Wunderlich cut shares of Liberty Media Corp. (NASDAQ:LMCA) from a buy rating to a hold rating in a research note released on Monday morning. They currently have $31.00 price objective on the stock, up from their previous price objective of $25.50.
“We remain ardent F1 acquisition enthusiasts, given Liberty’s knowledge of the global sports biz, but feel that its stock price already largely reflects intermediate F1 upside,” analyst Matthew Harrigan wrote in a note.”Target NAV for what will be Formula One Group is $31; however NAV using $4.447 billion deal equity valuation is just in the $22.50 vicinity, or $23.50 ignoring corporate expense. This implies just 6 percent target equity upside, which coupled with the rapid 34 percent price gain since the 9.07 deal announcement, makes us disinclined to chase the stock at current levels,” Harrigan continued.Related Link: 5 Biggest Price Target Changes For MondayMeanwhile, Liberty CEO Greg Maffei recently cited new sponsorship and growth in venue count opportunities. Geographically, there is major upside from increasing the sports popularity in the Americas and Asia.”We expect new Chairman Chase Carey to totally focus on building the fan base, especially eventual direct to consumer digital distribution, increasing the race calendar, and introducing new partners. There are also prospects from working off Liberty’s broad array of media relationships, including Live Nation Entertainment, Inc. (NYSE: LYV),,” the firm’s analyst commented.
A number of other equities analysts have also commented on LMCA. Deutsche Bank AG lowered shares of Liberty Media Corp. from a buy rating to a hold rating and decreased their price objective for the stock from $44.00 to $23.00 in a research note on Tuesday, June 7th. They noted that the move was a valuation call. Zacks Investment Research raised shares of Liberty Media Corp. from a hold rating to a buy rating and set a $24.00 price objective for the company in a research note on Tuesday, August 23rd. Citigroup Inc. raised their price objective on shares of Liberty Media Corp. from $21.00 to $22.00 and gave the stock a neutral rating in a research note on Wednesday, August 24th. FBR & Co reaffirmed a buy rating and issued a $25.00 price objective on shares of Liberty Media Corp. in a research note on Thursday, September 8th. Finally, Pivotal Research started coverage on shares of Liberty Media Corp. in a research report on Tuesday, September 13th. They issued a buy rating and a $35.00 target price for the company. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Liberty Media Corp. presently has a consensus rating of Buy and a consensus price target of $37.00.
Shares of Liberty Media Corp. (NASDAQ:LMCA) opened at 29.05 on Monday. The stock’s 50 day moving average price is $24.17 and its 200 day moving average price is $22.02. Liberty Media Corp. has a 52 week low of $17.72 and a 52 week high of $30.11.
In related news, CFO Christopher W. Shean sold 12,471 shares of Liberty Media Corp. stock in a transaction on Thursday, September 22nd. The shares were sold at an average price of $29.55, for a total value of $368,518.05. Following the transaction, the chief financial officer now owns 24,157 shares in the company, valued at approximately $713,839.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman John C. Malone sold 200,428 shares of Liberty Media Corp. stock in a transaction on Friday, August 26th. The stock was sold at an average price of $32.71, for a total transaction of $6,555,999.88. Following the completion of the transaction, the chairman now owns 16,164,220 shares in the company, valued at approximately $528,731,636.20. The disclosure for this sale can be found here. Insiders own 13.10% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Cove Street Capital LLC increased its position in shares of Liberty Media Corp. by 5,061.6% in the second quarter. Cove Street Capital LLC now owns 1,394,677 shares of the company’s stock valued at $26,694,000 after buying an additional 1,367,657 shares during the period. Southeastern Asset Management Inc. TN bought a new stake in Liberty Media Corp. during the second quarter valued at about $21,806,000. Goldman Sachs Group Inc. raised its stake in Liberty Media Corp. by 155.0% in the first quarter. Goldman Sachs Group Inc. now owns 601,174 shares of the company’s stock valued at $23,224,000 after buying an additional 365,405 shares in the last quarter. Emerald Acquisition Ltd. bought a new stake in Liberty Media Corp. during the second quarter valued at about $6,576,000. Finally, Westchester Capital Management LLC bought a new stake in Liberty Media Corp. during the second quarter valued at about $5,866,000. Hedge funds and other institutional investors own 24.54% of the company’s stock.
Liberty Media Corp. Company Profile
Liberty Media Corporation (Liberty) owns interests in subsidiaries and other companies, which are engaged in the media and entertainment industries. Through its subsidiaries and affiliates, the Company principally operates in North America. Its principal businesses and assets include its consolidated subsidiaries Sirius XM Holdings Inc (SIRIUS XM) and the Braves Holdings, LLC (Braves Holdings), and its equity affiliate Live Nation Entertainment, Inc (Live Nation).
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