Bank of New York Mellon Corp Sells 81,424 Shares of Liberty Media Corporation - Liberty Formula One Series C $FWONK

Key Points

• Bank of New York Mellon Corp reduced its position in Liberty Media Formula One Series C by 11% in the fourth quarter, selling 81,424 shares and leaving it with 659,431 shares worth about $64.96 million.
• Liberty Media Formula One Series C reported better-than-expected quarterly results, posting EPS of $0.03 versus estimates for a loss of $0.06 and revenue of $711 million versus expectations of $683.42 million.
• Analysts remain mixed but broadly positive on FWONK, with a consensus rating of Moderate Buy and an average price target of $111.75; meanwhile, director Chase Carey also sold 100,000 shares in a recent insider transaction.

Bank of New York Mellon Corp trimmed its stake in Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Free Report) by 11.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 659,431 shares of the company's stock after selling 81,424 shares during the period. Bank of New York Mellon Corp owned approximately 0.26% of Liberty Media Corporation - Liberty Formula One Series C worth $64,961,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Advisory Services Network LLC purchased a new stake in Liberty Media Corporation - Liberty Formula One Series C in the third quarter worth $34,000. Headlands Technologies LLC purchased a new stake in Liberty Media Corporation - Liberty Formula One Series C in the second quarter worth $38,000. Osterweis Capital Management Inc. purchased a new stake in Liberty Media Corporation - Liberty Formula One Series C in the second quarter worth $39,000. FNY Investment Advisers LLC purchased a new stake in Liberty Media Corporation - Liberty Formula One Series C in the third quarter worth $48,000. Finally, Aster Capital Management DIFC Ltd increased its stake in Liberty Media Corporation - Liberty Formula One Series C by 36.0% in the third quarter. Aster Capital Management DIFC Ltd now owns 548 shares of the company's stock worth $57,000 after purchasing an additional 145 shares during the period. 92.26% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on FWONK shares. Wall Street Zen upgraded Liberty Media Corporation - Liberty Formula One Series C from a "sell" rating to a "hold" rating in a research note on Saturday. Weiss Ratings upgraded Liberty Media Corporation - Liberty Formula One Series C from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, May 1st. Wells Fargo & Company increased their target price on Liberty Media Corporation - Liberty Formula One Series C from $89.00 to $97.00 and gave the stock an "equal weight" rating in a research note on Friday, May 8th. UBS Group decreased their target price on Liberty Media Corporation - Liberty Formula One Series C from $107.00 to $104.00 and set a "neutral" rating for the company in a research report on Wednesday, April 15th. Finally, JPMorgan Chase & Co. decreased their target price on Liberty Media Corporation - Liberty Formula One Series C from $115.00 to $111.00 and set an "overweight" rating for the company in a research report on Friday, May 29th. Five investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Liberty Media Corporation - Liberty Formula One Series C currently has a consensus rating of "Moderate Buy" and an average target price of $111.75.

Liberty Media Corporation - Liberty Formula One Series C Stock Up 1.3%

Shares of NASDAQ FWONK opened at $87.97 on Wednesday. The business has a fifty day simple moving average of $88.87 and a two-hundred day simple moving average of $89.66. The firm has a market cap of $19.71 billion, a PE ratio of 40.35 and a beta of 0.47. Liberty Media Corporation - Liberty Formula One Series C has a twelve month low of $80.15 and a twelve month high of $109.36.

Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.03 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.06) by $0.09. The company had revenue of $711.00 million during the quarter, compared to analysts' expectations of $683.42 million. On average, research analysts expect that Liberty Media Corporation - Liberty Formula One Series C will post 1.89 earnings per share for the current year.

Insider Activity at Liberty Media Corporation - Liberty Formula One Series C

In other news, Director Chase Carey sold 100,000 shares of the business's stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $90.28, for a total value of $9,028,000.00. Following the completion of the transaction, the director directly owned 94,356 shares of the company's stock, valued at approximately $8,518,459.68. The trade was a 51.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Liberty Media Corporation - Liberty Formula One Series C Company Profile

Liberty Media Corporation - Liberty Formula One Series C NASDAQ: FWONK is a tracking stock that represents Liberty Media's economic interest in the Formula One Group, the commercial operator of the FIA Formula One World Championship. Liberty Media is a diversified media and entertainment company that owns and manages a portfolio of media, communications and entertainment businesses. The Formula One Group conducts the commercial activities of one of the world's largest motor sports properties, packaging live races, media rights, sponsorships, licensing and related consumer products around a global sporting calendar.

The Formula One business comprises the sale and distribution of broadcast and digital media rights, race promotion and event management, sponsorship and brand partnerships, merchandising and licensing, and direct-to-consumer digital products and services.

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