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News Corporation (NASDAQ:NWSA, NWS), a $15.8 billion media conglomerate with a "GOOD" financial health rating according to InvestingPro, has provided new information to the Australian Securities Exchange (ASX) regarding its ongoing stock repurchase program, according to an SEC filing released Wednesday.
The company previously announced authorization to repurchase up to $1 billion in aggregate of its outstanding Class A common stock and Class B common stock. With annual revenue of $10.27 billion and a healthy free cash flow yield of 4%, the company appears well-positioned to execute this program. Under ASX rules, News Corp (NASDAQ:NWSA) is required to provide daily disclosure of any transactions made pursuant to this repurchase program.
The SEC filing includes two exhibits containing information provided to the ASX regarding recent repurchase activities. These exhibits detail specific transaction information that the company also reports in its quarterly and annual financial statements.
The repurchase program represents part of News Corp’s capital allocation strategy, though the company notes that actual repurchase activities are subject to various factors including market price fluctuations, general market conditions, applicable securities laws, and alternative investment opportunities.
In its filing, News Corp included standard cautionary language regarding forward-looking statements, noting that actual results may vary from current intentions to repurchase shares due to changing market conditions and other factors described in the company’s SEC filings.
The company stated it does not undertake any obligation to publicly update forward-looking statements to reflect subsequent events or circumstances, except as required by law or regulation.
News Corp’s Class A and Class B common stock are both listed on the Nasdaq Global Select Market under the ticker symbols NWSA and NWS, respectively. According to InvestingPro analysis, the stock currently appears slightly undervalued, with a strong Piotroski Score of 8 indicating robust financial strength. For detailed valuation metrics and 12+ additional ProTips, explore News Corp’s comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, News Corporation has announced the continuation of its stock repurchase program, authorizing the acquisition of up to $1 billion in Class A and Class B common stock. This information was disclosed in a recent SEC filing, which also requires the company to report repurchase transactions daily to the Australian Securities Exchange. The program’s progress will be included in News Corp’s quarterly and annual reports, ensuring transparency for shareholders. The filing notes that the repurchase plan is influenced by market conditions and applicable securities laws. News Corp’s management has emphasized that these forward-looking statements are based on current expectations but are subject to change. The company has stated it will not update these statements unless required by law. This move reflects News Corp’s strategy to manage its capital and enhance shareholder value. Investors can find detailed information about the buyback transactions in the exhibits attached to the SEC filing.
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