Corebridge Financial Inc. Sells 4,220 Shares of News Co. (NASDAQ:NWSA)

Corebridge Financial Inc. reduced its stake in shares of News Co. (NASDAQ:NWSA) by 4.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 89,730 shares of the company’s stock after selling 4,220 shares during the quarter. Corebridge Financial Inc.’s holdings in News were worth $2,471,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of NWSA. Vanguard Group Inc. increased its stake in News by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 50,952,317 shares of the company’s stock worth $1,403,227,000 after purchasing an additional 632,721 shares during the period. Stevens Capital Management LP bought a new stake in News during the 4th quarter valued at $411,000. LPL Financial LLC boosted its position in News by 8.2% during the 4th quarter. LPL Financial LLC now owns 59,321 shares of the company’s stock valued at $1,634,000 after buying an additional 4,493 shares during the period. KLP Kapitalforvaltning AS bought a new stake in News in the 4th quarter worth $6,177,000. Finally, American Century Companies Inc. raised its stake in shares of News by 59.5% during the fourth quarter. American Century Companies Inc. now owns 172,682 shares of the company’s stock valued at $4,756,000 after acquiring an additional 64,438 shares during the last quarter. Hedge funds and other institutional investors own 66.97% of the company’s stock.

News Price Performance

Shares of NASDAQ NWSA opened at $27.00 on Wednesday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.65 and a current ratio of 1.73. The company has a 50 day simple moving average of $28.12 and a two-hundred day simple moving average of $27.81. News Co. has a fifty-two week low of $22.65 and a fifty-two week high of $30.69. The company has a market capitalization of $15.32 billion, a price-to-earnings ratio of 36.99 and a beta of 1.34.

News (NASDAQ:NWSA) last released its earnings results on Wednesday, February 5th. The company reported $0.33 EPS for the quarter, topping the consensus estimate of $0.29 by $0.04. News had a return on equity of 5.31% and a net margin of 4.22%. Analysts expect that News Co. will post 0.94 EPS for the current fiscal year.

News Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 9th. Shareholders of record on Wednesday, March 12th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Wednesday, March 12th. This represents a $0.40 annualized dividend and a yield of 1.48%. News’s dividend payout ratio (DPR) is presently 27.40%.

Analysts Set New Price Targets

Several analysts recently issued reports on NWSA shares. Citigroup started coverage on News in a research note on Friday, January 10th. They issued a “buy” rating and a $36.00 target price on the stock. UBS Group upgraded News from a “neutral” rating to a “buy” rating in a report on Tuesday, February 4th. StockNews.com upgraded shares of News from a “hold” rating to a “buy” rating in a report on Monday, February 10th. Guggenheim upped their price objective on shares of News from $40.00 to $43.00 and gave the stock a “buy” rating in a report on Wednesday, January 22nd. Finally, Seaport Res Ptn raised shares of News to a “strong-buy” rating in a research note on Friday, January 31st. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $39.25.

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.