Liberty Media Corporation – Liberty Formula One Series C $FWONK Stake Decreased by Principal Financial Group Inc.

Principal Financial Group Inc. cut its holdings in shares of Liberty Media Corporation – Liberty Formula One Series C (NASDAQ:FWONK) by 29.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,934,358 shares of the company’s stock after selling 3,761,482 shares during the period. Principal Financial Group Inc. owned approximately 3.99% of Liberty Media Corporation – Liberty Formula One Series C worth $759,602,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in FWONK. Chicago Partners Investment Group LLC acquired a new position in Liberty Media Corporation – Liberty Formula One Series C during the 1st quarter worth $201,000. J. Safra Sarasin Holding AG acquired a new stake in Liberty Media Corporation – Liberty Formula One Series C in the first quarter worth about $363,000. Lincoln Capital LLC grew its position in Liberty Media Corporation – Liberty Formula One Series C by 91.3% in the 1st quarter. Lincoln Capital LLC now owns 79,095 shares of the company’s stock valued at $6,720,000 after buying an additional 37,744 shares in the last quarter. Fifth Third Bancorp increased its stake in Liberty Media Corporation – Liberty Formula One Series C by 2,037.8% during the 1st quarter. Fifth Third Bancorp now owns 13,917 shares of the company’s stock valued at $1,183,000 after buying an additional 13,266 shares during the period. Finally, Kornitzer Capital Management Inc. KS bought a new stake in shares of Liberty Media Corporation – Liberty Formula One Series C during the 1st quarter worth about $5,031,000. 92.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on FWONK shares. UBS Group cut their target price on 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 report on Wednesday, April 15th. Bank of America raised their target price on 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. 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. JPMorgan Chase & Co. lowered 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 on the stock in a research note on Friday, May 29th. Finally, Wells Fargo & Company raised their target price 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 report on Friday, May 8th. Five equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $111.14.

Insiders Place Their Bets

In related news, Director Chase Carey sold 100,000 shares of the company’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $90.28, for a total transaction of $9,028,000.00. Following the transaction, the director directly owned 94,356 shares of the company’s stock, valued at approximately $8,518,459.68. The trade was a 51.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Renee L. Wilm sold 11,597 shares of the stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $90.09, for a total value of $1,044,773.73. Following the completion of the sale, the insider directly owned 15,590 shares of the company’s stock, valued at approximately $1,404,503.10. This represents a 42.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing.

Liberty Media Corporation – Liberty Formula One Series C Price Performance

Shares of FWONK opened at $99.64 on Tuesday. The company has a 50-day moving average of $91.56 and a two-hundred day moving average of $89.48. The stock has a market cap of $22.33 billion, a price-to-earnings ratio of 45.71 and a beta of 0.44. Liberty Media Corporation – Liberty Formula One Series C has a one year low of $80.15 and a one year high of $109.36.

Liberty Media Corporation – Liberty Formula One Series C (NASDAQ:FWONK) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.09. The firm had revenue of $711.00 million for the quarter, compared to analyst estimates of $683.42 million. Analysts anticipate that Liberty Media Corporation – Liberty Formula One Series C will post 1.91 earnings per share for the current year.

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.