News Corp. (NASDAQ:NWS) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Saturday.
According to Zacks, “News Corp. provides media and information services. It is focused on creating and distributing authoritative and engaging content to consumers. The company’s business comprises of media, which includes news and information services, sports programming primarily in Australia, digital real estate services, book publishing, digital education and pay-TV distribution primarily in Australia. It operates primarily in the United States, Australia and the United Kingdom. News Corp. is headquartered in New York. “
Several other analysts have also commented on the stock. TheStreet lowered shares of News Corp. from a “buy” rating to a “hold” rating in a research note on Thursday, October 27th. Bank of America Corp. lowered shares of News Corp. from a “neutral” rating to an “underperform” rating in a research note on Thursday, October 27th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. News Corp. presently has a consensus rating of “Hold” and a consensus price target of $18.00.
News Corp. (NASDAQ:NWS) opened at 12.10 on Friday. The company’s 50 day moving average price is $12.87 and its 200-day moving average price is $13.05. The stock’s market cap is $7.03 billion. News Corp. has a 12-month low of $10.73 and a 12-month high of $15.22.
In related news, CFO Bedi Ajay Singh sold 29,857 shares of the company’s stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $14.39, for a total value of $429,642.23. Following the completion of the sale, the chief financial officer now owns 33,667 shares in the company, valued at approximately $484,468.13. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 39.40% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Hartford Investment Management Co. raised its position in News Corp. by 5.5% in the second quarter. Hartford Investment Management Co. now owns 23,921 shares of the company’s stock valued at $279,000 after buying an additional 1,241 shares in the last quarter. UBS Group AG raised its position in News Corp. by 654.9% in the first quarter. UBS Group AG now owns 49,090 shares of the company’s stock valued at $650,000 after buying an additional 42,587 shares in the last quarter. Emerald Acquisition Ltd. bought a new position in News Corp. during the second quarter valued at $4,596,000. Algert Global LLC bought a new position in News Corp. during the third quarter valued at $1,050,000. Finally, California Public Employees Retirement System raised its position in News Corp. by 0.9% in the second quarter. California Public Employees Retirement System now owns 278,600 shares of the company’s stock valued at $3,251,000 after buying an additional 2,600 shares in the last quarter. Hedge funds and other institutional investors own 9.63% of the company’s stock.
About News Corp.
News Corporation is a diversified media and information services company. The Company operates in five segments: News and Information Services, Cable Network Programming, Digital Real Estate Services, Book Publishing, and Other. The Company’s business consists of range of media, including news and information services, sports programming in Australia, digital real estate services, book publishing, and pay-television (TV) distribution in Australia, that are distributed under the brands, including The Wall Street Journal, Dow Jones, Herald Sun, The Sun, The Times, HarperCollins Publishers, FOX SPORTS Australia and realestate.com.au.