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News Corp (NASDAQ:NWSA) (NASDAQ:NWSA, NASDAQ:NWS), currently valued at $17.49 billion with shares trading at $29.47, announced Monday that it remains authorized to repurchase up to $1 billion in aggregate of its outstanding Class A and Class B common stock under its existing stock repurchase programs. The company reiterated that it provides daily disclosure of repurchase transactions to the Australian Securities Exchange as required, and includes updates on the programs in its quarterly and annual reports.
The information was disclosed in a filing with the U.S. Securities and Exchange Commission, which included copies of recent disclosures made to the Australian Securities Exchange. The company stated that its management may, from time to time, repurchase shares subject to market conditions, the market price of its stock, and other relevant factors. According to InvestingPro data, News Corp maintains a healthy financial position with a strong Piotroski Score of 8 and a comfortable current ratio of 1.84, suggesting ample liquidity for such capital allocation decisions.
News Corp’s repurchase programs cover both Class A and Class B shares, which are traded on the Nasdaq Global Select Market under the symbols NWSA and NWS, respectively. The company did not provide specific figures on the number of shares repurchased or the timing of any future transactions in the current filing.
According to the statement, any forward-looking statements regarding the intent to repurchase shares are based on current management expectations and are subject to change due to various factors, including market conditions and applicable securities laws.
This report is based on a press release statement and the company’s filing with the SEC.
In other recent news, News Corp has been active with its stock repurchase programs, as highlighted in multiple filings with the U.S. Securities and Exchange Commission. The company remains authorized to buy back up to $1 billion of its Class A and Class B common shares. News Corp has committed to providing daily disclosures of these repurchase transactions to the Australian Securities Exchange, as required by local regulations. This information is also included in their quarterly and annual reports. Additionally, Macquarie has downgraded News Corp’s stock rating from Outperform to Neutral, setting a price target of $32.70. The firm cited fair valuation as the reason for the downgrade, noting that the company’s valuation is at its highest level since early 2018, excluding the COVID period. These developments provide investors with important insights into the company’s current financial strategies and market evaluations.
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