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NEW YORK – News Corporation, with a current market capitalization of $16.22 billion, has announced the continuation of its stock repurchase program, which authorizes the company to buy back up to $1 billion of its outstanding Class A and Class B shares. This update was disclosed in a recent 8-K filing with the Securities and Exchange Commission (SEC). According to InvestingPro data, the company maintains a healthy financial position with a GOOD overall health score.
The company, known for its presence in the publishing and printing industry, is required to report daily transactions related to the repurchase program to the Australian Securities Exchange (ASX), due to its rules. Details of these transactions are also included in News Corp’s quarterly and annual reports. The company has demonstrated solid performance with $10.25 billion in revenue over the last twelve months and maintains a strong liquidity position with a current ratio of 1.73.
The repurchase program aims to buy back shares from the market from time to time, depending on various factors such as the market price of News Corp’s stock, market conditions, applicable securities laws, and the availability of alternative investment opportunities. The program is part of the company’s broader strategy to manage its capital effectively. With $663 million in levered free cash flow and a moderate debt-to-equity ratio of 0.36, the company appears well-positioned to execute this buyback program. For detailed analysis and additional insights, check out the comprehensive Pro Research Report available on InvestingPro.
The information provided to the ASX, attached as exhibits to the SEC filing, contains forward-looking statements. These statements are based on current expectations and are subject to change due to a range of factors, including those that could cause actual results to differ materially from those anticipated.
News Corp’s filings with the SEC, where these risks and uncertainties are described, underline that the forward-looking statements are valid only as of the date of the report. The company does not commit to publicly updating any forward-looking statements to reflect events or circumstances that arise after the date of the report, except as required by law or regulation.
Investors and market watchers will be monitoring the effects of the repurchase program on the company’s stock performance on the Nasdaq Global Select Market, where News Corp’s Class A (NASDAQ:NWSA) and Class B (NASDAQ:NWS) shares are traded. Currently trading at $27.46, analysts have set price targets ranging from $26.50 to $44.00, suggesting potential upside. InvestingPro subscribers have access to over 30 additional financial metrics and expert insights to make more informed investment decisions.
This news is based on a press release statement and reflects the latest strategic financial move by News Corp within the regulatory framework of the SEC and ASX.
In other recent news, News Corp has reaffirmed its commitment to its stock repurchase program, which authorizes the company to buy back up to $1 billion of its Class A and Class B common stock. This initiative, disclosed in a recent SEC Form 8-K filing, is part of News Corp’s strategy to manage capital allocation and enhance shareholder value. The company provides daily updates to the Australian Securities Exchange (ASX) on its transactions, ensuring transparency and compliance with market regulations. News Corp’s filings with the SEC contain forward-looking statements about the intention to repurchase shares, which are subject to change based on market conditions, stock prices, and other investment opportunities. The management emphasizes that these statements are based on current expectations and could be influenced by numerous factors, including market risks and uncertainties. The ongoing execution of the buyback program is detailed in the company’s quarterly and annual reports. News Corp has made it clear that any forward-looking statements regarding the repurchase program are valid only as of the date of the report, with no obligation to update them publicly except as required by law. Investors and market observers are advised to review the company’s regulatory filings for detailed information on the progress of the repurchase program.
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