Berger Financial Group Inc Acquires Shares of 38,745 Live Nation Entertainment, Inc. (NYSE:LYV)

Key Points

• Berger Financial Group Inc has made a substantial new investment of $5.06 million in Live Nation Entertainment, purchasing 38,745 shares valued at approximately $5,059,000.
• Several other institutional investors have also increased their stakes in Live Nation, with hedge funds currently owning 74.52% of the stock.
• Live Nation Entertainment's stock has shown resilience, rising 3.4%, despite analysts lowering price targets on the stock, with an average target price of $165.94.

Berger Financial Group Inc bought a new stake in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 38,745 shares of the company's stock, valued at approximately $5,059,000.

Other hedge funds have also recently bought and sold shares of the company. Envestnet Asset Management Inc. grew its position in shares of Live Nation Entertainment by 17.6% in the 4th quarter. Envestnet Asset Management Inc. now owns 309,783 shares of the company's stock valued at $40,117,000 after buying an additional 46,425 shares during the last quarter. Phoenix Financial Ltd. boosted its stake in Live Nation Entertainment by 18.9% during the fourth quarter. Phoenix Financial Ltd. now owns 35,929 shares of the company's stock valued at $4,653,000 after buying an additional 5,704 shares during the period. Treasurer of the State of North Carolina increased its holdings in shares of Live Nation Entertainment by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 69,443 shares of the company's stock worth $8,993,000 after buying an additional 440 shares during the period. Sterling Capital Management LLC increased its holdings in Live Nation Entertainment by 779.9% during the 4th quarter. Sterling Capital Management LLC now owns 25,289 shares of the company's stock valued at $3,275,000 after purchasing an additional 22,415 shares during the period. Finally, Rockefeller Capital Management L.P. bought a new stake in Live Nation Entertainment during the 4th quarter valued at approximately $1,405,000. 74.52% of the stock is currently owned by institutional investors.

Live Nation Entertainment Stock Up 0.9%

Shares of NYSE LYV traded up $1.35 during trading hours on Monday, hitting $154.48. The company had a trading volume of 3,040,976 shares, compared to its average volume of 2,091,317. Live Nation Entertainment, Inc. has a 1-year low of $91.25 and a 1-year high of $157.75. The firm's 50 day moving average is $147.72 and its 200-day moving average is $140.12. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 5.38. The stock has a market capitalization of $36.22 billion, a P/E ratio of 66.87, a price-to-earnings-growth ratio of 5.06 and a beta of 1.46.

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

Insider Transactions at Live Nation Entertainment

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

Wall Street Analyst Weigh In

Several research firms have recently commented on LYV. Susquehanna set a $165.00 price objective on Live Nation Entertainment and gave the stock a "positive" rating in a research note on Tuesday, June 10th. Benchmark lifted their price objective on shares of Live Nation Entertainment from $178.00 to $180.00 and gave the stock a "buy" rating in a research note on Friday. Rosenblatt Securities cut their target price on shares of Live Nation Entertainment from $174.00 to $170.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Sanford C. Bernstein began coverage on shares of Live Nation Entertainment in a report on Wednesday, June 4th. They issued an "outperform" rating and a $185.00 price objective on the stock. Finally, Roth Mkm dropped their target price on shares of Live Nation Entertainment from $174.00 to $164.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. One research analyst has rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $165.94.

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.