Pinnacle Associates Ltd. Has $2.49 Million Stake in News Corporation (NASDAQ:NWSA)

Key Points

• Pinnacle Associates Ltd. reduced its holdings in News Corporation by 9.3% in Q1, now owning 91,467 shares worth approximately $2.49 million.
• The stock's recent performance shows a current price of $29.53, with a market cap of $16.72 billion and a PE ratio of 34.34.
• Analysts have mixed ratings on News Corporation, with an average rating of "Buy" and a consensus target price of $39.20.

Pinnacle Associates Ltd. trimmed its holdings in News Corporation (NASDAQ:NWSA - Free Report) by 9.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 91,467 shares of the company's stock after selling 9,429 shares during the period. Pinnacle Associates Ltd.'s holdings in News were worth $2,490,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Optiver Holding B.V. acquired a new stake in shares of News in the fourth quarter valued at approximately $31,000. Sentry Investment Management LLC acquired a new stake in News during the 1st quarter worth approximately $36,000. CX Institutional acquired a new stake in News during the 1st quarter worth approximately $76,000. Versant Capital Management Inc lifted its holdings in 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 during the last quarter. Finally, Central Pacific Bank Trust Division lifted its holdings in News by 53.3% during the 1st quarter. Central Pacific Bank Trust Division now owns 4,600 shares of the company's stock worth $125,000 after purchasing an additional 1,600 shares during the last quarter. 66.97% of the stock is owned by institutional investors and hedge funds.

News Price Performance

News stock opened at $29.53 on Friday. The stock's fifty day moving average price is $28.75 and its two-hundred day moving average price is $27.94. News Corporation has a one year low of $23.38 and a one year high of $30.75. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.68 and a quick ratio of 1.60. The firm has a market cap of $16.72 billion, a PE ratio of 34.34 and a beta of 1.23.

News (NASDAQ:NWSA - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.17 EPS for the quarter, missing analysts' consensus estimates of $0.19 by ($0.02). News had a return on equity of 5.64% and a net margin of 5.18%. The company had revenue of $2.01 billion for the quarter, compared to the consensus estimate of $2 billion. During the same quarter last year, the business earned $0.13 EPS. News's revenue was up .8% on a year-over-year basis. As a group, research analysts expect that News Corporation will post 0.94 EPS for the current fiscal year.

Analysts Set New Price Targets

NWSA has been the subject of several research reports. Guggenheim reissued a "buy" rating and set a $45.00 price target on shares of News in a report on Thursday, May 15th. Morgan Stanley dropped their price target on News from $38.00 to $37.00 and set an "overweight" rating for the company in a report on Friday, April 11th. Finally, Wall Street Zen cut News from a "buy" rating to a "hold" rating in a report on Friday, May 30th. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $39.20.

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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