Cumberland Partners Ltd Makes New $914,000 Investment in Live Nation Entertainment, Inc. (NYSE:LYV)

Key Points

• Cumberland Partners Ltd has acquired a new position in Live Nation Entertainment, investing approximately $914,000 for 7,000 shares during the first quarter of the year.
• Live Nation's stock saw a notable insider transaction, with EVP John Hopmans selling 34,808 shares for over $5 million, reducing his ownership by 15.52%.
• Analysts remain optimistic, with a consensus rating of "Moderate Buy" and a target price of approximately $165.82, despite the company reporting an earnings miss of ($0.32) EPS compared to expectations.

Cumberland Partners Ltd acquired a new position in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 7,000 shares of the company's stock, valued at approximately $914,000.

A number of other hedge funds also recently made changes to their positions in the stock. Canada Pension Plan Investment Board lifted its stake in Live Nation Entertainment by 0.5% in the fourth quarter. Canada Pension Plan Investment Board now owns 8,650,015 shares of the company's stock worth $1,120,177,000 after purchasing an additional 44,703 shares during the last quarter. Principal Financial Group Inc. lifted its stake in Live Nation Entertainment by 4.0% in the first quarter. Principal Financial Group Inc. now owns 7,596,509 shares of the company's stock worth $991,952,000 after purchasing an additional 294,310 shares during the last quarter. Independent Franchise Partners LLP lifted its stake in Live Nation Entertainment by 207.6% in the fourth quarter. Independent Franchise Partners LLP now owns 4,693,986 shares of the company's stock worth $607,871,000 after purchasing an additional 3,168,210 shares during the last quarter. Jericho Capital Asset Management L.P. lifted its stake in Live Nation Entertainment by 32.0% in the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,208,082 shares of the company's stock worth $415,447,000 after purchasing an additional 777,105 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its stake in Live Nation Entertainment by 46.1% in the first quarter. Massachusetts Financial Services Co. MA now owns 2,804,375 shares of the company's stock worth $366,195,000 after purchasing an additional 884,745 shares during the last quarter. 74.52% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on LYV shares. Guggenheim reaffirmed a "buy" rating and set a $170.00 price objective on shares of Live Nation Entertainment in a research note on Wednesday, June 18th. Susquehanna set a $165.00 price objective on shares of Live Nation Entertainment and gave the company a "positive" rating in a research note on Tuesday, June 10th. Morgan Stanley set a $180.00 price objective on shares of Live Nation Entertainment in a research note on Thursday, July 24th. Rosenblatt Securities lowered their price objective 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. Finally, Sanford C. Bernstein started coverage on shares of Live Nation Entertainment in a research note on Wednesday, June 4th. They set an "outperform" rating and a $185.00 price objective for the company. One research analyst has rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $165.82.

Insiders Place Their Bets

In related news, EVP John Hopmans sold 34,808 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $147.38, for a total transaction of $5,130,003.04. Following the transaction, the executive vice president owned 189,456 shares in the company, valued at $27,922,025.28. This represents a 15.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 3.01% of the stock is currently owned by company insiders.

Live Nation Entertainment Stock Up 0.3%

Shares of NYSE LYV traded up $0.42 during midday trading on Thursday, hitting $149.71. The stock had a trading volume of 362,674 shares, compared to its average volume of 2,476,873. The company has a market cap of $34.70 billion, a P/E ratio of 51.04, a PEG ratio of 5.86 and a beta of 1.46. The business's 50 day moving average is $146.83 and its 200-day moving average is $139.82. Live Nation Entertainment, Inc. has a 52 week low of $89.69 and a 52 week high of $157.75. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 7.43.

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.