Liberty Interactive Corporation's Largest Shareholder Cuts Stake

The largest shareholder of Liberty Interactive Corp (NASDAQ:LINTA)  has cut its stake. Mason Hawkins’ Southeastern Asset Management the value oriented firm has reduced its stake in the Delaware based company from 7.86% to 4.4%, according to a 13G filed with The SEC. Southeastern Asset Management held 40,459,825 shares according to the firm’s 13F, today it holds  22,895,559 shares, making the firm the third largest shareholder.

Liberty Interactive Corporation is a holding company that, through its subsidiaries, is engaged in the video and online commerce, media and entertainment industries. Its principal assets include the consolidated subsidiaries QVC Inc., Provide Commerce,, Celebrate Interactive,, Evite and equity affiliate HSN Inc. Page

The company recently noted that its 3mn share buyback in the quarter was well below their standard target. The company noted that it was blacked out because of the Liberty Ventures rights offering for half of the quarter from being active in the market and then found the price/volume mix thereafter unfavorable. That said, Liberty Interactive Corp (NASDAQ:LINTA) reiterated its 2.5x leverage goal, from the current 1.9x, so we anticipate more buybacks in the coming quarters.

For the nine months ended 30 September 2012, Liberty Interactive Corp (NASDAQ:LINTA) revenues increased 5% to $6.88B. Net income before extraordinary items increased 14% to $284M. Revenues reflect Expedia, Inc segment increase of 15% to $3.06B, QVC segment increase of 4% to $5.82B, E – Commerce segment increase of 14% to $1.05B. Net income benefited from QVC segment income increase of 11% to $819M.

Disclosure: No position