Live Nation Entertainment, Inc. $LYV Stock Position Reduced by DoubleLine ETF Adviser LP

Key Points

• DoubleLine ETF Adviser LP has reduced its stake in Live Nation Entertainment by 16.8%, selling 4,033 shares, leaving them with approximately 19,914 shares valued at $2.6 million.
• Live Nation stock has received multiple "buy" ratings from analysts, with target prices ranging from $165.00 to $195.00, reflecting a generally positive outlook.
• In its recent earnings report, Live Nation missed earnings per share estimates but exceeded revenue expectations, reporting $7.01 billion in revenue, which was up 16.3% year-over-year.

DoubleLine ETF Adviser LP cut its stake in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 16.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 19,914 shares of the company's stock after selling 4,033 shares during the period. DoubleLine ETF Adviser LP's holdings in Live Nation Entertainment were worth $2,600,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Robeco Institutional Asset Management B.V. purchased a new stake in shares of Live Nation Entertainment during the first quarter valued at about $1,153,000. Praxis Investment Management Inc. lifted its holdings in Live Nation Entertainment by 45.2% in the 1st quarter. Praxis Investment Management Inc. now owns 5,560 shares of the company's stock valued at $726,000 after purchasing an additional 1,730 shares in the last quarter. Stratos Wealth Partners LTD. purchased a new position in Live Nation Entertainment in the 1st quarter valued at $272,000. Teacher Retirement System of Texas purchased a new position in shares of Live Nation Entertainment during the 1st quarter worth $3,081,000. Finally, Personal CFO Solutions LLC purchased a new position in shares of Live Nation Entertainment during the 1st quarter worth $277,000. 74.52% of the stock is owned by hedge funds and other institutional investors.

Live Nation Entertainment Price Performance

Live Nation Entertainment stock traded up $1.07 during trading hours on Tuesday, hitting $170.47. The stock had a trading volume of 878,112 shares, compared to its average volume of 2,430,983. The company has a debt-to-equity ratio of 5.38, a current ratio of 0.88 and a quick ratio of 0.88. The stock has a market capitalization of $39.97 billion, a price-to-earnings ratio of 73.77, a PEG ratio of 11.02 and a beta of 1.42. Live Nation Entertainment, Inc. has a 1-year low of $93.64 and a 1-year high of $170.86. The stock's fifty day moving average is $155.19 and its two-hundred day moving average is $142.27.

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

Analyst Ratings Changes

A number of brokerages recently issued reports on LYV. Morgan Stanley set a $180.00 price objective on Live Nation Entertainment in a research report on Thursday, July 24th. Benchmark lifted their target price on Live Nation Entertainment from $178.00 to $180.00 and gave the company a "buy" rating in a research report on Friday, August 8th. Sanford C. Bernstein initiated coverage on Live Nation Entertainment in a research report on Wednesday, June 4th. They set an "outperform" rating and a $185.00 price objective for the company. Citigroup boosted their target price on Live Nation Entertainment from $165.00 to $195.00 and gave the stock a "buy" rating in a research note on Tuesday. Finally, Guggenheim reiterated a "buy" rating and issued a $170.00 price objective on shares of Live Nation Entertainment in a research note on Wednesday, June 18th. Eighteen research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $170.72.

About Live Nation Entertainment

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.