News Corp advances stock repurchase program

News Corp (NASDAQ:NWSA) (market cap: $16.64 billion), the global media and information services company, has announced the progression of its stock repurchase initiative, as detailed in a recent SEC filing. The company, known for its presence in the publishing industry and its impressive 13% stock price gain over the past year, is continuing its buyback scheme, which authorizes the repurchase of up to $1 billion of its Class A and Class B common stock. According to InvestingPro, the company maintains a robust financial health score of "Good," supported by strong cash flows.

This announcement, made on Monday, comes as part of the company’s ongoing effort to return value to its shareholders, backed by $750 million in levered free cash flow. The repurchase program is subject to market conditions, applicable laws, and other investment opportunities that may arise. InvestingPro analysis indicates the stock is currently trading above its Fair Value, suggesting careful consideration of entry points.

In compliance with the Australian Securities Exchange (ASX) regulations, News Corp is providing daily updates on the buyback transactions. These updates will also be included in the company’s quarterly and annual reports to ensure full transparency for investors and regulators.

For deeper insights into News Corp’s financial health and growth prospects, explore the comprehensive Pro Research Report available on InvestingPro.

In other recent news, News Corp has reaffirmed its commitment to continue its $1 billion stock repurchase program. This strategy, part of the company’s ongoing efforts to enhance shareholder value, involves the buyback of its Class A and Class B common stock. The company’s repurchase activities are reported daily to the Australian Securities Exchange (ASX) in compliance with its rules.

News Corp recently sold its Australian media business, Foxtel, to sports streaming company DAZN in a $2.1 billion equity exchange deal. This move is seen as a strategic effort to enhance the company’s portfolio. Guggenheim analysts have increased the stock price target for News Corp shares to $43.00, up from the previous $40.00, while maintaining a Buy rating on the stock.

Citi and Loop Capital have both issued a Buy rating for News Corp, with Citi setting a price target of $36.00 and Loop Capital adjusting its price target to $41 from $44. The company’s recent financial performance indicated a 3% year-over-year increase in revenue to $2.58 billion and a 14% improvement in profitability to $415 million.

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