CIBC Asset Management Inc Boosts Holdings in Live Nation Entertainment, Inc. $LYV

Key Points

• CIBC Asset Management increased its stake in Live Nation Entertainment by 65.6% in the fourth quarter, bringing its holdings to 39,681 shares worth about $5.7 million.
• Institutional interest in LYV remains strong, with hedge funds and other investors owning 74.52% of the company; several firms, including Norges Bank and Principal Financial Group, also added to their positions.
• Live Nation reported a larger-than-expected loss in its latest quarter, but revenue topped estimates and rose 12.1% year over year. Despite the earnings miss, Wall Street remains mostly bullish, with analysts giving the stock a Moderate Buy consensus and a $187.75 average price target.

CIBC Asset Management Inc grew its holdings in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 65.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 39,681 shares of the company's stock after purchasing an additional 15,713 shares during the quarter. CIBC Asset Management Inc's holdings in Live Nation Entertainment were worth $5,655,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in LYV. Norges Bank purchased a new position in Live Nation Entertainment in the fourth quarter worth approximately $285,924,000. Principal Financial Group Inc. lifted its stake 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 worth $1,528,700,000 after acquiring an additional 1,001,905 shares during the last quarter. Bessemer Group Inc. lifted its stake in Live Nation Entertainment by 70.0% in the fourth quarter. Bessemer Group Inc. now owns 1,843,750 shares of the company's stock worth $262,733,000 after acquiring an additional 759,363 shares during the last quarter. Woodline Partners LP lifted its stake in Live Nation Entertainment by 3,475.4% in the third quarter. Woodline Partners LP now owns 609,574 shares of the company's stock worth $99,604,000 after acquiring an additional 592,525 shares during the last quarter. Finally, Holocene Advisors LP increased its holdings in Live Nation Entertainment by 127.6% in the third quarter. Holocene Advisors LP now owns 814,163 shares of the company's stock valued at $133,034,000 after buying an additional 456,373 shares during the last quarter. Hedge funds and other institutional investors own 74.52% of the company's stock.

Live Nation Entertainment Stock Down 0.5%

LYV stock opened at $160.13 on Friday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 13.93. Live Nation Entertainment, Inc. has a twelve month low of $125.34 and a twelve month high of $175.25. The company's 50 day moving average is $160.87 and its two-hundred day moving average is $151.46. The stock has a market cap of $37.72 billion, a P/E ratio of -90.47 and a beta of 1.12.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last announced its earnings results on Tuesday, May 5th. The company reported ($1.85) EPS for the quarter, missing analysts' consensus estimates of ($0.35) by ($1.50). The business 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%. The business's revenue was up 12.1% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.32) earnings per share. Research analysts expect that Live Nation Entertainment, Inc. will post 1.13 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

LYV has been the topic of a number of analyst reports. Roth Mkm restated a "buy" rating and issued a $190.00 price target on shares of Live Nation Entertainment in a research note on Friday, February 20th. JPMorgan Chase & Co. raised their target price on Live Nation Entertainment from $178.00 to $180.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 6th. Sanford C. Bernstein raised their target price on Live Nation Entertainment from $185.00 to $200.00 and gave the stock an "outperform" rating in a research report on Friday, February 20th. The Goldman Sachs Group raised their target price on Live Nation Entertainment from $190.00 to $192.00 in a research report on Wednesday, May 6th. Finally, Wells Fargo & Company cut their price objective on shares of Live Nation Entertainment from $203.00 to $199.00 and set an "overweight" rating on the stock in a report on Wednesday, May 6th. Twenty analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Live Nation Entertainment has an average rating of "Moderate Buy" and a consensus target price of $187.75.

Insider Activity

In other news, EVP John Hopmans sold 93,078 shares of Live Nation Entertainment stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $166.07, for a total value of $15,457,463.46. Following the transaction, the executive vice president directly owned 188,751 shares of the company's stock, valued at $31,345,878.57. The trade was a 33.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Jeffrey T. Hinson sold 944 shares of Live Nation Entertainment stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $165.87, for a total transaction of $156,581.28. Following the completion of the transaction, the director directly owned 48,030 shares in the company, valued at $7,966,736.10. The trade was a 1.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 157,798 shares of company stock valued at $26,088,615 in the last ninety days. 2.89% of the stock is currently owned by company insiders.

Live Nation Entertainment Company 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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