5 Stocks to Buy According to Richard Scott Greeder’s Broad Bay Capital

4. The Liberty SiriusXM Group (NASDAQ:LSXMA)

Broad Bay Capital’s Stake Value: $53,105,000
Percentage of Broad Bay Capital’s 13F Portfolio: 8.31%
Number of Hedge Fund Holders: 44

The Liberty SiriusXM Group (NASDAQ:LSXMA) operates in the US and Canada’s entertainment industry through its subsidiaries. As of December 31, 2021, there were roughly 34 million Sirius XM customers and approximately 6.4 million Pandora subscribers. Broad Bay Capital owns a position worth $53.11 million in The Liberty SiriusXM Group (NASDAQ:LSXMA), representing 8.31% of the fund’s Q2 portfolio.

On August 8, Credit Suisse analyst Brian Russo reaffirmed an ‘Outperform’ rating on The Liberty SiriusXM Group (NASDAQ:LSXMA) while trimming his price objective from $64 to $52. The analyst modified his model to take into consideration Q2 actual performance, including SiriusXM’s Q1 performance, changes in peer trading prices, and Live Nation Entertainment, Inc. (NYSE:LYV)’s exchangeable debt payments.

Warren Buffett’s Berkshire Hathaway held the most prominent stake in The Liberty SiriusXM Group (NASDAQ:LSXMA), with 43.21 million shares worth $1.56 billion. At the end of Q2 2022, 44 hedge funds tracked by Insider Monkey were bullish on The Liberty SiriusXM Group (NASDAQ:LSXMA), down from 46 in the quarter earlier. The consolidated value of these stakes is over $1.70 billion.

Here is what Weitz Investment Management has to say about The Liberty SiriusXM Group (NASDAQ:LSXMA) in its Q2 2022 investor letter:

“We also closed our position in Liberty Braves (NASDAQ:BATRA). Sports franchises possess unique value characteristics, but as a smaller position and with many cheaper alternatives, we elected to move on.”