Liberty Media Corp. (LMCA) Upgraded to “Strong-Buy” by Zacks Investment Research
Liberty Media Corp. (NASDAQ:LMCA) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Friday. The brokerage currently has a $33.00 target price on the stock. Zacks Investment Research’s price target suggests a potential upside of 16.69% from the stock’s current price.
According to Zacks, “Liberty Media reported strong financial results in the third quarter of 2016 wherein the top line increased year over year and the bottom line beat the Zacks Consensus Estimate. Liberty Media is focused on its subscription-based businesses. The company’s diversified investments in cable MSOs, satellite radio broadcasters and live concert operators should enhance its long-term growth prospects going forward. The company holds a majority stake in satellite radio broadcaster, SIRIUS XM Radio, 27% in Live Nation Entertainment, the largest concert promoter and ticketing company in the U.S., and 27.3% in Charter Communications. Liberty media’s recent acquisition of Formula One should rake in more revenues for the company. However, stiff competition from pay-TV operators, dependence on economically vulnerable subscription-based services, saturated multi-channel video market and a debt-laden balance sheet are major dampeners.”
Several other analysts have also weighed in on the stock. FBN Securities reiterated an “outperform” rating on shares of Liberty Media Corp. in a research note on Monday, September 26th. Wunderlich lowered shares of Liberty Media Corp. from a “buy” rating to a “hold” rating and boosted their target price for the company from $25.50 to $31.00 in a research note on Monday, September 26th. Citigroup Inc. raised shares of Liberty Media Corp. from a “neutral” rating to a “buy” rating and boosted their price target for the company from $22.00 to $32.00 in a report on Tuesday, September 13th. Pivotal Research began coverage on shares of Liberty Media Corp. in a report on Tuesday, September 13th. They set a “buy” rating and a $35.00 price target for the company. Finally, FBR & Co reissued a “buy” rating and set a $25.00 price target on shares of Liberty Media Corp. in a report on Thursday, September 8th. Four equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Liberty Media Corp. currently has a consensus rating of “Buy” and a consensus price target of $36.80.
In other Liberty Media Corp. news, CFO Christopher W. Shean sold 12,471 shares of the company’s stock in a transaction dated Thursday, September 22nd. The shares were sold at an average price of $29.55, for a total value of $368,518.05. Following the completion of the sale, the chief financial officer now directly owns 24,157 shares of the company’s stock, valued at approximately $713,839.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman John C. Malone sold 127,357 shares of the company’s stock in a transaction dated Monday, August 22nd. The shares were sold at an average price of $32.53, for a total transaction of $4,142,923.21. Following the completion of the sale, the chairman now directly owns 16,164,220 shares of the company’s stock, valued at $525,822,076.60. The disclosure for this sale can be found here. 13.10% of the stock is currently owned by company insiders.
A number of large investors have recently modified their holdings of LMCA. US Bancorp DE increased its stake in shares of Liberty Media Corp. by 411.2% in the third quarter. US Bancorp DE now owns 3,732 shares of the company’s stock worth $107,000 after buying an additional 3,002 shares during the last quarter. Howard Hughes Medical Institute increased its stake in Liberty Media Corp. by 231.0% in the third quarter. Howard Hughes Medical Institute now owns 3,942 shares of the company’s stock valued at $113,000 after buying an additional 2,751 shares during the last quarter. Pacad Investment Ltd. bought a new stake in Liberty Media Corp. during the second quarter valued at about $144,000. Strs Ohio bought a new stake in Liberty Media Corp. during the second quarter valued at about $145,000. Finally, BlackRock Inc. increased its stake in Liberty Media Corp. by 3.3% in the third quarter. BlackRock Inc. now owns 5,750 shares of the company’s stock valued at $165,000 after buying an additional 186 shares during the last quarter. 25.96% of the stock is owned by institutional investors.
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).
Receive News & Stock Ratings for Liberty Media Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Liberty Media Corp. and related stocks with our FREE daily email newsletter.