abrdn plc Sells 3,292 Shares of News Co. (NASDAQ:NWSA)

abrdn plc lessened its stake in shares of News Co. (NASDAQ:NWSA) by 1.7% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 190,877 shares of the company’s stock after selling 3,292 shares during the period. abrdn plc’s holdings in News were worth $5,021,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. International Assets Investment Management LLC bought a new position in shares of News during the 2nd quarter valued at approximately $26,000. Acadian Asset Management LLC lifted its holdings in News by 95.1% during the second quarter. Acadian Asset Management LLC now owns 1,038 shares of the company’s stock valued at $28,000 after purchasing an additional 506 shares in the last quarter. Fidelis Capital Partners LLC bought a new position in shares of News in the first quarter worth approximately $34,000. Covestor Ltd increased its stake in shares of News by 125.8% in the first quarter. Covestor Ltd now owns 1,727 shares of the company’s stock worth $45,000 after purchasing an additional 962 shares in the last quarter. Finally, Innealta Capital LLC bought a new stake in shares of News during the 2nd quarter valued at $46,000. Hedge funds and other institutional investors own 66.97% of the company’s stock.

News Price Performance

Shares of NWSA stock opened at $27.32 on Monday. The stock has a 50 day moving average price of $26.60 and a 200 day moving average price of $26.62. The firm has a market capitalization of $15.53 billion, a P/E ratio of 59.39 and a beta of 1.34. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.33 and a current ratio of 1.43. News Co. has a 52-week low of $20.35 and a 52-week high of $28.62.

News (NASDAQ:NWSA) last released its quarterly earnings data on Thursday, August 8th. The company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.01. News had a net margin of 2.64% and a return on equity of 4.51%. The company had revenue of $2.58 billion during the quarter, compared to analysts’ expectations of $2.49 billion. During the same period in the previous year, the company earned $0.14 EPS. The firm’s quarterly revenue was up 5.9% on a year-over-year basis. As a group, sell-side analysts predict that News Co. will post 0.85 earnings per share for the current year.

News Announces Dividend

The company also recently declared a Semi-Annual dividend, which was paid on Wednesday, October 9th. Stockholders of record on Wednesday, September 11th were paid a dividend of $0.10 per share. The ex-dividend date was Wednesday, September 11th. This represents a dividend yield of 0.7%. News’s dividend payout ratio is currently 43.48%.

Wall Street Analysts Forecast Growth

NWSA has been the subject of a number of analyst reports. Loop Capital increased their price target on News from $38.00 to $39.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. JPMorgan Chase & Co. upped their target price on shares of News from $34.00 to $37.00 and gave the stock an “overweight” rating in a research report on Thursday, August 15th. Four investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $38.00.

News Profile

News Corporation, a media and information services company, creates and distributes authoritative and engaging content, and other products and services for consumers and businesses worldwide. It operates through six segments: Digital Real Estate Services, Subscription Video Services, Dow Jones, Book Publishing, News Media, and Other.