Liberty Media Corp. (LMCA) Rating Lowered to Hold at Wunderlich
Liberty Media Corp. (NASDAQ:LMCA) was downgraded by equities research analysts at Wunderlich from a “buy” rating to a “hold” rating in a research note issued on Monday. They currently have a $31.00 price target on the stock, up from their prior price target of $25.50. Wunderlich’s price objective suggests a potential upside of 8.77% from the stock’s previous close.
The analysts wrote, “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),”
Several other research firms have also issued reports on LMCA. Citigroup Inc. increased their target price on Liberty Media Corp. from $21.00 to $22.00 and gave the stock a “neutral” rating in a report on Wednesday, August 24th. Pivotal Research initiated coverage on Liberty Media Corp. in a report on Tuesday, September 13th. They set a “buy” rating and a $35.00 target price on the stock. Zacks Investment Research raised Liberty Media Corp. from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a report on Tuesday, August 23rd. FBR & Co reissued a “buy” rating and set a $25.00 target price on shares of Liberty Media Corp. in a report on Thursday, September 8th. Finally, Deutsche Bank AG lowered Liberty Media Corp. from a “buy” rating to a “hold” rating and reduced their target price for the stock from $44.00 to $23.00 in a report on Tuesday, June 7th. They noted that the move was a valuation call. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Liberty Media Corp. currently has an average rating of “Buy” and an average target price of $37.00.
Shares of Liberty Media Corp. (NASDAQ:LMCA) opened at 28.50 on Monday. Liberty Media Corp. has a 52 week low of $17.72 and a 52 week high of $30.11. The stock has a 50 day moving average of $23.97 and a 200 day moving average of $21.97.
In other news, Chairman John C. Malone sold 121,100 shares of the firm’s stock in a transaction dated Thursday, August 18th. The stock was sold at an average price of $33.09, for a total transaction of $4,007,199.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Christopher W. Shean sold 12,471 shares of the firm’s stock in a transaction dated Thursday, September 22nd. The stock was 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 of the company’s stock, valued at $713,839.35. The disclosure for this sale can be found here. Insiders own 13.10% of the company’s stock.
Large investors have recently modified their holdings of the company. Nomura Holdings Inc. acquired a new stake in shares of Liberty Media Corp. during the second quarter worth $293,000. Cowen Group Inc. acquired a new stake in shares of Liberty Media Corp. during the second quarter worth $683,000. Cove Street Capital LLC increased its stake 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 worth $26,694,000 after buying an additional 1,367,657 shares during the last quarter. Metropolitan Life Insurance Co. NY increased its stake in shares of Liberty Media Corp. by 470.5% in the second quarter. Metropolitan Life Insurance Co. NY now owns 17,382 shares of the company’s stock worth $333,000 after buying an additional 14,335 shares during the last quarter. Finally, Panagora Asset Management Inc. increased its stake in shares of Liberty Media Corp. by 43.0% in the second quarter. Panagora Asset Management Inc. now owns 92,754 shares of the company’s stock worth $1,775,000 after buying an additional 27,880 shares during the last quarter. Institutional investors and hedge funds own 24.54% of the company’s stock.
About Liberty Media Corp.
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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