Dorsey Asset Management LLC Makes New Investment in Live Nation Entertainment, Inc. $LYV

Key Points

• Dorsey Asset Management opened a new position in Live Nation Entertainment in the fourth quarter, buying 602,973 shares worth about $85.9 million. The stake now represents about 7.5% of its portfolio.
• Live Nation’s latest earnings showed a mixed result: revenue beat estimates at $3.79 billion, but EPS missed badly at -$1.85 versus -$0.35 expected. Revenue still rose 12.1% year over year.
• Wall Street sentiment remains broadly positive, with 20 Buy ratings and 3 Hold ratings, giving the stock a consensus Moderate Buy and an average target price of $188.50. Analysts at Morgan Stanley and Goldman Sachs recently raised their price targets.

Dorsey Asset Management LLC purchased a new position in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 602,973 shares of the company's stock, valued at approximately $85,924,000. Live Nation Entertainment comprises about 7.5% of Dorsey Asset Management LLC's investment portfolio, making the stock its 7th largest position. Dorsey Asset Management LLC owned approximately 0.26% of Live Nation Entertainment at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Leonteq Securities AG bought a new position in shares of Live Nation Entertainment during the fourth quarter valued at about $25,000. Nvest Wealth Strategies Inc. bought a new position in shares of Live Nation Entertainment during the fourth quarter valued at about $26,000. Ameriflex Group Inc. raised its stake in shares of Live Nation Entertainment by 102.4% during the third quarter. Ameriflex Group Inc. now owns 166 shares of the company's stock valued at $27,000 after acquiring an additional 84 shares during the last quarter. Elyxium Wealth LLC bought a new position in shares of Live Nation Entertainment during the fourth quarter valued at about $30,000. Finally, Blue Trust Inc. raised its stake in shares of Live Nation Entertainment by 62.6% during the fourth quarter. Blue Trust Inc. now owns 278 shares of the company's stock valued at $40,000 after acquiring an additional 107 shares during the last quarter. 74.52% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently commented on LYV shares. Wall Street Zen raised shares of Live Nation Entertainment from a "sell" rating to a "hold" rating in a research note on Saturday, April 11th. Morgan Stanley upped their price objective on shares of Live Nation Entertainment from $185.00 to $200.00 and gave the company an "overweight" rating in a research note on Wednesday, June 10th. Rothschild & Co Redburn upped their price objective on shares of Live Nation Entertainment from $193.00 to $195.00 in a research note on Wednesday, May 6th. Oppenheimer reaffirmed an "outperform" rating and set a $190.00 price objective on shares of Live Nation Entertainment in a research note on Friday, February 20th. Finally, The Goldman Sachs Group upped their price objective on shares of Live Nation Entertainment from $190.00 to $192.00 in a research note on Wednesday, May 6th. Twenty equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Live Nation Entertainment presently has a consensus rating of "Moderate Buy" and an average target price of $188.50.

Live Nation Entertainment Price Performance

LYV stock opened at $174.14 on Wednesday. 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 cap of $41.02 billion, a P/E ratio of -98.39 and a beta of 1.12. The firm has a 50-day moving average of $163.32 and a 200 day moving average of $153.55. The company has a debt-to-equity ratio of 13.93, a current ratio of 0.88 and a quick ratio of 0.88.

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

Insider Transactions at Live Nation Entertainment

In related news, EVP Michael Rowles sold 63,776 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $164.24, for a total value of $10,474,570.24. Following the completion of the transaction, the executive vice president directly owned 204,716 shares of the company's stock, valued at $33,622,555.84. This represents a 23.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP John Hopmans sold 93,078 shares of the stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $166.07, for a total transaction of $15,457,463.46. Following the completion of the transaction, the executive vice president directly owned 188,751 shares of the company's stock, valued at approximately $31,345,878.57. The trade was a 33.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.89% of the stock is owned by corporate insiders.

About Live Nation Entertainment

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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