Burgundy Asset Management Ltd. Sells 181,035 Shares of News Corporation (NASDAQ:NWSA)

Key Points

• Burgundy Asset Management Ltd. sold 181,035 shares of News Corporation (NASDAQ:NWSA), reducing its ownership by 3.1%, but still holds approximately 5.6 million shares, making the stock 28th in its portfolio.
• News Corp reported a net margin of 13.21% for the last quarter, with earnings per share matching estimates at $0.19, and revenue increasing by 0.8% year-over-year.
• The company declared a half-year dividend of $0.10 per share to be paid on October 8th, indicating a dividend yield of 70% and a payout ratio of 9.62%.

Burgundy Asset Management Ltd. lowered its position in shares of News Corporation (NASDAQ:NWSA - Free Report) by 3.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,619,167 shares of the company's stock after selling 181,035 shares during the quarter. News comprises 1.6% of Burgundy Asset Management Ltd.'s investment portfolio, making the stock its 28th biggest holding. Burgundy Asset Management Ltd. owned about 0.99% of News worth $152,954,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of NWSA. Optiver Holding B.V. bought a new stake in News during the fourth quarter valued at $31,000. Sentry Investment Management LLC bought a new position in shares of News during the 1st quarter worth about $36,000. Caitong International Asset Management Co. Ltd boosted its position in shares of News by 12,084.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 1,584 shares of the company's stock worth $43,000 after purchasing an additional 1,571 shares in the last quarter. CX Institutional bought a new position in shares of News during the 1st quarter worth about $76,000. Finally, Versant Capital Management Inc boosted its position in shares of News by 714.9% during the 1st quarter. Versant Capital Management Inc now owns 4,433 shares of the company's stock worth $121,000 after purchasing an additional 3,889 shares in the last quarter. Institutional investors own 66.97% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Guggenheim reissued a "buy" rating and set a $45.00 price objective on shares of News in a research report on Thursday, May 15th. Macquarie reaffirmed 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 cut shares of News from a "buy" rating to a "hold" rating in a research report on Friday, May 30th. Two research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, News currently has a consensus rating of "Moderate Buy" and a consensus price target of $38.34.

News Trading Down 1.1%

NASDAQ:NWSA opened at $29.47 on Friday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.72 and a current ratio of 1.84. The firm has a market cap of $16.68 billion, a price-to-earnings ratio of 14.17 and a beta of 1.23. News Corporation has a 52 week low of $23.38 and a 52 week high of $30.75. The firm has a 50-day moving average price of $29.10 and a two-hundred day moving average price of $28.10.

News (NASDAQ:NWSA - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $0.19 earnings per share (EPS) for the quarter, hitting the consensus estimate 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. News's quarterly revenue was up .8% compared to the same quarter last year. On average, equities analysts expect that News Corporation will post 0.94 earnings per share for the current fiscal year.

News Announces Dividend

The company 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 dividend of $0.10 per share. This represents a dividend yield of 70.0%. The ex-dividend date is Wednesday, September 10th. News's payout ratio is 9.62%.

News Company Profile

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.

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