59 North Capital Management LP Grows Position in News Corporation $NWSA

Key Points

• 59 North Capital Management LP increased its stake in News Corporation by 24.4%, acquiring an additional 2,185,542 shares, now holding 11,147,654 shares total.
• News Corporation announced a $0.10 dividend for stockholders of record on September 10th, with a dividend yield of 70.0% and a payout ratio of 9.62%.
• Several analysts have given News Corporation a consensus rating of "Buy", with a target price of $38.62, indicating expected growth in the company's stock value.

59 North Capital Management LP increased its stake in News Corporation (NASDAQ:NWSA - Free Report) by 24.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,147,654 shares of the company's stock after purchasing an additional 2,185,542 shares during the period. News makes up approximately 10.9% of 59 North Capital Management LP's portfolio, making the stock its 4th biggest holding. 59 North Capital Management LP owned approximately 1.96% of News worth $303,439,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of NWSA. Wealth Enhancement Advisory Services LLC raised its position in News by 103.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 23,344 shares of the company's stock worth $635,000 after purchasing an additional 11,898 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in News by 1.6% in the first quarter. Charles Schwab Investment Management Inc. now owns 4,492,665 shares of the company's stock valued at $122,290,000 after acquiring an additional 72,438 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of News by 1.3% during the first quarter. Bank of New York Mellon Corp now owns 3,081,305 shares of the company's stock valued at $83,873,000 after buying an additional 39,342 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of News by 11.3% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 42,621 shares of the company's stock worth $1,133,000 after acquiring an additional 4,332 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH raised its holdings in News by 133.1% in the first quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 208,218 shares of the company's stock worth $5,668,000 after purchasing an additional 118,908 shares in the last quarter. 66.97% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. JPMorgan Chase & Co. raised their price objective on shares of News from $38.00 to $40.00 and gave the company an "overweight" rating in a research note on Wednesday, August 20th. Guggenheim reiterated a "buy" rating and issued a $45.00 price objective on shares of News in a research note on Thursday, May 15th. Macquarie restated a "neutral" rating and issued a $32.70 price target on shares of News in a research report on Wednesday, August 6th. Finally, Wall Street Zen downgraded shares of News from a "buy" rating to a "hold" rating in a report on Friday, May 30th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, News has an average rating of "Buy" and an average price target of $38.62.

News Trading Up 0.5%

News stock traded up $0.14 during midday trading on Friday, reaching $29.44. The stock had a trading volume of 3,321,312 shares, compared to its average volume of 3,093,407. The company has a quick ratio of 1.72, a current ratio of 1.84 and a debt-to-equity ratio of 0.21. The firm has a market cap of $16.63 billion, a price-to-earnings ratio of 14.15 and a beta of 1.18. News Corporation has a 52-week low of $23.38 and a 52-week high of $30.75. The company has a fifty day moving average of $29.46 and a 200 day moving average of $28.14.

News (NASDAQ:NWSA - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $0.19 earnings per share for the quarter, meeting analysts' consensus estimates of $0.19. News had a net margin of 13.21% and a return on equity of 5.66%. The company had revenue of $2.11 billion during the quarter, compared to analyst estimates of $2.09 billion. During the same quarter last year, the business posted $0.17 EPS. The firm's revenue for the quarter was up .8% on a year-over-year basis. On average, analysts anticipate that News Corporation will post 0.94 earnings per share for the current fiscal year.

News Announces Dividend

The firm also recently declared a half year 25 dividend, which will be paid on Wednesday, October 8th. Stockholders of record on Wednesday, September 10th will be given a $0.10 dividend. This represents a dividend yield of 70.0%. The ex-dividend date of this dividend is Wednesday, September 10th. News's dividend payout ratio is presently 9.62%.

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.