Liberty Media Corporation - Liberty Formula One Series C $FWONK Shares Sold by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group Inc. trimmed its FWONK stake by 3.6% in the first quarter, selling 18,555 shares and leaving it with 490,736 shares valued at about $41.7 million.
• Liberty Media Formula One Series C reported stronger-than-expected quarterly results, posting EPS of $0.03 versus an expected loss and revenue of $711 million, above consensus estimates.
• Analysts remain generally positive on the stock, with a Moderate Buy consensus and an average price target of $111.14, even as some firms recently trimmed targets or ratings.

Sumitomo Mitsui Trust Group Inc. lowered its stake in Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Free Report) by 3.6% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 490,736 shares of the company's stock after selling 18,555 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.22% of Liberty Media Corporation - Liberty Formula One Series C worth $41,722,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of FWONK. Resona Asset Management Co. Ltd. grew its stake in Liberty Media Corporation - Liberty Formula One Series C by 21.8% in the first quarter. Resona Asset Management Co. Ltd. now owns 97,236 shares of the company's stock worth $8,248,000 after purchasing an additional 17,405 shares in the last quarter. Credit Industriel ET Commercial acquired a new stake in Liberty Media Corporation - Liberty Formula One Series C during the first quarter valued at approximately $1,522,000. V Square Quantitative Management LLC acquired a new stake in Liberty Media Corporation - Liberty Formula One Series C during the first quarter valued at approximately $51,000. QRG Capital Management Inc. lifted its holdings in Liberty Media Corporation - Liberty Formula One Series C by 4.8% during the 1st quarter. QRG Capital Management Inc. now owns 6,561 shares of the company's stock worth $558,000 after buying an additional 303 shares during the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its holdings in Liberty Media Corporation - Liberty Formula One Series C by 72.5% during the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 207,297 shares of the company's stock worth $17,624,000 after buying an additional 87,100 shares during the last quarter. Institutional investors and hedge funds own 92.26% of the company's stock.

Liberty Media Corporation - Liberty Formula One Series C Stock Performance

FWONK stock opened at $96.13 on Monday. 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 $21.54 billion, a price-to-earnings ratio of 44.10 and a beta of 0.44. The stock's fifty day moving average is $91.28 and its two-hundred day moving average is $89.46.

Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.03 EPS for the quarter, topping the consensus estimate 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. As a group, analysts predict that Liberty Media Corporation - Liberty Formula One Series C will post 1.91 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on FWONK. JPMorgan Chase & Co. dropped their price target on Liberty Media Corporation - Liberty Formula One Series C from $115.00 to $111.00 and set an "overweight" rating on the stock in a research report on Friday, May 29th. Wall Street Zen raised shares of Liberty Media Corporation - Liberty Formula One Series C from a "sell" rating to a "hold" rating in a report on Saturday, June 6th. UBS Group reduced 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 report on Wednesday, April 15th. Wells Fargo & Company boosted their price objective on shares of Liberty Media Corporation - Liberty Formula One Series C from $89.00 to $97.00 and gave the company an "equal weight" rating in a research report on Friday, May 8th. Finally, 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 report on Friday, May 1st. Five investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $111.14.

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

In other Liberty Media Corporation - Liberty Formula One Series C news, insider Renee L. Wilm sold 11,597 shares of the company's stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $90.09, for a total value of $1,044,773.73. Following the completion of the transaction, the insider owned 15,590 shares in the company, valued at approximately $1,404,503.10. This represents a 42.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 transaction of $9,028,000.00. Following the completion of the sale, the director owned 94,356 shares in the company, valued at $8,518,459.68. The trade was a 51.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure.

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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