Corient Private Wealth LP Makes New Investment in Live Nation Entertainment, Inc. $LYV

Key Points

• Corient Private Wealth initiated a 24,829-share position in Live Nation Entertainment during the second quarter, valued at approximately $4.55 million. Institutional investors collectively own 74.52% of the company.
• Analyst sentiment is broadly positive: 20 analysts rate the stock Buy and four rate it Hold, resulting in a “Moderate Buy” consensus and an average price target of $197.19.
• Live Nation exceeded quarterly expectations, reporting $1.05 in earnings per share versus the $0.66 estimate and $7.67 billion in revenue, up 9.4% year over year.

Corient Private Wealth LP purchased a new stake in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) in the second quarter, according to its most recent filing with the SEC. The firm purchased 24,829 shares of the company's stock, valued at approximately $4,547,000.

Other institutional investors have also modified their holdings of the company. Perennial Investment Advisors LLC purchased a new position in Live Nation Entertainment in the 2nd quarter valued at approximately $257,000. Bamco Inc. NY acquired a new stake in Live Nation Entertainment in the second quarter valued at $56,589,000. Bank of America Corp DE purchased a new position in shares of Live Nation Entertainment in the second quarter valued at $1,221,398,000. Jupiter Topco LLC acquired a new position in shares of Live Nation Entertainment during the 2nd quarter worth $1,887,000. Finally, Linonia Partnership LP purchased a new stake in shares of Live Nation Entertainment in the 2nd quarter worth about $123,250,000. Hedge funds and other institutional investors own 74.52% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. JPMorgan Chase & Co. raised their target price on shares of Live Nation Entertainment from $180.00 to $205.00 and gave the company an "overweight" rating in a report on Tuesday, July 21st. Wells Fargo & Company increased their price target on shares of Live Nation Entertainment from $199.00 to $222.00 and gave the company an "overweight" rating in a research report on Thursday, July 9th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $205.00 price objective on shares of Live Nation Entertainment in a research note on Friday, July 31st. Weiss Ratings raised Live Nation Entertainment from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Monday, August 17th. Finally, Zacks Research upgraded Live Nation Entertainment from a "strong sell" rating to a "hold" rating in a report on Monday, August 17th. Twenty research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $197.19.

Insiders Place Their Bets

In other Live Nation Entertainment news, CAO Brian Capo sold 2,900 shares of the stock in a transaction on Monday, August 24th. The stock was sold at an average price of $184.00, for a total transaction of $533,600.00. Following the transaction, the chief accounting officer owned 8,655 shares of the company's stock, valued at $1,592,520. This represents a 25.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 2.89% of the company's stock.

Live Nation Entertainment Price Performance

Live Nation Entertainment stock opened at $180.04 on Tuesday. The stock has a market capitalization of $42.42 billion, a P/E ratio of -159.33 and a beta of 1.12. Live Nation Entertainment, Inc. has a 12-month low of $125.34 and a 12-month high of $189.24. The company has a debt-to-equity ratio of 8.25, a current ratio of 0.85 and a quick ratio of 0.85. The firm's 50-day moving average is $181.43 and its two-hundred day moving average is $168.12.

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

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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