Assenagon Asset Management S.A. Decreases Stock Holdings in Live Nation Entertainment, Inc. $LYV

Key Points

• Assenagon Asset Management cut its stake in Live Nation Entertainment by 77.4% in the first quarter, selling 254,802 shares and leaving it with 74,497 shares valued at about $11.36 million.
• Despite some trimming by that fund, institutional ownership remains high, with hedge funds and other institutions holding about 74.52% of the company. Several other large investors recently added or initiated positions.
• Live Nation reported mixed quarterly results: revenue rose 12.1% year over year to $3.79 billion and beat expectations, but earnings per share missed estimates by a wide margin. Analysts still largely remain bullish, with 20 Buy ratings and a consensus price target of $188.50.

Assenagon Asset Management S.A. lessened its stake in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 77.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 74,497 shares of the company's stock after selling 254,802 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Live Nation Entertainment were worth $11,362,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in shares of Live Nation Entertainment during the 4th quarter valued at approximately $285,924,000. Sachem Head Capital Management LP acquired a new position in Live Nation Entertainment in the fourth quarter valued at approximately $173,380,000. Jericho Capital Asset Management L.P. grew its position in Live Nation Entertainment by 37.9% in the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,996,512 shares of the company's stock worth $569,503,000 after acquiring an additional 1,099,350 shares during the period. First Trust Advisors LP increased its stake in Live Nation Entertainment by 653.7% during the fourth quarter. First Trust Advisors LP now owns 1,191,347 shares of the company's stock worth $169,767,000 after acquiring an additional 1,033,289 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in Live Nation Entertainment by 10.3% in the fourth quarter. Principal Financial Group Inc. now owns 10,727,681 shares of the company's stock valued at $1,528,700,000 after purchasing an additional 1,001,905 shares during the period. Hedge funds and other institutional investors own 74.52% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Wall Street Zen upgraded shares of Live Nation Entertainment from a "sell" rating to a "hold" rating in a report on Saturday, April 11th. Rothschild & Co Redburn increased their target price on shares of Live Nation Entertainment from $193.00 to $195.00 in a research note on Wednesday, May 6th. Zacks Research upgraded shares of Live Nation Entertainment from a "strong sell" rating to a "hold" rating in a research report on Friday, May 8th. Jefferies Financial Group restated a "hold" rating on shares of Live Nation Entertainment in a report on Monday, March 9th. Finally, Citizens Jmp began coverage on shares of Live Nation Entertainment in a research report on Monday, March 30th. They set a "market outperform" rating and a $190.00 price objective for the company. Twenty research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $188.50.

Live Nation Entertainment Price Performance

Shares of LYV opened at $179.44 on Friday. Live Nation Entertainment, Inc. has a fifty-two week low of $125.34 and a fifty-two week high of $180.92. The company has a market capitalization of $42.27 billion, a price-to-earnings ratio of -101.38 and a beta of 1.12. The firm has a 50-day simple moving average of $165.03 and a 200-day simple moving average of $155.56. The company has a debt-to-equity ratio of 13.93, a quick ratio of 0.88 and a current ratio of 0.88.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($1.85) earnings per share for the quarter, missing analysts' consensus estimates of ($0.35) by ($1.50). The firm had revenue of $3.79 billion during the quarter, compared to analysts' expectations of $3.57 billion. Live Nation Entertainment had a net margin of 0.15% and a return on equity of 45.92%. The business's quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter last year, the business earned ($0.32) earnings per share. On average, equities research analysts anticipate that Live Nation Entertainment, Inc. will post 1.09 earnings per share for the current year.

Insider Buying and Selling

In other Live Nation Entertainment news, EVP John Hopmans sold 93,078 shares of the company's stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $166.07, for a total value of $15,457,463.46. Following the sale, the executive vice president owned 188,751 shares of the company's stock, valued at approximately $31,345,878.57. This represents a 33.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Michael Rowles sold 63,776 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $164.24, for a total transaction of $10,474,570.24. Following the completion of the sale, the executive vice president directly owned 204,716 shares in the company, valued at approximately $33,622,555.84. The trade was a 23.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 2.89% of the company's stock.

About Live Nation Entertainment

Live Nation Entertainment is a global live entertainment company that promotes, operates and sells tickets for live events. The company's core activities include concert promotion and production, venue operations and management, ticketing services through its Ticketmaster platform, artist management and development, and sponsorship and advertising services tied to live events. These integrated businesses are designed to connect artists, fans and commercial partners across the live event ecosystem.

The company in its current form was created following the 2010 merger of Live Nation and Ticketmaster, combining a promoter and venue operator with one of the industry's largest ticketing platforms.

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