Geode Capital Management LLC Increases Position in Liberty Media Corporation - Liberty Formula One Series C $FWONK

Key Points

• Geode Capital Management increased its stake in Liberty Media Formula One Series C (NASDAQ: FWONK) by 0.9% in the fourth quarter, ending with 3,983,116 shares valued at about $391.3 million.
• The stock has strong institutional backing overall, with hedge funds and other institutional investors owning 92.26% of the company; Vanguard also boosted its position, while several other funds initiated or sharply increased holdings.
• FWONK recently reported better-than-expected earnings of $0.03 per share and revenue of $711 million, but insiders and analysts were mixed: Director Chase Carey sold 100,000 shares, and the consensus analyst view remains Moderate Buy with an average price target of $111.22.

Geode Capital Management LLC increased its stake in Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Free Report) by 0.9% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,983,116 shares of the company's stock after purchasing an additional 36,599 shares during the quarter. Geode Capital Management LLC owned 1.59% of Liberty Media Corporation - Liberty Formula One Series C worth $391,290,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in FWONK. Vanguard Group Inc. increased its holdings in shares of Liberty Media Corporation - Liberty Formula One Series C by 3.5% in the 4th quarter. Vanguard Group Inc. now owns 21,133,295 shares of the company's stock valued at $2,081,841,000 after purchasing an additional 715,525 shares in the last quarter. Massachusetts Financial Services Co. MA purchased a new position in Liberty Media Corporation - Liberty Formula One Series C during the 4th quarter valued at about $69,318,000. Hawk Ridge Capital Management LP purchased a new position in Liberty Media Corporation - Liberty Formula One Series C during the 3rd quarter valued at about $63,244,000. Jain Global LLC increased its holdings in Liberty Media Corporation - Liberty Formula One Series C by 6,361.7% during the 3rd quarter. Jain Global LLC now owns 419,042 shares of the company's stock valued at $43,769,000 after acquiring an additional 412,557 shares in the last quarter. Finally, Qube Research & Technologies Ltd increased its holdings in Liberty Media Corporation - Liberty Formula One Series C by 1,684.9% during the 3rd quarter. Qube Research & Technologies Ltd now owns 318,290 shares of the company's stock valued at $33,245,000 after acquiring an additional 300,458 shares in the last quarter. Hedge funds and other institutional investors own 92.26% of the company's stock.

Liberty Media Corporation - Liberty Formula One Series C Stock Performance

FWONK opened at $90.79 on Monday. The company's 50 day simple moving average is $88.13 and its 200 day simple moving average is $90.20. Liberty Media Corporation - Liberty Formula One Series C has a 1 year low of $80.15 and a 1 year high of $109.36. The stock has a market capitalization of $20.35 billion, a PE ratio of 41.65 and a beta of 0.47.

Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.09. The company had revenue of $711.00 million during the quarter, compared to analyst estimates of $683.42 million. As a group, sell-side analysts expect that Liberty Media Corporation - Liberty Formula One Series C will post 1.96 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Chase Carey sold 100,000 shares of the firm's stock in a transaction that occurred on 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 sale, the director directly owned 94,356 shares of the company's stock, valued at approximately $8,518,459.68. This trade represents a 51.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. JPMorgan Chase & Co. dropped their target price on shares of Liberty Media Corporation - Liberty Formula One Series C from $115.00 to $111.00 and set an "overweight" rating for the company in a report on Friday. UBS Group decreased their price target on shares of Liberty Media Corporation - Liberty Formula One Series C from $107.00 to $104.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 15th. Wall Street Zen cut shares of Liberty Media Corporation - Liberty Formula One Series C from a "hold" rating to a "sell" rating in a research note on Sunday, May 17th. Weiss Ratings raised shares of 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. Finally, 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. Six equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $111.22.

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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