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News Corp (NASDAQ:NWSA) (NASDAQ:NWSA, NASDAQ:NWS), the $16.7 billion media conglomerate whose stock has gained nearly 8% year-to-date, reported in a filing Wednesday that it remains authorized to repurchase up to $1 billion of its outstanding Class A and Class B common stock under its existing stock repurchase programs. The company stated it is required to provide daily disclosure of repurchase activity to the Australian Securities Exchange (ASX) and also includes updates in its quarterly and annual reports. According to InvestingPro data, News Corp maintains a strong financial health score, reflecting its solid market position and operational efficiency.
The filing did not specify any new transactions or changes to the repurchase authorization. News Corp reiterated that its intent to repurchase shares may be affected by factors such as market price, general market conditions, applicable securities laws, and other investment opportunities. Trading near its 52-week high of $30.75, InvestingPro analysis suggests the stock is currently fairly valued, with additional insights available in the comprehensive Pro Research Report, part of the coverage of 1,400+ US equities.
The information was disclosed in a press release statement attached to the SEC filing.
In other recent news, News Corp announced that it continues to be authorized to repurchase up to $1 billion of its Class A and Class B common stock under its existing stock repurchase programs. The company provides daily disclosures of these transactions to the Australian Securities Exchange and includes updates in its quarterly and annual reports. This information was disclosed in a filing with the U.S. Securities and Exchange Commission, highlighting that the repurchase activity is subject to market conditions and other relevant factors.
Additionally, Macquarie has downgraded News Corp’s stock rating from Outperform to Neutral, citing a fair valuation as the primary reason. The research firm noted that the company’s business is trading at its highest valuation since early 2018, excluding the COVID period. This decision by Macquarie reflects their assessment of the company’s current market standing. These developments provide investors with important insights into News Corp’s financial strategies and market evaluations.
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