19,055 Live Nation Entertainment, Inc. $LYV Shares Purchased by CenterBook Partners LP

Key Points

• CenterBook Partners increased its Live Nation stake by 620.9% in the third quarter, buying 19,055 shares and ending the period with 22,124 shares valued at approximately $3.75 million.
• Live Nation reported quarterly earnings of $1.69 per share and revenue of $10.11 billion, beating analyst estimates; revenue rose 18.9% year over year, supported by record concert attendance and Ticketmaster growth.
• Despite strong results, operating margins narrowed and net margin was just 0.38%. Analysts’ average rating was “Moderate Buy,” with an average price target of $197.90.

CenterBook Partners LP raised its stake in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 620.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,124 shares of the company's stock after buying an additional 19,055 shares during the period. CenterBook Partners LP's holdings in Live Nation Entertainment were worth $3,746,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in LYV. Legacy Financial Independent Advisors LLC raised its position in shares of Live Nation Entertainment by 2.0% in the third quarter. Legacy Financial Independent Advisors LLC now owns 3,915 shares of the company's stock valued at $663,000 after purchasing an additional 77 shares during the period. Kestra Advisory Services LLC boosted its holdings in shares of Live Nation Entertainment by 13.2% during the 3rd quarter. Kestra Advisory Services LLC now owns 3,785 shares of the company's stock worth $641,000 after buying an additional 440 shares during the period. Chicago Partners Investment Group LLC bought a new stake in shares of Live Nation Entertainment during the 3rd quarter worth $200,000. Rakuten Investment Management Inc. boosted its holdings in shares of Live Nation Entertainment by 9.9% during the 3rd quarter. Rakuten Investment Management Inc. now owns 28,346 shares of the company's stock worth $4,850,000 after buying an additional 2,544 shares during the period. Finally, Provenance Wealth Advisors LLC acquired a new position in Live Nation Entertainment in the 3rd quarter valued at $237,000. Institutional investors and hedge funds own 74.52% of the company's stock.

Trending Headlines about Live Nation Entertainment

Here are the key news stories impacting Live Nation Entertainment this week:

• Positive Sentiment: Live Nation earned $1.69 per share, beating the $1.50 consensus estimate, while revenue rose 18.9% year over year to $10.11 billion, ahead of estimates of $9.60 billion. Live Nation Q3 earnings and revenues surpass estimates
• Positive Sentiment: Record concert attendance and Ticketmaster growth helped drive the results; reports cited 61 million fans attending events during the quarter. Strong demand supports the company’s growth outlook. Live Nation Q3 earnings beat on record attendance and ticketing gains
• Positive Sentiment: Wells Fargo maintained an “overweight” rating and a $221 price target, only slightly below its prior $222 target. The firm’s target suggests substantial upside from the quoted share price. Wells Fargo analyst ratings
• Negative Sentiment: Despite higher sales and earnings, operating margins narrowed, a potential concern given the company’s very thin reported net margin. Investors may watch whether strong attendance and ticketing growth can translate into improved profitability. Live Nation Q3 earnings beat on record attendance and ticketing gains

Live Nation Entertainment Trading Down 3.2%

Shares of LYV stock opened at $175.40 on Friday. Live Nation Entertainment, Inc. has a 1 year low of $125.34 and a 1 year high of $189.24. The firm's fifty day simple moving average is $172.84 and its 200 day simple moving average is $167.41. The firm has a market capitalization of $41.33 billion, a P/E ratio of -1,031.78 and a beta of 1.15. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 8.25.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last issued its quarterly earnings results on Thursday, November 5th. The company reported $1.69 earnings per share for the quarter, beating analysts' consensus estimates of $1.50 by $0.19. The firm had revenue of $10.11 billion during the quarter, compared to the consensus estimate of $9.60 billion. Live Nation Entertainment had a net margin of 0.38% and a return on equity of 64.95%. The business's revenue was up 18.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.73 EPS. As a group, sell-side analysts predict that Live Nation Entertainment, Inc. will post 1.06 EPS for the current year.

Wall Street Analysts Forecast Growth

LYV has been the topic of several recent analyst reports. Oppenheimer set a $100.00 target price on shares of Live Nation Entertainment in a report on Tuesday, July 28th. Roth Capital set a $208.00 price target on shares of Live Nation Entertainment in a report on Friday, July 31st. TD Cowen reaffirmed a "buy" rating on shares of Live Nation Entertainment in a research report on Monday, August 3rd. Susquehanna dropped their price objective on Live Nation Entertainment from $187.00 to $183.00 and set a "neutral" rating on the stock in a research note on Tuesday, October 20th. Finally, Zacks Research cut Live Nation Entertainment from a "hold" rating to a "strong sell" rating in a research report on Monday, October 19th. Twenty investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $197.90.

Insider Activity at Live Nation Entertainment

In other news, CAO Brian Capo sold 2,900 shares of the company's stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $184.00, for a total transaction of $533,600.00. Following the completion of the transaction, the chief accounting officer owned 8,655 shares of the company's stock, valued at approximately $1,592,520. This represents a 25.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.89% of the company's stock.

About Live Nation Entertainment

Live Nation Entertainment, Inc is a live entertainment company that promotes concerts, operates and manages venues, and provides ticketing services. Its activities span the live-event process, from helping artists plan and promote tours to connecting fans with events.

The company's businesses include concert promotion and venue operations, ticketing through Ticketmaster, and sponsorship and advertising services for brands seeking to reach live-event audiences. Ticketmaster provides ticket sales and related technology for concerts and other events.

Live Nation was formed in 2010 through the merger of concert promoter Live Nation and ticketing company Ticketmaster.

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