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News Corp (NASDAQ:NWSA) (NASDAQ:NWSA, NASDAQ:NWS), the $17.2 billion market cap media conglomerate, filed an update Monday regarding its ongoing stock repurchase programs. According to a statement in the SEC filing, the company remains authorized to acquire up to $1 billion in aggregate of its outstanding Class A and Class B common shares under its repurchase programs. The stock has delivered an 11.4% return over the past year.
The filing notes that, as required by the Australian Securities Exchange (ASX), News Corp provides daily disclosures of transactions related to these repurchase programs to the ASX. The company also includes information on the programs in its quarterly and annual reports. According to InvestingPro analysis, the stock appears slightly undervalued based on its proprietary Fair Value model, suggesting potential upside from current levels.
Copies of the information provided to the ASX were attached to the filing as exhibits. The company stated that forward-looking statements regarding its intent to repurchase shares are based on current management expectations and are subject to risks and uncertainties, including changes in stock price, market conditions, applicable securities laws, and alternative investment opportunities. InvestingPro data shows News Corp maintains a "Good" Financial Health Score, with detailed analysis available in the comprehensive Pro Research Report covering this and 1,400+ other top US stocks.
The update is based on a press release statement included in the SEC filing.
In other recent news, News Corp has reiterated its authorization to repurchase up to $1 billion of its Class A and Class B common stock under its ongoing stock repurchase programs. This information was disclosed in a filing with the U.S. Securities and Exchange Commission. The company is required to provide daily transaction disclosures related to these repurchase programs to the Australian Securities Exchange, as per regulatory requirements. News Corp also includes details about these repurchase activities in its quarterly and annual reports. The company has not specified the exact timing or amounts of any potential repurchases. However, it has attached exhibits to its SEC filing that contain information previously provided to the ASX, which includes forward-looking statements. These statements are based on current management expectations and could change due to factors such as market price, general market conditions, and applicable securities laws. News Corp’s management has emphasized that actual repurchase activities may vary depending on these factors.
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