Berkshire Hathaway Inc Buys 513,104 Shares of Formula One Group (NASDAQ:FWONA) Stock

Formula One Group (NASDAQ:FWONA) major shareholder Berkshire Hathaway Inc purchased 513,104 shares of the company’s stock in a transaction that occurred on Wednesday, April 10th. The shares were purchased at an average cost of $25.96 per share, for a total transaction of $13,320,179.84. Following the completion of the transaction, the insider now directly owns 68,423,017 shares of the company’s stock, valued at $1,776,261,521.32. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Berkshire Hathaway Inc also recently made the following trade(s):

• On Friday, April 12th, Berkshire Hathaway Inc purchased 413,227 shares of Formula One Group stock. The shares were purchased at an average cost of $25.58 per share, for a total transaction of $10,570,346.66.
• On Monday, April 8th, Berkshire Hathaway Inc purchased 938,896 shares of Formula One Group stock. The shares were purchased at an average cost of $26.98 per share, for a total transaction of $25,331,414.08.
• On Thursday, April 4th, Berkshire Hathaway Inc acquired 1,250,000 shares of Formula One Group stock. The stock was bought at an average cost of $27.76 per share, for a total transaction of $34,700,000.00.
• On Wednesday, March 27th, Berkshire Hathaway Inc acquired 189,759 shares of Formula One Group stock. The stock was bought at an average cost of $29.25 per share, for a total transaction of $5,550,450.75.
• On Monday, March 25th, Berkshire Hathaway Inc acquired 199,664 shares of Formula One Group stock. The stock was bought at an average cost of $28.82 per share, for a total transaction of $5,754,316.48.
• On Thursday, March 21st, Berkshire Hathaway Inc acquired 333,916 shares of Formula One Group stock. The stock was bought at an average cost of $28.92 per share, for a total transaction of $9,656,850.72.
• On Monday, March 11th, Berkshire Hathaway Inc acquired 20,609 shares of Formula One Group stock. The stock was bought at an average cost of $29.94 per share, for a total transaction of $617,033.46.
• On Friday, March 8th, Berkshire Hathaway Inc acquired 521,804 shares of Formula One Group stock. The stock was bought at an average cost of $29.86 per share, for a total transaction of $15,581,067.44.
• On Wednesday, March 6th, Berkshire Hathaway Inc acquired 1,188,000 shares of Formula One Group stock. The stock was bought at an average cost of $29.39 per share, for a total transaction of $34,915,320.00.
• On Monday, March 4th, Berkshire Hathaway Inc acquired 234,194 shares of Formula One Group stock. The stock was bought at an average cost of $28.77 per share, for a total transaction of $6,737,761.38.

Formula One Group Stock Performance

Shares of NASDAQ FWONA traded down $1.74 during midday trading on Friday, hitting $59.49. The company’s stock had a trading volume of 63,755 shares, compared to its average volume of 96,728. The stock has a fifty day moving average price of $61.23 and a 200 day moving average price of $59.46. Formula One Group has a one year low of $55.08 and a one year high of $69.48.

Formula One Group (NASDAQ:FWONA) last posted its quarterly earnings results on Wednesday, February 28th. The company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.39). The firm had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.23 billion.

Hedge Funds Weigh In On Formula One Group

Hedge funds have recently bought and sold shares of the company. MetLife Investment Management LLC purchased a new position in Formula One Group during the first quarter valued at approximately $30,000. Fred Alger Management LLC purchased a new position in Formula One Group during the third quarter valued at approximately $38,000. Brown Brothers Harriman & Co. grew its stake in Formula One Group by 31.4% during the first quarter. Brown Brothers Harriman & Co. now owns 1,752 shares of the company’s stock valued at $111,000 after acquiring an additional 419 shares in the last quarter. Janney Montgomery Scott LLC grew its stake in Formula One Group by 3.9% during the third quarter. Janney Montgomery Scott LLC now owns 12,789 shares of the company’s stock valued at $723,000 after acquiring an additional 481 shares in the last quarter. Finally, Kornitzer Capital Management Inc. KS grew its stake in Formula One Group by 38.1% during the fourth quarter. Kornitzer Capital Management Inc. KS now owns 30,829 shares of the company’s stock valued at $1,787,000 after acquiring an additional 8,500 shares in the last quarter. Hedge funds and other institutional investors own 8.38% of the company’s stock.

Analysts Set New Price Targets

Separately, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $73.00 price target on shares of Formula One Group in a research report on Tuesday, April 2nd.

Formula One Group Company Profile

Formula One Group, through its subsidiary Formula 1, engages in the motorsports business in the United States and internationally. The company holds commercial rights for the FIA Formula One world championship, approximately a nine-month long motor race-based competition in which teams compete for the constructors' championship and drivers compete for the drivers' championship.