7,285 Live Nation Entertainment, Inc. $LYV Shares Acquired by Contravisory Investment Management Inc.

Key Points

• Contravisory Investment Management increased its Live Nation stake by 1,468.8% in the third quarter, acquiring 7,285 additional shares for a total holding of 7,781 shares valued at approximately $1.32 million. Institutional investors and hedge funds collectively own 74.52% of the stock.
• Live Nation reported quarterly EPS of $1.05, beating estimates of $0.66, while revenue rose 9.4% year over year to $7.67 billion. Analysts expect full-year EPS of $1.12.
• Shares recently traded at $171.36, while analysts maintain a “Moderate Buy” consensus rating with an average price target of $197.43; however, an insider recently sold 2,900 shares at $184 each.

Contravisory Investment Management Inc. boosted its stake in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 1,468.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,781 shares of the company's stock after acquiring an additional 7,285 shares during the period. Contravisory Investment Management Inc.'s holdings in Live Nation Entertainment were worth $1,317,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Terra Nova Asset Management LLC acquired a new position in Live Nation Entertainment in the third quarter valued at about $263,000. Wedmont Private Capital grew its stake in Live Nation Entertainment by 6.9% during the third quarter. Wedmont Private Capital now owns 1,427 shares of the company's stock worth $245,000 after buying an additional 92 shares in the last quarter. Diversified Management Inc. acquired a new stake in Live Nation Entertainment during the third quarter worth about $202,000. GAMMA Investing LLC increased its holdings in Live Nation Entertainment by 13.0% in the 3rd quarter. GAMMA Investing LLC now owns 9,440 shares of the company's stock valued at $1,598,000 after buying an additional 1,083 shares during the period. Finally, CoreCap Advisors LLC increased its holdings in Live Nation Entertainment by 35.0% in the 3rd quarter. CoreCap Advisors LLC now owns 852 shares of the company's stock valued at $144,000 after buying an additional 221 shares during the period. 74.52% of the stock is owned by institutional investors and hedge funds.

Live Nation Entertainment Price Performance

NYSE LYV traded up $1.72 during trading on Tuesday, hitting $171.36. 1,800,964 shares of the company's stock were exchanged, compared to its average volume of 2,547,078. The company has a market cap of $40.38 billion, a PE ratio of -151.65 and a beta of 1.17. 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, Inc. has a fifty-two week low of $125.34 and a fifty-two week high of $189.24. The stock's 50 day moving average price is $176.00 and its two-hundred day moving average price is $170.93.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The company reported $1.05 earnings per share for the quarter, beating analysts' consensus estimates of $0.66 by $0.39. The company had revenue of $7.67 billion for the quarter, compared to the consensus estimate of $7.56 billion. Live Nation Entertainment had a net margin of 0.34% and a return on equity of 54.61%. The firm's quarterly revenue was up 9.4% compared to the same quarter last year. During the same period last year, the company posted $0.41 EPS. Research analysts expect that Live Nation Entertainment, Inc. will post 1.12 EPS for the current year.

Insider Buying and Selling

In other Live Nation Entertainment news, CAO Brian Capo sold 2,900 shares of the firm's stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $184.00, for a total value of $533,600.00. Following the sale, the chief accounting officer owned 8,655 shares in the company, valued at $1,592,520. This trade represents a 25.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 2.89% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on LYV shares. Benchmark boosted their target price on shares of Live Nation Entertainment from $190.00 to $215.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Oppenheimer set a $100.00 price target on shares of Live Nation Entertainment in a research report on Tuesday, July 28th. Weiss Ratings cut shares of Live Nation Entertainment from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Thursday. JPMorgan Chase & Co. boosted their price objective on shares of Live Nation Entertainment from $180.00 to $205.00 and gave the company an "overweight" rating in a research report on Tuesday, July 21st. Finally, Citigroup restated a "market outperform" rating on shares of Live Nation Entertainment in a research report on Thursday, October 1st. Twenty analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Live Nation Entertainment presently has an average rating of "Moderate Buy" and an average price target of $197.43.

Live Nation Entertainment Company Profile

Live Nation Entertainment, Inc is a global live entertainment company that promotes concerts and other live events, operates entertainment venues, and provides ticketing services. Its activities span the live event ecosystem, from artist and event promotion to ticket sales, venue management, sponsorship, and advertising.

The company's business includes Live Nation Concerts, which produces and promotes tours, festivals, and other events; Ticketmaster, a ticketing platform serving venues, event organizers, and fans; and a portfolio of owned, operated, or managed venues.

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