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NEW YORK – News Corporation (NASDAQ:NWSA) (NASDAQ:NWS), a global diversified media and information services company valued at $15.28 billion, has disclosed ongoing transactions under its $1 billion stock repurchase program, in a filing with the U.S. Securities and Exchange Commission today. The company’s shares currently trade at $26.94.
The company, which is also listed on the Australian Securities Exchange (ASX), is required to report its buyback activity to the ASX on a daily basis. The latest SEC filing included exhibits with details provided to the ASX, indicating that News Corp is actively purchasing its Class A and Class B common stock as part of the repurchase program.
The buyback initiative, which was previously announced, is part of News Corp’s strategy to manage its capital allocation and enhance shareholder value. With a strong financial health score of "Good" according to InvestingPro and substantial free cash flow of $663 million, the company appears well-positioned to execute its repurchase program. The initiative authorizes the company to acquire its outstanding shares from time to time, depending on market conditions and other factors.
The SEC filing contains forward-looking statements regarding the company’s intentions to continue buying back shares. However, actual results may vary due to market prices, general conditions, applicable laws, and investment opportunities. News Corp’s management emphasizes that these forward-looking statements are based on current expectations and beliefs, subject to change, and influenced by various risks and uncertainties.
Investors and market watchers are advised that the information provided in the SEC filing is based on the latest available data and does not include any speculative or forward-looking commentary beyond what is stated by the company. News Corp has not committed to updating any forward-looking statements publicly, except as required by law.
This report is based on a press release statement and should be considered informational rather than advisory in nature. News Corp’s share repurchase program remains a significant financial activity and is closely monitored by investors and analysts for its potential impact on the company’s capital structure and stock performance. Analyst consensus is notably bullish, with price targets ranging from $26.50 to $44.00. For deeper insights into News Corp’s financial health and growth prospects, including exclusive ProTips and comprehensive analysis, check out the detailed Pro Research Report available on InvestingPro.
In other recent news, News Corp has announced the continuation of its stock repurchase program, which authorizes the company to buy back up to $1 billion of its Class A and Class B shares. This development was disclosed in a recent SEC Form 8-K filing and is part of the company’s broader strategy to manage its capital effectively. The program allows News Corp to repurchase shares from time to time, depending on factors such as market price, market conditions, and applicable securities laws. The repurchase initiative is also detailed in the company’s quarterly and annual reports and is reported daily to the Australian Securities Exchange (ASX) as required by its rules. The SEC filing included forward-looking statements about the company’s intentions to continue the buyback, although these are subject to various risks and uncertainties. News Corp’s management believes that repurchasing shares is a prudent use of capital and aligns with its strategy to enhance shareholder value. The company has clarified that these forward-looking statements are valid only as of the date of the report, and it does not commit to updating them publicly except as required by law. Investors are advised to monitor the company’s regulatory filings for further details on the repurchase program’s progress.
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