T. Rowe Price Associates, Inc. recently announced the acquisition of new stake in News Corp (NASDAQ:NWS). The institutional investor has increased its shareholding in the Communication Services company by 2.50% to 5.13 million shares with purchase of 0.13 million shares. This fresh investment now brings its stake to 2.68% valued currently at $132.0 million. In addition, The Vanguard Group, Inc. raised its holdings by 72744.0 to 3.78 million shares. And Goldman Sachs & Co. LLC has lifted its position by 981.16% or 3.1 million shares – to 3.42 million shares.
With over 0.48 million News Corp (NWS) shares trading Friday and a closing price of $25.34 on the day, the dollar volume was approximately $12.07 million. The shares have shown a positive half year performance of 24.22% and its price on 01/12/24 lost nearly -0.12%. Currently, there are 192.01M common shares owned by the public and among those 103.93M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 1 analysts who have offered their price forecasts for NWS have a consensus price objective of $27.48. The analysts have set the share’s price value over the next 12 months at a high of $32.00 and a low of $23.00. The average price target is -153.4% below its recent price level and a downside to the estimated low will see the stock lose -10.17% over that period. But an upside of 20.81% will see the stock hit the forecast high price target while median target price for the stock is $27.89.
Insiders at the company have transacted a total of 0 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 0 of these insider trades were purchases, accounting for 0 shares. Insider sales of the common stock occurred on 0 occasions, with total insider shares sold totaling 0 shares.
The top 3 mutual fund holders in News Corp are SPDR Series – Communication Servi, Vanguard Total Stock Market ETF, and T Rowe Price Equity Income Fund. SPDR Series – Communication Servi owns 2.49 million shares of the company’s stock, all valued at over $63.92 million. The company sold 21318.0 shares recently to bring their total holdings to about 1.30% of the shares outstanding. Vanguard Total Stock Market ETF bought 18608.0 shares to see its total holdings expand to 1.58 million shares valued at over $40.63 million and representing 0.83% of the shares outstanding. T Rowe Price Equity Income Fund now owns shares totaling to 0.81% of the shares outstanding.
Shares of News Corp (NASDAQ: NWS) opened at $25.50, up $0.13 from a prior closing price of $25.37. The company’s stock has a 5-day price change of -0.94% and 17.21% over the past three months. NWS shares are trading -1.48% year to date (YTD), with the 12-month market performance up to 29.15% higher. It has a 12-month low price of $15.73 and touched a high of $26.00 over the same period. NWS has an average intraday trading volume of 1.13 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 0.84%, 7.60%, and 22.48% respectively.
Institutional ownership of News Corp (NASDAQ: NWS) shares accounts for 13.12% of the company’s 192.01M shares outstanding. Mutual fund holders own 23.36%, while other institutional holders and individual stakeholders account for 41.14% and 15.98% respectively.
It has a market capitalization of $14.51B and a beta (3y monthly) value of 1.36. The stock’s trailing 12-month PE ratio is 105.28, while the earnings-per-share (ttm) stands at $0.24. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.57% over the week and 1.83% over the month.
Earnings per share for the fiscal year are expected to increase by 39.43%, and 28.72% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 1 brokerage firm advisors rate News Corp (NWS) as a “Moderate Buy” at a consensus score of 2.75. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 0 of the 1 advise that investors “hold,” and 0 rated it as a “Sell.”
