Norges Bank Acquires New Holdings in Liberty Media Corporation - Liberty Formula One Series C $FWONK

Key Points

• Norges Bank disclosed a new fourth-quarter stake in Liberty Media Formula One Series C, buying 1,987,228 shares worth about $195.8 million and owning 0.79% of the company.
• Liberty Formula One stock was down 1.9% in the session, trading around $89.32, with a market cap of about $20 billion and a 52-week range of $80.15 to $109.36.
• The company recently reported better-than-expected quarterly results, posting $0.03 EPS versus a loss estimate and revenue of $711 million; analysts currently have a Moderate Buy consensus with an average price target of $111.22.

Norges Bank acquired a new stake in shares of Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 1,987,228 shares of the company's stock, valued at approximately $195,762,000. Norges Bank owned 0.79% of Liberty Media Corporation - Liberty Formula One Series C as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the company. Eurizon Capital SGR S.p.A. acquired a new position in Liberty Media Corporation - Liberty Formula One Series C during the fourth quarter valued at approximately $2,597,000. Fiducient Advisors LLC acquired a new position in Liberty Media Corporation - Liberty Formula One Series C during the fourth quarter valued at approximately $242,000. National Pension Service grew its holdings in Liberty Media Corporation - Liberty Formula One Series C by 49.5% during the fourth quarter. National Pension Service now owns 8,839 shares of the company's stock valued at $871,000 after purchasing an additional 2,927 shares during the period. Ilmarinen Mutual Pension Insurance Co grew its holdings in Liberty Media Corporation - Liberty Formula One Series C by 30.9% during the fourth quarter. Ilmarinen Mutual Pension Insurance Co now owns 23,279 shares of the company's stock valued at $2,293,000 after purchasing an additional 5,500 shares during the period. Finally, Intech Investment Management LLC grew its holdings in Liberty Media Corporation - Liberty Formula One Series C by 99.9% during the fourth quarter. Intech Investment Management LLC now owns 11,916 shares of the company's stock valued at $1,174,000 after purchasing an additional 5,955 shares during the period. Institutional investors and hedge funds own 92.26% of the company's stock.

Liberty Media Corporation - Liberty Formula One Series C Stock Down 1.9%

Liberty Media Corporation - Liberty Formula One Series C stock opened at $89.32 on Wednesday. The stock has a market capitalization of $20.02 billion, a PE ratio of 40.97 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. The company has a 50 day moving average of $88.29 and a 200-day moving average of $90.13.

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 earnings per share for the quarter, beating 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. Equities analysts anticipate that Liberty Media Corporation - Liberty Formula One Series C will post 1.96 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

FWONK has been the subject of a number of analyst reports. UBS Group decreased 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 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 report on Friday, May 8th. Wall Street Zen cut shares of Liberty Media Corporation - Liberty Formula One Series C from a "hold" rating to a "sell" rating in a report on Sunday, May 17th. 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 report on Friday, May 1st. Finally, JPMorgan Chase & Co. reduced 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 for the company in a report on Friday, May 29th. Six research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $111.22.

Insider Buying and Selling at Liberty Media Corporation - Liberty Formula One Series C

In other news, Director Chase Carey sold 100,000 shares of the company'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 owned 94,356 shares in the company, valued at $8,518,459.68. This represents a 51.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

About Liberty Media Corporation - Liberty Formula One Series C

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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