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In a recent filing with the Securities and Exchange Commission, News Corporation (NASDAQ:NWSA) (NASDAQ:NWS) announced the ongoing execution of its stock repurchase program. The company, known for its global media and information services and currently valued at $15.94 billion, is actively buying back shares under a previously authorized plan to repurchase up to $1 billion of its Class A and Class B common stock. According to InvestingPro analysis, the stock is currently trading near its Fair Value.
The buyback initiative, part of News Corp’s capital allocation strategy, has been detailed in the company’s quarterly and annual reports and is also disclosed daily to the Australian Securities Exchange (ASX), as required by its rules. The latest SEC filing, dated Monday, provides copies of these disclosures to the ASX. With $663 million in levered free cash flow and an EBITDA of $1.35 billion, the company appears well-positioned to execute its buyback program.
The repurchase program reflects News Corp’s commitment to enhancing shareholder value and its confidence in the long-term growth prospects of the company. With annual revenue of $10.25 billion and a "FAIR" Financial Health Score from InvestingPro, News Corp’s management believes that the buyback is a prudent use of its financial resources, given the current market conditions and the stock’s performance. Analysts maintain a bullish outlook, with price targets ranging from $26.50 to $44.00 per share.
The filing contained forward-looking statements regarding the intent to continue repurchasing shares, which are subject to various factors including market prices, general market conditions, changes in applicable securities laws, and other investment opportunities. These statements are based on management’s current expectations and could change due to numerous risks and uncertainties. For deeper insights into News Corp’s financial health and growth prospects, investors can access comprehensive analysis and over 30 key metrics through InvestingPro’s detailed research reports.
Investors are reminded that forward-looking statements are valid only as of the date of the report and that the company does not undertake any obligation to update these statements publicly except as required by law.
The SEC filing by News Corp underscores the company’s focus on disciplined capital management and its strategy to deploy capital to areas that can generate the best returns for shareholders. The information in this article is based on a press release statement.
In other recent news, News Corporation has continued its $1 billion stock repurchase program, which involves the acquisition of Class A and Class B common stock. This ongoing initiative is part of the company’s strategy to return value to its shareholders, as detailed in its recent filings with the U.S. Securities and Exchange Commission (SEC). The program’s transactions are reported daily to the Australian Securities Exchange (ASX) and are also included in the company’s quarterly and annual reports. The repurchase plan allows News Corp to buy back shares based on market conditions, stock prices, and other investment opportunities. The company has emphasized that these forward-looking statements are subject to change due to various factors, including market dynamics and regulatory considerations. News Corp’s management has highlighted that the repurchase is discretionary and reflects confidence in its financial strength. This strategy is part of a broader trend among corporations to use excess capital for stock buybacks, potentially increasing earnings per share. Investors can find further details about the program in the exhibits attached to the SEC filing.
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