Contour Asset Management LLC Grows Position in Liberty Media Corporation - Liberty Formula One Series C $FWONK

Key Points

• Contour Asset Management increased its stake in Liberty Media Formula One Series C by 2.5% in the fourth quarter, buying 29,916 more shares and bringing its holdings to 1,209,227 shares worth about $119.1 million.
• Liberty Media Formula One Series C reported better-than-expected quarterly results, with EPS of $0.03 versus an expected loss and revenue of $711 million versus estimates of $683.4 million.
• Analyst sentiment remains mixed but constructive: the stock has a Moderate Buy average rating with a consensus price target of $111.75, even as some firms trimmed targets or ratings. Meanwhile, shares recently traded around $90.35, up 0.8% on the day.

Contour Asset Management LLC raised its position in Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Free Report) by 2.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,209,227 shares of the company's stock after purchasing an additional 29,916 shares during the quarter. Liberty Media Corporation - Liberty Formula One Series C accounts for approximately 2.8% of Contour Asset Management LLC's holdings, making the stock its 15th biggest holding. Contour Asset Management LLC owned approximately 0.48% of Liberty Media Corporation - Liberty Formula One Series C worth $119,121,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. Invesco Ltd. boosted its position in shares of Liberty Media Corporation - Liberty Formula One Series C by 51.0% during the second quarter. Invesco Ltd. now owns 504,313 shares of the company's stock valued at $52,701,000 after buying an additional 170,435 shares during the period. Cresset Asset Management LLC purchased a new stake in shares of Liberty Media Corporation - Liberty Formula One Series C in the second quarter worth approximately $502,000. Daiwa Securities Group Inc. lifted its stake in shares of Liberty Media Corporation - Liberty Formula One Series C by 20.2% during the 2nd quarter. Daiwa Securities Group Inc. now owns 37,335 shares of the company's stock worth $3,902,000 after acquiring an additional 6,285 shares during the last quarter. Qube Research & Technologies Ltd bought a new stake in shares of Liberty Media Corporation - Liberty Formula One Series C during the 2nd quarter worth approximately $1,863,000. Finally, Squarepoint Ops LLC purchased a new position in Liberty Media Corporation - Liberty Formula One Series C during the 2nd quarter valued at $1,255,000. Institutional investors own 92.26% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on FWONK shares. 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. UBS Group lowered their target price on shares of 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 note on Wednesday, April 15th. JPMorgan Chase & Co. cut their price target on shares of Liberty Media Corporation - Liberty Formula One Series C from $115.00 to $111.00 and set an "overweight" rating on the stock in a report on Friday, May 29th. Wells Fargo & Company raised their price target on shares of 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. Finally, Wall Street Zen raised shares of Liberty Media Corporation - Liberty Formula One Series C from a "sell" rating to a "hold" rating in a research report on Saturday, June 6th. Five research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $111.75.

Liberty Media Corporation - Liberty Formula One Series C Stock Up 0.8%

Shares of NASDAQ FWONK opened at $90.35 on Thursday. The business has a fifty day simple moving average of $89.32 and a two-hundred day simple moving average of $89.46. The firm has a market cap of $20.25 billion, a PE ratio of 41.45 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 posted its quarterly earnings results on Thursday, May 7th. The company reported $0.03 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.06) by $0.09. The firm had revenue of $711.00 million for the quarter, compared to the consensus estimate of $683.42 million. On average, research analysts expect that Liberty Media Corporation - Liberty Formula One Series C will post 1.91 earnings per share for the current year.

Insider Transactions 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 dated Wednesday, May 27th. The shares were sold at an average price of $90.28, for a total value of $9,028,000.00. Following the completion of the sale, the director owned 94,356 shares in the company, valued at approximately $8,518,459.68. The trade was a 51.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Renee L. Wilm sold 11,597 shares of the company's stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $90.09, for a total transaction of $1,044,773.73. Following the completion of the sale, the insider directly owned 15,590 shares of the company's stock, valued at $1,404,503.10. The trade was a 42.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 4.31% of the stock is owned by corporate insiders.

Liberty Media Corporation - Liberty Formula One Series C 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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