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News Corp (NASDAQ:NWSA) (NASDAQ:NWSA, NASDAQ:NWS), the $17.5 billion media conglomerate trading at $29.53, reported Monday that it remains authorized to repurchase up to $1 billion of its Class A and Class B common stock under its existing stock repurchase programs. According to InvestingPro analysis, the company maintains a GOOD financial health score. The company stated that it provides daily disclosure of repurchase transactions to the Australian Securities Exchange (ASX) as required by local regulations, and also includes information about the repurchase programs in its quarterly and annual reports.
The announcement, made in a press release statement included in a U.S. Securities and Exchange Commission filing, reiterates the company’s ongoing authority to acquire its outstanding shares from time to time. News Corp did not disclose specific amounts or timing of any repurchases in this filing. Analysts maintain a bullish stance on the stock, with targets ranging from $26.50 to $45.00 per share.
The company noted that forward-looking statements regarding its intent to repurchase shares are subject to risks and uncertainties, including market price changes, general market conditions, applicable securities laws, and alternative investment opportunities.
News Corp’s Class A and Class B common stock are listed on The Nasdaq Global Select Market under the symbols NWSA and NWS, respectively. The information is based on a press release statement filed with the SEC on Monday.
In other recent news, News Corp has reported updates on its ongoing stock repurchase program. The company remains authorized to repurchase up to $1 billion in aggregate of its Class A and Class B common shares. This authorization is part of the company’s existing stock repurchase programs, as disclosed in a filing with the U.S. Securities and Exchange Commission. News Corp is required to provide daily transaction disclosures to the Australian Securities Exchange (ASX) as per ASX rules, and the company also includes this information in its quarterly and annual reports. The company attached exhibits to its SEC filing that include forward-looking statements about its intent to repurchase shares, which are based on current management expectations. These expectations may change due to factors such as market price fluctuations, general market conditions, and applicable securities laws. The board of News Corp continues to support the repurchase program, emphasizing its commitment to maintaining transparency with its investors.
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