Live Nation Entertainment, Inc. (NYSE:LYV) Stock Position Increased by Assetmark Inc.

Key Points

• Assetmark Inc. increased its stake in Live Nation Entertainment by 4.4% during Q1, owning approximately 0.08% of the company valued at $25.75 million.
• Corporate insiders, including EVP John Hopmans, have begun selling shares, with Hopmans selling 34,808 shares for over $5.1 million, resulting in a 15.52% decrease in his ownership.
• Analysts have set new price targets for Live Nation, with Wolfe Research raising the target to $168 and Morgan Stanley increasing theirs to $185, reflecting strong performance prospects.

Assetmark Inc. grew its holdings in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 4.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 197,196 shares of the company's stock after buying an additional 8,221 shares during the quarter. Assetmark Inc. owned 0.08% of Live Nation Entertainment worth $25,750,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in LYV. LPL Financial LLC boosted its stake in Live Nation Entertainment by 54.3% during the 4th quarter. LPL Financial LLC now owns 51,516 shares of the company's stock valued at $6,671,000 after acquiring an additional 18,135 shares during the last quarter. Corebridge Financial Inc. lifted its position in shares of Live Nation Entertainment by 15.3% during the fourth quarter. Corebridge Financial Inc. now owns 48,161 shares of the company's stock worth $6,237,000 after purchasing an additional 6,392 shares during the last quarter. Murphy & Mullick Capital Management Corp acquired a new position in Live Nation Entertainment in the fourth quarter worth about $40,000. Korea Investment CORP increased its holdings in Live Nation Entertainment by 21.0% in the fourth quarter. Korea Investment CORP now owns 135,206 shares of the company's stock valued at $17,509,000 after buying an additional 23,456 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Live Nation Entertainment by 12.6% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 252,264 shares of the company's stock worth $32,666,000 after buying an additional 28,288 shares during the last quarter. Institutional investors and hedge funds own 74.52% of the company's stock.

Insider Activity at Live Nation Entertainment

In other news, EVP John Hopmans sold 34,808 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $147.38, for a total value of $5,130,003.04. Following the completion of the transaction, the executive vice president directly owned 189,456 shares in the company, valued at $27,922,025.28. This trade represents a 15.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.72% of the company's stock.

Wall Street Analysts Forecast Growth

LYV has been the subject of a number of research analyst reports. Rosenblatt Securities lowered their price target on Live Nation Entertainment from $174.00 to $170.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Wolfe Research boosted their target price on shares of Live Nation Entertainment from $160.00 to $168.00 and gave the company an "outperform" rating in a research note on Tuesday, June 10th. Sanford C. Bernstein initiated coverage on shares of Live Nation Entertainment in a research report on Wednesday, June 4th. They issued an "outperform" rating and a $185.00 price target on the stock. Susquehanna set a $165.00 price target on shares of Live Nation Entertainment and gave the company a "positive" rating in a report on Tuesday, June 10th. Finally, Morgan Stanley set a $180.00 price objective on shares of Live Nation Entertainment in a research note on Thursday, July 24th. One equities research analyst has rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $165.82.

Live Nation Entertainment Stock Performance

Live Nation Entertainment stock traded up $2.04 during mid-day trading on Wednesday, hitting $152.53. 319,174 shares of the company's stock traded hands, compared to its average volume of 2,499,912. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 7.43. Live Nation Entertainment, Inc. has a one year low of $87.33 and a one year high of $157.75. The firm has a 50 day moving average price of $146.13 and a 200 day moving average price of $139.18. The company has a market cap of $35.35 billion, a PE ratio of 52.06, a price-to-earnings-growth ratio of 5.96 and a beta of 1.45.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The company reported ($0.32) earnings per share for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.29). The company had revenue of $3.38 billion for the quarter, compared to the consensus estimate of $3.63 billion. Live Nation Entertainment had a net margin of 4.28% and a return on equity of 125.77%. Live Nation Entertainment's revenue for the quarter was down 11.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.60 earnings per share. On average, equities analysts forecast that Live Nation Entertainment, Inc. will post 2.38 EPS 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.