News Corp continues share buyback, updates ASX

News Corp disclosed updates on its ongoing stock repurchase program in a recent SEC filing. The company, which is listed on the Nasdaq Global Select Market under the tickers (NASDAQ:NWSA) for Class A Common Stock and (NASDAQ:NWS) for Class B Common Stock, is authorized to buy back up to $1 billion of its outstanding shares of its $16.67 billion market cap. According to InvestingPro data, the stock has delivered a solid 14.55% return over the past year, with analysts maintaining a Strong Buy consensus.

The filing, made today, reports that News Corp is required to provide daily transaction disclosures to the Australian Securities Exchange (ASX) as part of its repurchase program. These transactions are also reported in the company’s quarterly and annual reports.

In the provided exhibits to the ASX, News Corp included forward-looking statements regarding its intention to repurchase shares from time to time. The company noted that these plans are subject to change based on various factors, including market conditions, stock prices, applicable laws, and alternative investment opportunities.

The information from News Corp comes with the usual caveats about forward-looking statements, emphasizing that actual results could differ materially due to market risks and uncertainties. The company stated it has no obligation to update these statements except as required by law.

The SEC filing serves as a routine disclosure by News Corp, keeping investors informed about its repurchase activities and compliance with market regulations. The company’s commitment to the buyback program reflects a common corporate strategy to return value to shareholders.

This news is based on a press release statement and the latest SEC filing by News Corp.

In other recent news, News Corp continues to progress its $1 billion stock repurchase program, buying back Class A and Class B common stock. This move is part of the company’s ongoing efforts to manage capital efficiently and potentially enhance shareholder value. The repurchase activities are reported daily to the Australian Securities Exchange, ensuring transparency.

News Corp has also recently sold its Australian media business, Foxtel, to sports streaming company DAZN, in a $2.1 billion equity exchange deal. This strategic move is aimed at enhancing the company’s portfolio. Financially, News Corp reported a 3% year-over-year increase in revenue to $2.58 billion and a 14% improvement in profitability to $415 million.

Analyst insights indicate Guggenheim analysts have increased the stock price target for News Corp shares to $43.00, maintaining a Buy rating on the stock. Additionally, both Citi and Loop Capital have 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.

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