Allstate Corp Has $340,000 Stake in Live Nation Entertainment, Inc. $LYV

Key Points

• Allstate Corp has reduced its holdings in Live Nation Entertainment, decreasing its shares by 44.9% in the first quarter and now holding 2,605 shares valued at approximately $340,000.
• Institutional investors have been active, with several firms purchasing new positions in Live Nation, and institutional ownership now accounts for 74.52% of the company's stock.
• Despite missing earnings estimates with an EPS of $0.41 compared to the expected $1.08, Live Nation reported a revenue of $7.01 billion, exceeding market expectations.

Allstate Corp reduced its stake in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 44.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,605 shares of the company's stock after selling 2,122 shares during the period. Allstate Corp's holdings in Live Nation Entertainment were worth $340,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Measured Risk Portfolios Inc. bought a new stake in shares of Live Nation Entertainment in the fourth quarter valued at approximately $29,000. Wayfinding Financial LLC bought a new stake in Live Nation Entertainment during the first quarter worth $30,000. Chilton Capital Management LLC bought a new stake in Live Nation Entertainment during the first quarter worth $33,000. GW&K Investment Management LLC lifted its stake in Live Nation Entertainment by 690.2% during the first quarter. GW&K Investment Management LLC now owns 324 shares of the company's stock worth $42,000 after purchasing an additional 283 shares during the last quarter. Finally, N.E.W. Advisory Services LLC bought a new stake in Live Nation Entertainment during the first quarter worth $42,000. 74.52% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on LYV. Sanford C. Bernstein began coverage on Live Nation Entertainment in a research note on Wednesday, June 4th. They set an "outperform" rating and a $185.00 target price for the company. Oppenheimer upped their target price on Live Nation Entertainment from $165.00 to $180.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 12th. Benchmark upped their target price on Live Nation Entertainment from $178.00 to $180.00 and gave the stock a "buy" rating in a research note on Friday, August 8th. Moffett Nathanson began coverage on Live Nation Entertainment in a research note on Monday, August 18th. They set a "buy" rating and a $195.00 target price for the company. Finally, Wolfe Research upped their target price on Live Nation Entertainment from $160.00 to $168.00 and gave the stock an "outperform" rating in a research note on Tuesday, June 10th. Eighteen research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Live Nation Entertainment presently has a consensus rating of "Buy" and a consensus price target of $168.94.

Live Nation Entertainment Price Performance

Shares of NYSE:LYV traded down $0.18 during trading on Monday, hitting $166.45. 1,028,099 shares of the company were exchanged, compared to its average volume of 2,090,487. The business's 50 day moving average is $153.60 and its 200-day moving average is $141.85. The company has a market capitalization of $39.03 billion, a P/E ratio of 72.05, a price-to-earnings-growth ratio of 10.04 and a beta of 1.42. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 5.38. Live Nation Entertainment, Inc. has a 1-year low of $92.57 and a 1-year high of $167.22.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.67). The company had revenue of $7.01 billion for the quarter, compared to analyst estimates of $6.93 billion. Live Nation Entertainment had a return on equity of 105.85% and a net margin of 3.88%.The firm's quarterly revenue was up 16.3% on a year-over-year basis. During the same quarter last year, the company posted $1.03 earnings per share. Equities analysts forecast that Live Nation Entertainment, Inc. will post 2.38 earnings per share for the current year.

Live Nation Entertainment Profile

Live Nation Entertainment, Inc operates as a live entertainment company worldwide. It operates through Concerts, Ticketing, and Sponsorship & Advertising segments. The Concerts segment promotes live music events in its owned or operated venues, and in rented third-party venues. This segment operates and manages music venues; produces music festivals; creates and streams associated content; and offers management and other services to artists.