Contravisory Investment Management Inc. Invests $504,000 in Live Nation Entertainment, Inc. $LYV

Key Points

• Contravisory Investment Management Inc. made a significant investment of $504,000 in Live Nation Entertainment, acquiring 3,334 shares in the second quarter.
• The company's stock has seen positive ratings from multiple brokerages, with Wolfe Research and Citigroup increasing their target prices to $168.00 and $195.00 respectively.
• Despite a missed earnings per share estimate of $1.08, Live Nation reported a revenue of $7.01 billion, surpassing expectations and reflecting a 16.3% increase year-over-year.

Contravisory Investment Management Inc. bought a new stake in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 3,334 shares of the company's stock, valued at approximately $504,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Gilbert & Cook Inc. increased its holdings in shares of Live Nation Entertainment by 1.4% in the first quarter. Gilbert & Cook Inc. now owns 5,538 shares of the company's stock worth $723,000 after purchasing an additional 75 shares during the period. Central Pacific Bank Trust Division increased its holdings in shares of Live Nation Entertainment by 1.8% in the second quarter. Central Pacific Bank Trust Division now owns 5,521 shares of the company's stock worth $835,000 after purchasing an additional 97 shares during the period. Trust Asset Management LLC increased its holdings in shares of Live Nation Entertainment by 5.8% in the first quarter. Trust Asset Management LLC now owns 1,785 shares of the company's stock worth $233,000 after purchasing an additional 98 shares during the period. Callan Family Office LLC increased its holdings in shares of Live Nation Entertainment by 1.8% in the first quarter. Callan Family Office LLC now owns 5,604 shares of the company's stock worth $732,000 after purchasing an additional 98 shares during the period. Finally, HM Payson & Co. increased its holdings in shares of Live Nation Entertainment by 9.5% in the first quarter. HM Payson & Co. now owns 1,150 shares of the company's stock worth $150,000 after purchasing an additional 100 shares during the period. 74.52% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on LYV. Susquehanna set a $165.00 target price on Live Nation Entertainment and gave the company a "positive" rating in a research note on Tuesday, June 10th. Guggenheim reiterated a "buy" rating and set a $170.00 target price on shares of Live Nation Entertainment in a report on Wednesday, June 18th. Rothschild Redb lowered shares of Live Nation Entertainment from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 16th. Wolfe Research raised their price objective on shares of Live Nation Entertainment from $160.00 to $168.00 and gave the stock an "outperform" 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 report on Thursday, July 24th. Eighteen analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, Live Nation Entertainment currently has an average rating of "Moderate Buy" and an average price target of $170.68.

Live Nation Entertainment Stock Performance

Shares of Live Nation Entertainment stock traded down $0.99 on Friday, hitting $163.69. 3,822,583 shares of the company's stock were exchanged, compared to its average volume of 2,047,208. The company has a 50-day simple moving average of $159.36 and a 200-day simple moving average of $143.98. The stock has a market capitalization of $38.38 billion, a PE ratio of 70.86, a PEG ratio of 11.04 and a beta of 1.42. Live Nation Entertainment, Inc. has a 1 year low of $102.72 and a 1 year high of $175.25. The company has a debt-to-equity ratio of 5.38, a quick ratio of 0.88 and a current ratio of 0.88.

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

Live Nation Entertainment Company 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.