Empyrean Capital Partners LP Reduces Position in Liberty Media Corporation (LSXMA)
Empyrean Capital Partners LP decreased its holdings in shares of Liberty Media Corporation (NASDAQ:LSXMA) by 8.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 578,000 shares of the technology company’s stock after selling 50,000 shares during the quarter. Liberty Media Corporation makes up approximately 1.0% of Empyrean Capital Partners LP’s holdings, making the stock its 25th biggest holding. Empyrean Capital Partners LP owned 0.56% of Liberty Media Corporation worth $24,264,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. increased its stake in shares of Liberty Media Corporation by 5,832.2% in the first quarter. BlackRock Inc. now owns 6,304,119 shares of the technology company’s stock valued at $245,359,000 after purchasing an additional 6,197,849 shares during the period. Jana Partners LLC acquired a new stake in shares of Liberty Media Corporation in the first quarter valued at approximately $62,713,000. Gruss Capital Management LP acquired a new stake in shares of Liberty Media Corporation in the second quarter valued at approximately $41,077,000. Numeric Investors LLC increased its stake in shares of Liberty Media Corporation by 4,638.8% in the second quarter. Numeric Investors LLC now owns 781,895 shares of the technology company’s stock valued at $32,824,000 after purchasing an additional 765,395 shares during the period. Finally, Vanguard Group Inc. increased its stake in shares of Liberty Media Corporation by 5.3% in the first quarter. Vanguard Group Inc. now owns 8,934,026 shares of the technology company’s stock valued at $347,713,000 after purchasing an additional 448,320 shares during the period. Hedge funds and other institutional investors own 24.67% of the company’s stock.
In related news, Director Malcolm Ian Grant Gilchrist sold 1,826 shares of the business’s stock in a transaction that occurred on Monday, September 25th. The shares were sold at an average price of $36.52, for a total transaction of $66,685.52. Following the completion of the sale, the director now directly owns 823 shares of the company’s stock, valued at $30,055.96. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman John C. Malone sold 306,842 shares of the business’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $42.88, for a total transaction of $13,157,384.96. Following the sale, the chairman now directly owns 15,080,919 shares of the company’s stock, valued at $646,669,806.72. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,170,487 shares of company stock valued at $47,753,954.
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Liberty Media Corporation (NASDAQ LSXMA) traded down 0.41% on Friday, hitting $43.49. 52,784 shares of the stock traded hands. The stock has a 50-day moving average price of $42.27 and a 200 day moving average price of $42.27. The stock has a market cap of $14.61 billion, a P/E ratio of 31.61 and a beta of 2.57. Liberty Media Corporation has a 12-month low of $31.83 and a 12-month high of $43.95.
Several brokerages have commented on LSXMA. Pivotal Research raised their price target on shares of Liberty Media Corporation from $51.00 to $54.00 and gave the company a “buy” rating in a research note on Tuesday, August 15th. Citigroup Inc. raised their price target on shares of Liberty Media Corporation from $40.00 to $47.00 and gave the company a “neutral” rating in a research note on Monday, August 7th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $47.40.
About Liberty Media Corporation
Liberty Media Corporation owns interests in subsidiaries and other companies, which are engaged in the media and entertainment industries. The Company’s principal businesses and assets include its consolidated subsidiaries Sirius XM Holdings Inc (SIRIUS XM) and Braves Holdings, LLC (Braves Holdings), and its equity affiliate Live Nation Entertainment, Inc (Live Nation).
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