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News Corp (NASDAQ:NWSA, NASDAQ:NWS), the $16.67 billion media conglomerate with a "GOOD" financial health rating according to InvestingPro, 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. The stock, which has gained 7.63% year-to-date and trades near its 52-week high of $30.75, appears fairly valued based on InvestingPro’s Fair Value analysis. The company stated that it provides daily disclosures to the Australian Securities Exchange regarding transactions made under these programs, as required by ASX rules. Additional information about the repurchase activity is also included in News Corp’s quarterly and annual reports.
The announcement, included in a press release statement filed with the U.S. Securities and Exchange Commission, reiterated that the company’s intent to repurchase shares is subject to factors such as market price, general market conditions, securities laws, and alternative investment opportunities. News Corp emphasized that any forward-looking statements regarding the repurchase program are based on current expectations and are subject to change.
No specific details regarding recent repurchase transactions or changes to the program were disclosed in the filing.
In other recent news, News Corp has confirmed its ongoing authorization to repurchase up to $1 billion in aggregate of its outstanding Class A and Class B common stock. This update was disclosed in a filing with the U.S. Securities and Exchange Commission, which also noted that the company provides daily disclosures of these transactions to the Australian Securities Exchange as required. Additionally, News Corp includes updates on these repurchase programs in its quarterly and annual reports. In a separate development, Macquarie downgraded News Corp’s stock rating from Outperform to Neutral, citing fair valuation as the primary reason. The research firm set a price target of $32.70, noting that the company’s owned business is trading at its highest valuation level since early 2018, excluding the COVID period. These developments reflect ongoing strategic financial management and market evaluations concerning News Corp. (NASDAQ:NWSA)
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