progress of the buyback.

The news is based on a press release statement and reflects the ongoing financial strategy of News Corp as detailed in its latest SEC filing.

In other recent news, News Corporation has also reported a significant 53% increase in free cash flow to $491 million in the third quarter of fiscal year 2024, despite a slight dip in total revenues and earnings per share. This positive trend is attributed to the growth in digital subscriptions and cost savings, with digital revenues now constituting over half of the company's total revenue.

As part of its strategic focus, News Corporation has announced plans for digital expansion, including The Times of London's venture into the US market. These are among the recent developments in the company's business and financial performance.

InvestingPro Insights

As News Corp continues its $1 billion share repurchase program, current InvestingPro data provides a snapshot of the company's financial health and market performance. With a market capitalization of $16.03 billion and a price-to-earnings (P/E) ratio of 78.87, which adjusts to 49.16 on a last twelve months basis as of Q3 2024, investors can gauge the company's valuation in the current market context. Additionally, News Corp's revenue for the last twelve months as of Q3 2024 stands at $9.94 billion, with a gross profit of $4.93 billion, indicating a solid gross profit margin of 49.55%. Despite a slight decline in revenue growth during the same period, the company's EBITDA growth of 9.5% suggests operational efficiency.

InvestingPro Tips highlight that News Corp's stock is trading close to its 52-week high at 99.54% of the peak value, reflecting a positive trend in investor sentiment. With a year-to-date price total return of 13.95% and a one-year price total return of 46.17%, the stock has shown strong performance, which may be of interest to investors looking for momentum in their portfolio. For those considering an investment in News Corp, the InvestingPro platform offers additional tips, with the current count of tips available for investors who are looking to dig deeper into their analysis.

Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription on InvestingPro, where more detailed insights and tips are available to help investors make informed decisions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.