Burgundy Asset Management Ltd. Sells 91,218 Shares of News Co. (NASDAQ:NWSA)

Burgundy Asset Management Ltd. decreased its position in News Co. (NASDAQ:NWSA) by 1.3% in the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,974,649 shares of the company’s stock after selling 91,218 shares during the period. News accounts for about 2.0% of Burgundy Asset Management Ltd.’s investment portfolio, making the stock its 14th biggest position. Burgundy Asset Management Ltd. owned approximately 1.22% of News worth $192,291,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of NWSA. Norges Bank purchased a new stake in shares of News in the 4th quarter worth $139,956,000. Junto Capital Management LP bought a new position in News during the 4th quarter worth about $43,928,000. Contour Asset Management LLC increased its position in News by 97.8% during the 4th quarter. Contour Asset Management LLC now owns 3,442,650 shares of the company’s stock valued at $84,517,000 after purchasing an additional 1,702,483 shares during the period. Balyasny Asset Management L.P. raised its holdings in shares of News by 249.7% in the 4th quarter. Balyasny Asset Management L.P. now owns 2,206,990 shares of the company’s stock valued at $54,182,000 after purchasing an additional 1,575,803 shares in the last quarter. Finally, Ossiam lifted its position in shares of News by 90.5% in the 4th quarter. Ossiam now owns 1,375,447 shares of the company’s stock worth $33,767,000 after purchasing an additional 653,474 shares during the period. Institutional investors own 66.97% of the company’s stock.

Analyst Upgrades and Downgrades

NWSA has been the topic of several research reports. JPMorgan Chase & Co. lifted their price objective on shares of News from $34.00 to $37.00 and gave the company an “overweight” rating in a report on Thursday, August 15th. Loop Capital lifted their price target on News from $38.00 to $39.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. Four equities research analysts have rated the stock with a buy rating, According to MarketBeat, News has a consensus rating of “Buy” and a consensus price target of $38.00.

News Trading Up 0.4 %

NASDAQ:NWSA opened at $26.45 on Thursday. The firm has a 50 day moving average of $27.26 and a 200 day moving average of $26.47. The company has a quick ratio of 1.33, a current ratio of 1.43 and a debt-to-equity ratio of 0.32. News Co. has a 52 week low of $19.25 and a 52 week high of $28.62. The stock has a market capitalization of $15.07 billion, a price-to-earnings ratio of 73.47 and a beta of 1.34.

News (NASDAQ:NWSA) last issued its quarterly earnings data on Thursday, August 8th. The company reported $0.17 EPS for the quarter, beating the consensus estimate of $0.16 by $0.01. News had a return on equity of 4.51% and a net margin of 2.64%. The firm had revenue of $2.58 billion during the quarter, compared to analyst estimates of $2.49 billion. During the same quarter in the prior year, the business posted $0.14 EPS. The business’s revenue for the quarter was up 5.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that News Co. will post 0.87 earnings per share for the current fiscal year.

News Announces Dividend

The firm also recently declared a Semi-Annual dividend, which will be paid on Wednesday, October 9th. Stockholders of record on Wednesday, September 11th will be paid a dividend of $0.10 per share. The ex-dividend date is Wednesday, September 11th. This represents a dividend yield of 0.7%. News’s payout ratio is 55.56%.

About News

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 in six segments: Digital Real Estate Services, Subscription Video Services, Dow Jones, Book Publishing, News Media, and Other.