Pinnacle Associates Ltd. Sells 3,344 Shares of News Corporation $NWS

Pinnacle Associates Ltd. cut its stake in shares of News Corporation (NASDAQ:NWS) by 3.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 108,140 shares of the company’s stock after selling 3,344 shares during the quarter. Pinnacle Associates Ltd.’s holdings in News were worth $3,710,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of NWS. SVB Wealth LLC bought a new position in News during the first quarter worth $27,000. NorthRock Partners LLC acquired a new position in News during the second quarter worth $27,000. First Horizon Advisors Inc. raised its holdings in News by 3,546.2% during the first quarter. First Horizon Advisors Inc. now owns 948 shares of the company’s stock worth $29,000 after buying an additional 922 shares during the last quarter. Resona Asset Management Co. Ltd. raised its holdings in News by 75.3% during the first quarter. Resona Asset Management Co. Ltd. now owns 964 shares of the company’s stock worth $29,000 after buying an additional 414 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd raised its holdings in News by 150.3% during the first quarter. Caitong International Asset Management Co. Ltd now owns 1,925 shares of the company’s stock worth $58,000 after buying an additional 1,156 shares during the last quarter. 14.63% of the stock is owned by institutional investors.

News Stock Performance

Shares of NWS stock opened at $30.47 on Friday. The firm has a 50-day moving average of $32.10 and a 200-day moving average of $32.62. The company has a market cap of $17.21 billion, a P/E ratio of 14.65 and a beta of 1.17. 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 one year low of $26.25 and a one year high of $35.58.

News (NASDAQ:NWS) last announced its earnings results on Tuesday, August 5th. The company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.18 by $0.01. The company had revenue of $2.11 billion during the quarter, compared to the consensus estimate of $2.09 billion. News had a net margin of 13.21% and a return on equity of 5.66%. Equities research analysts forecast that News Corporation will post 1.03 EPS for the current fiscal year.

News Dividend Announcement

The business also recently disclosed a semi-annual dividend, which was paid on Wednesday, October 8th. Investors of record on Wednesday, September 10th were issued a dividend of $0.10 per share. This represents a yield of 63.0%. The ex-dividend date was Wednesday, September 10th. News’s dividend payout ratio (DPR) is 9.62%.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Zacks Research upgraded shares of News from a “strong sell” rating to a “hold” rating in a report on Monday, October 6th. Weiss Ratings restated a “buy (b)” rating on shares of News in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy”.

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.