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News Corporation, a global diversified media and information services company with a market capitalization of $16.25 billion, has provided an update on its ongoing stock repurchase program, according to a recent 8-K filing with the Securities and Exchange Commission. Under the program, which was previously announced, News Corp (NASDAQ:NWSA) is authorized to repurchase up to $1 billion of its outstanding Class A common stock and Class B common stock. According to InvestingPro data, the company maintains a strong financial health score of GOOD, suggesting solid fundamentals to support its buyback initiative.
The company is required to report any repurchase transactions daily to the Australian Securities Exchange (ASX), as well as disclose information about the program in its quarterly and annual reports. The disclosures to the ASX, attached as Exhibit 99.1 and Exhibit 99.2 to the 8-K filing, contain forward-looking statements regarding the company’s intent to repurchase shares from time to time. For investors seeking deeper insights, InvestingPro offers comprehensive analysis of News Corp’s financial metrics, including its robust current ratio of 1.68 and moderate debt-to-equity ratio of 0.36.
These forward-looking statements are based on current expectations and beliefs of management and are subject to change due to various factors. These factors include fluctuations in the market price of the company’s stock, general market conditions, and applicable securities laws. The company’s future results may differ from those currently anticipated due to these and other risks and uncertainties described in its filings with the SEC.
The 8-K filing also includes the company’s statement that it does not have any obligation to update the forward-looking statements unless required by law or regulation. News Corp’s Class A and Class B common stock are traded on the Nasdaq Global Select Market under the symbols NWSA and NWS, respectively. Currently trading at $27.42, the stock has attracted analyst attention with price targets ranging from $26.50 to $45.00. Get access to News Corp’s complete financial analysis and Fair Value assessment through InvestingPro’s detailed research reports, available for over 1,400 US stocks.
This update on News Corp’s stock repurchase program is based on the information provided in the company’s 8-K filing with the SEC.
In other recent news, News Corporation has announced the continuation of its stock repurchase program, as detailed in a series of SEC filings. The program allows the company to buy back up to $1 billion of its Class A and Class B common stock. In compliance with Australian Securities Exchange rules, News Corp is required to report daily on any share buybacks, with these updates also included in its quarterly and annual reports. The company’s filings emphasize that the buyback initiative is part of its ongoing capital management strategy aimed at enhancing shareholder value. The documents contain forward-looking statements based on current management expectations, which are subject to change due to market conditions and other factors. News Corp has clarified that it does not have any obligation to update these forward-looking statements unless required by law. This strategic move highlights News Corp’s confidence in its financial strength and its commitment to delivering value to its shareholders. Investors can access detailed information about the buyback transactions from the exhibits attached to the SEC filings.
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