BI Asset Management Fondsmaeglerselskab A S Has $2.11 Million Holdings in Live Nation Entertainment, Inc. $LYV

Key Points

• BI Asset Management Fondsmaeglerselskab A S nearly doubled its stake in Live Nation Entertainment during the first quarter, buying 6,797 additional shares and lifting its holdings to 13,825 shares worth about $2.11 million.
• Live Nation reported mixed quarterly results, with adjusted EPS of $(1.85) missing estimates, while revenue came in at $3.79 billion, topping expectations and rising 12.1% year over year.
• Insiders sold stock and analysts remain mostly bullish: two executive vice presidents recently sold shares, while Wall Street’s consensus rating on LYV is “Moderate Buy” with an average price target of $188.50.

BI Asset Management Fondsmaeglerselskab A S increased its holdings in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 96.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,825 shares of the company's stock after purchasing an additional 6,797 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S's holdings in Live Nation Entertainment were worth $2,108,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Principal Financial Group Inc. boosted its stake in shares of Live Nation Entertainment by 10.3% during the 4th quarter. Principal Financial Group Inc. now owns 10,727,681 shares of the company's stock worth $1,528,700,000 after buying an additional 1,001,905 shares during the last quarter. Independent Franchise Partners LLP raised its holdings in Live Nation Entertainment by 3.5% during the fourth quarter. Independent Franchise Partners LLP now owns 5,733,718 shares of the company's stock worth $817,055,000 after acquiring an additional 193,104 shares in the last quarter. Capital World Investors raised its holdings in Live Nation Entertainment by 4.8% during the third quarter. Capital World Investors now owns 5,145,834 shares of the company's stock worth $840,829,000 after acquiring an additional 237,342 shares in the last quarter. Geode Capital Management LLC boosted its position in Live Nation Entertainment by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 4,301,900 shares of the company's stock valued at $610,707,000 after purchasing an additional 20,165 shares during the last quarter. Finally, Jericho Capital Asset Management L.P. grew its stake 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 valued at $569,503,000 after purchasing an additional 1,099,350 shares in the last quarter. 74.52% of the stock is currently owned by institutional investors and hedge funds.

Live Nation Entertainment Trading Down 1.1%

Shares of Live Nation Entertainment stock opened at $168.73 on Wednesday. The company has a debt-to-equity ratio of 13.93, a current ratio of 0.88 and a quick ratio of 0.88. The business has a fifty day simple moving average of $164.24 and a two-hundred day simple moving average of $154.91. Live Nation Entertainment, Inc. has a 1 year low of $125.34 and a 1 year high of $176.00. The company has a market capitalization of $39.74 billion, a price-to-earnings ratio of -95.33 and a beta of 1.12.

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

Insider Transactions at Live Nation Entertainment

In other news, EVP Michael Rowles sold 63,776 shares of the business's stock in a transaction that occurred on Friday, May 8th. The stock was 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 owned 204,716 shares in the company, valued at $33,622,555.84. The trade was a 23.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP John Hopmans sold 93,078 shares of the stock in a transaction that occurred 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 transaction, the executive vice president owned 188,751 shares in the company, valued at approximately $31,345,878.57. This trade represents a 33.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.89% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on LYV shares. Jefferies Financial Group reiterated a "hold" rating on shares of Live Nation Entertainment in a research note on Monday, March 9th. JPMorgan Chase & Co. raised their target price on shares of Live Nation Entertainment from $178.00 to $180.00 and gave the company an "overweight" rating in a research note on Wednesday, May 6th. Susquehanna boosted their target price on shares of Live Nation Entertainment from $180.00 to $181.00 in a report on Wednesday, May 6th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Live Nation Entertainment from $180.00 to $185.00 and gave the stock a "buy" rating in a research report on Wednesday, May 6th. Finally, Wall Street Zen upgraded shares of Live Nation Entertainment from a "sell" rating to a "hold" rating in a research note on Saturday, April 11th. Twenty investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, Live Nation Entertainment has a consensus rating of "Moderate Buy" and an average target price of $188.50.

Live Nation Entertainment Profile

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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