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News Corp (NASDAQ:NWSA) reported Monday 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 that it is required to provide daily disclosure of any transactions conducted under these programs to the Australian Securities Exchange (ASX), in addition to periodic disclosures in its quarterly and annual reports. With a current market capitalization of $15.59 billion and a strong financial health score rated as "GOOD" by InvestingPro, News Corp appears slightly undervalued according to Fair Value estimates.
The filing did not specify any new repurchase transactions or changes to the terms of the program. News Corp reiterated that its repurchase activities are subject to market conditions, the price of its stock, and applicable securities laws. The company also noted that forward-looking statements regarding the repurchase programs are based on current expectations and are subject to risks and uncertainties.
The information is based on a press release statement included in a Form 8-K filing with the Securities and Exchange Commission. Investors should note that News Corp has $727 million in levered free cash flow and a Piotroski Score of 8, indicating strong financial position. The company is scheduled to report earnings in 3 days on November 6. For comprehensive analysis including ProTips and a detailed Research Report on News Corp, visit InvestingPro, which offers insights on over 1,400 US equities.
In other recent news, News Corp has reiterated its authorization to repurchase up to $1 billion of its outstanding Class A and Class B common stock under its current stock repurchase programs. The company disclosed that it provides daily updates of these repurchase transactions to the Australian Securities Exchange, complying with ASX rules. Furthermore, News Corp includes details of its repurchase activities in its quarterly and annual reports. The company also filed a statement with the Securities and Exchange Commission, attaching copies of information provided to the Australian Securities Exchange as exhibits. News Corp emphasized that any forward-looking statements about its intent to repurchase shares are based on current management expectations and are subject to changes in market conditions and applicable laws. These updates reflect the company’s ongoing commitment to its stock repurchase strategy.
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