Liberty Media Corporation - Liberty Formula One Series C $FWONK Shares Sold by Bain Capital Public Equity Management II LLC

Key Points

• Bain Capital Public Equity Management II LLC cut its FWONK stake by 89.4% in the fourth quarter, selling 2.18 million shares and leaving it with 258,592 shares worth about $25.5 million.
• Other major institutional investors also adjusted positions, with Vanguard remaining the largest holder and overall institutional ownership standing at 92.26% of the stock.
• Liberty Formula One posted better-than-expected quarterly results, with EPS of $0.03 versus a loss estimate and revenue of $711 million, while analysts currently have a Moderate Buy consensus target of $111.75.

Bain Capital Public Equity Management II LLC lessened its stake in shares of Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Free Report) by 89.4% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 258,592 shares of the company's stock after selling 2,175,177 shares during the quarter. Liberty Media Corporation - Liberty Formula One Series C comprises about 41.0% of Bain Capital Public Equity Management II LLC's portfolio, making the stock its largest holding. Bain Capital Public Equity Management II LLC owned approximately 0.10% of Liberty Media Corporation - Liberty Formula One Series C worth $25,474,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of FWONK. Norges Bank acquired a new stake in shares of Liberty Media Corporation - Liberty Formula One Series C during the 4th quarter worth about $195,762,000. Franklin Resources Inc. lifted its stake in shares of Liberty Media Corporation - Liberty Formula One Series C by 265.1% during the 4th quarter. Franklin Resources Inc. now owns 1,159,292 shares of the company's stock worth $114,192,000 after buying an additional 841,729 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Liberty Media Corporation - Liberty Formula One Series C by 3.5% during the 4th quarter. Vanguard Group Inc. now owns 21,133,295 shares of the company's stock worth $2,081,841,000 after buying an additional 715,525 shares during the last quarter. Massachusetts Financial Services Co. MA acquired a new stake in shares of Liberty Media Corporation - Liberty Formula One Series C during the 4th quarter worth about $69,318,000. Finally, Hawk Ridge Capital Management LP acquired a new stake in shares of Liberty Media Corporation - Liberty Formula One Series C during the 3rd quarter worth about $63,244,000. Institutional investors and hedge funds own 92.26% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on FWONK shares. Wells Fargo & Company lifted their price objective 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. UBS Group dropped their price objective 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. Weiss Ratings upgraded 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. JPMorgan Chase & Co. dropped their price objective 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 research note on Friday, May 29th. Finally, Wall Street Zen upgraded shares of Liberty Media Corporation - Liberty Formula One Series C from a "sell" rating to a "hold" rating in a research note on Saturday, June 6th. Five investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $111.75.

Liberty Media Corporation - Liberty Formula One Series C Stock Up 1.2%

Shares of Liberty Media Corporation - Liberty Formula One Series C stock opened at $90.04 on Tuesday. Liberty Media Corporation - Liberty Formula One Series C has a twelve month low of $80.15 and a twelve month high of $109.36. The company has a 50-day simple moving average of $89.21 and a two-hundred day simple moving average of $89.54. The stock has a market capitalization of $20.18 billion, a price-to-earnings ratio of 41.30 and a beta of 0.47.

Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported $0.03 EPS for the quarter, beating the consensus estimate of ($0.06) by $0.09. The firm had revenue of $711.00 million during the quarter, compared to analyst estimates of $683.42 million. On average, sell-side analysts anticipate that Liberty Media Corporation - Liberty Formula One Series C will post 1.91 earnings per share for the current fiscal 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 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 completion of the transaction, the director directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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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