The Manufacturers Life Insurance Company Acquires 645,996 Shares of Liberty Media Corporation - Liberty Formula One Series C $FWONK

Key Points

• The Manufacturers Life Insurance Company increased its FWONK stake by 13.8% in the second quarter, adding 645,996 shares to own 5.31 million shares valued at approximately $505.3 million.
• Institutional ownership is substantial at 92.26%, with California State Teachers’ Retirement System sharply increasing its position and Berkshire Hathaway, Naya Capital, and Norges Bank establishing new stakes.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $117.57, although Liberty Formula One missed its latest quarterly earnings and revenue estimates.

The Manufacturers Life Insurance Company grew its holdings in shares of Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Free Report) by 13.8% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 5,311,086 shares of the company's stock after buying an additional 645,996 shares during the period. The Manufacturers Life Insurance Company owned 2.37% of Liberty Media Corporation - Liberty Formula One Series C worth $505,297,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. California State Teachers Retirement System lifted its stake in Liberty Media Corporation - Liberty Formula One Series C by 9,400.5% in the second quarter. California State Teachers Retirement System now owns 34,777,666 shares of the company's stock worth $3,308,747,000 after acquiring an additional 34,411,605 shares during the period. Silver Point Capital L.P. purchased a new position in Liberty Media Corporation - Liberty Formula One Series C during the 4th quarter valued at $302,000. Berkshire Hathaway Inc bought a new position in Liberty Media Corporation - Liberty Formula One Series C in the 4th quarter worth $297,358,000. Naya Capital Management UK Ltd. bought a new position in Liberty Media Corporation - Liberty Formula One Series C in the 4th quarter worth $208,238,000. Finally, Norges Bank purchased a new stake in shares of Liberty Media Corporation - Liberty Formula One Series C in the 4th quarter worth about $195,762,000. Institutional investors own 92.26% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on FWONK. Bank of America lifted their target price on shares of Liberty Media Corporation - Liberty Formula One Series C from $105.00 to $115.00 and gave the company a "buy" rating in a research note on Monday, July 6th. Sanford C. Bernstein raised their price objective on shares of Liberty Media Corporation - Liberty Formula One Series C from $115.00 to $119.00 and gave the stock an "outperform" rating in a report on Tuesday, July 28th. UBS Group lifted their price objective on Liberty Media Corporation - Liberty Formula One Series C from $104.00 to $110.00 and gave the company a "neutral" rating in a research report on Friday, August 7th. Wells Fargo & Company increased their target price on Liberty Media Corporation - Liberty Formula One Series C from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research report on Friday, August 7th. Finally, Jefferies Financial Group started coverage on Liberty Media Corporation - Liberty Formula One Series C in a research note on Wednesday. They issued a "buy" rating and a $115.00 target price for the company. Five analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $117.57.

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

In related news, insider Renee L. Wilm sold 11,597 shares of the firm's stock in a transaction that occurred on 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 sale, the insider owned 15,590 shares in the company, valued at approximately $1,404,503.10. This trade represents a 42.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 4.31% of the stock is owned by corporate insiders.

Liberty Media Corporation - Liberty Formula One Series C Price Performance

FWONK opened at $95.44 on Friday. The firm has a market cap of $21.41 billion, a PE ratio of 140.35 and a beta of 0.43. 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 50-day moving average price of $99.78 and a 200-day moving average price of $92.44.

Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.22). The company had revenue of $934.00 million during the quarter, compared to the consensus estimate of $952.78 million. As a group, sell-side analysts anticipate that Liberty Media Corporation - Liberty Formula One Series C will post 2 EPS for the current year.

Liberty Media Corporation - Liberty Formula One Series C Company Profile

Liberty Media Corporation's Liberty Formula One Group, represented by the Series C Liberty Formula One common stock NASDAQ: FWONK, is a tracking-stock group tied primarily to the company's interests in Formula 1. The group's principal business is the ownership and operation of the Formula 1 racing series, including its commercial rights, media and broadcasting activities, race promotion, sponsorship programs and digital products.

Formula 1 organizes the FIA Formula One World Championship, an international motorsport series featuring races hosted in markets across Europe, North America, Asia, the Middle East and other regions.

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