Bank of America Corp DE Takes $1.22 Billion Position in Live Nation Entertainment, Inc. $LYV

Key Points

• Bank of America acquired 6.67 million Live Nation shares worth approximately $1.22 billion, giving it a 2.83% stake. Institutional investors collectively own 74.52% of the company.
• Live Nation reported quarterly EPS of $1.05, beating the $0.66 consensus estimate, while revenue rose 9.4% year over year to $7.67 billion.
• Analysts maintain a broadly bullish outlook, with a consensus “Moderate Buy” rating and an average price target of $197.19, although Weiss Ratings downgraded the stock to “sell.”

Bank of America Corp DE purchased a new position in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 6,670,297 shares of the company's stock, valued at approximately $1,221,398,000. Bank of America Corp DE owned 2.83% of Live Nation Entertainment as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in LYV. Canada Pension Plan Investment Board acquired a new position in shares of Live Nation Entertainment in the second quarter valued at $859,018,000. Norges Bank acquired a new stake in Live Nation Entertainment during the fourth quarter worth $285,924,000. Sachem Head Capital Management LP bought a new stake in Live Nation Entertainment in the 4th quarter valued at $173,380,000. Jericho Capital Asset Management L.P. raised its stake in shares of Live Nation Entertainment by 37.9% in the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,996,512 shares of the company's stock valued at $569,503,000 after buying an additional 1,099,350 shares in the last quarter. Finally, Findlay Park Partners LLP bought a new position in shares of Live Nation Entertainment during the 2nd quarter worth about $195,781,000. 74.52% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Live Nation Entertainment news, CAO Brian Capo sold 2,900 shares of the firm's stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $184.00, for a total value of $533,600.00. Following the completion of the sale, the chief accounting officer owned 8,655 shares in the company, valued at approximately $1,592,520. This trade represents a 25.10% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 2.89% of the company's stock.

Live Nation Entertainment Trading Up 0.9%

LYV stock opened at $171.62 on Tuesday. The business has a fifty day moving average price of $180.10 and a 200 day moving average price of $169.24. The company has a debt-to-equity ratio of 8.25, a current ratio of 0.85 and a quick ratio of 0.85. Live Nation Entertainment, Inc. has a fifty-two week low of $125.34 and a fifty-two week high of $189.24. The stock has a market capitalization of $40.44 billion, a price-to-earnings ratio of -151.88 and a beta of 1.11.

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

Analyst Upgrades and Downgrades

LYV has been the topic of several recent research reports. Weiss Ratings lowered shares of Live Nation Entertainment from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Tuesday, September 1st. JPMorgan Chase & Co. raised their price target on shares of Live Nation Entertainment from $180.00 to $205.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 21st. Benchmark lifted their price objective on Live Nation Entertainment from $190.00 to $215.00 and gave the company a "buy" rating in a report on Friday, July 31st. Citigroup upped their price objective on Live Nation Entertainment from $181.00 to $212.00 and gave the company a "buy" rating in a research note on Monday, August 3rd. Finally, Guggenheim raised their target price on Live Nation Entertainment from $197.00 to $218.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. Twenty equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Live Nation Entertainment currently has a consensus rating of "Moderate Buy" and an average price target of $197.19.

Live Nation Entertainment Company Profile

Live Nation Entertainment, Inc is a global live entertainment company that produces, promotes and operates concerts, music festivals and other live events. Through its concert promotion business, the company works with artists and venues to organize events across a broad range of music genres.

The company also operates Ticketmaster, a ticketing platform that provides ticket sales, distribution and related technology for concerts, sports and other events. In addition, Live Nation manages and operates entertainment venues and provides sponsorship and advertising services that connect brands with live audiences.

Live Nation was formed in 2005 through the combination of Clear Channel Entertainment's live entertainment business and Live Nation.

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