News Corporation $NWSA is Contour Asset Management LLC's 6th Largest Position

Key Points

• Contour Asset Management LLC reduced its stake in News Corporation (NASDAQ:NWSA) by 6.0%, now holding approximately 5.5% of its assets in the company, making it their 6th largest position.
• News Corporation recently reported quarterly earnings of $0.19 per share, which met analysts' expectations, and had revenue of $2.11 billion, slightly exceeding projections.
• The company declared a dividend of $0.10 per share, set to be paid on October 8th, representing a yield of 70.0%, with a payout ratio of 9.62%.

Contour Asset Management LLC lowered its position in shares of News Corporation (NASDAQ:NWSA - Free Report) by 6.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,057,179 shares of the company's stock after selling 325,523 shares during the period. News comprises approximately 5.5% of Contour Asset Management LLC's holdings, making the stock its 6th largest holding. Contour Asset Management LLC owned about 0.89% of News worth $137,656,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in NWSA. Sentry Investment Management LLC bought a new position in News during the 1st quarter worth about $36,000. Caitong International Asset Management Co. Ltd lifted its position in shares of News by 12,084.6% in 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 during the period. SVB Wealth LLC bought a new position in shares of News during the first quarter valued at approximately $73,000. CX Institutional purchased a new position in News during the first quarter valued at approximately $76,000. Finally, Versant Capital Management Inc raised its stake in News by 714.9% in the first quarter. Versant Capital Management Inc now owns 4,433 shares of the company's stock worth $121,000 after buying an additional 3,889 shares in the last quarter. 66.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

NWSA has been the topic of several recent research reports. Guggenheim reaffirmed a "buy" rating and set a $45.00 target price on shares of News in a research report on Thursday, May 15th. Macquarie reaffirmed a "neutral" rating and set a $32.70 price objective on shares of News in a research report on Wednesday, August 6th. JPMorgan Chase & Co. boosted their target price on shares of News from $38.00 to $40.00 and gave the stock an "overweight" rating in a report on Wednesday, August 20th. Finally, Wall Street Zen cut 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 assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, News presently has a consensus rating of "Buy" and a consensus price target of $38.62.

News Trading Down 0.2%

Shares of NASDAQ:NWSA opened at $29.41 on Monday. The business's 50-day moving average is $29.47 and its 200 day moving average is $28.16. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.84 and a quick ratio of 1.72. News Corporation has a 1 year low of $23.38 and a 1 year high of $30.75. The firm has a market capitalization of $16.62 billion, a P/E ratio of 14.14 and a beta of 1.18.

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

News Dividend Announcement

The business also recently declared a half year 25 dividend, which will be paid on Wednesday, October 8th. Shareholders of record on Wednesday, September 10th will be paid a dividend of $0.10 per share. The ex-dividend date is Wednesday, September 10th. This represents a yield of 70.0%. 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.

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