News Corporation $NWS Shares Sold by Burgundy Asset Management Ltd.

Burgundy Asset Management Ltd. reduced its stake in News Corporation (NASDAQ:NWS) by 1.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,929,507 shares of the company’s stock after selling 20,716 shares during the period. Burgundy Asset Management Ltd. owned 0.34% of News worth $66,201,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the stock. Independent Franchise Partners LLP lifted its holdings in shares of News by 0.8% in the first quarter. Independent Franchise Partners LLP now owns 9,728,572 shares of the company’s stock valued at $295,457,000 after buying an additional 78,855 shares during the period. Vanguard Group Inc. lifted its holdings in News by 5.3% in the 1st quarter. Vanguard Group Inc. now owns 6,879,273 shares of the company’s stock valued at $208,924,000 after acquiring an additional 344,036 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of News by 2.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 846,279 shares of the company’s stock valued at $29,036,000 after purchasing an additional 21,638 shares in the last quarter. Metropolis Capital Ltd grew its stake in shares of News by 12.3% in the 2nd quarter. Metropolis Capital Ltd now owns 684,729 shares of the company’s stock worth $23,493,000 after purchasing an additional 75,163 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of News in the 2nd quarter worth approximately $14,705,000. Institutional investors and hedge funds own 14.63% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on NWS shares. Zacks Research raised News from a “strong sell” rating to a “hold” rating in a research note on Monday, October 6th. Weiss Ratings reiterated a “buy (b)” rating on shares of News in a research report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy”.

News Stock Up 1.6%

NWS opened at $29.59 on Friday. The company has a market capitalization of $16.62 billion, a PE ratio of 14.29 and a beta of 0.94. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.76 and a quick ratio of 1.63. News Corporation has a fifty-two week low of $26.25 and a fifty-two week high of $35.58. The business has a 50-day moving average of $30.04 and a 200-day moving average of $32.21.

News (NASDAQ:NWS) last released its quarterly earnings data on Thursday, November 6th. The company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.06. The business had revenue of $2.13 billion during the quarter, compared to analyst estimates of $2.11 billion. News had a net margin of 13.80% and a return on equity of 5.68%. Equities research analysts forecast that News Corporation will post 1.03 EPS for the current fiscal year.

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