Evergreen Quality Fund GP Ltd. Acquires 296,269 Shares of Live Nation Entertainment, Inc. $LYV

Key Points

• Evergreen Quality Fund GP Ltd. sharply increased its stake in Live Nation Entertainment by 2,067.3% in the fourth quarter, adding 296,269 shares and bringing its total holdings to 310,600 shares worth about $44.3 million.
• Analysts remain broadly positive on LYV, with 20 Buy ratings and 3 Hold ratings; the consensus view is a Moderate Buy and the average price target is $188.50.
• Live Nation reported mixed quarterly results, missing EPS estimates but beating revenue expectations with $3.79 billion in sales, while insiders Michael Rowles and John Hopmans recently sold significant blocks of shares.

Evergreen Quality Fund GP Ltd. increased its holdings in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 2,067.3% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 310,600 shares of the company's stock after acquiring an additional 296,269 shares during the period. Live Nation Entertainment comprises about 0.9% of Evergreen Quality Fund GP Ltd.'s investment portfolio, making the stock its 21st biggest position. Evergreen Quality Fund GP Ltd. owned 0.13% of Live Nation Entertainment worth $44,260,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Ameriflex Group Inc. boosted its holdings in 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 purchasing an additional 84 shares in the last quarter. Leonteq Securities AG bought a new position in shares of Live Nation Entertainment during the 4th quarter worth approximately $25,000. Nvest Wealth Strategies Inc. acquired a new stake in Live Nation Entertainment in the 4th quarter valued at $26,000. Elyxium Wealth LLC bought a new stake in Live Nation Entertainment in the fourth quarter valued at $30,000. Finally, DV Equities LLC acquired a new position in Live Nation Entertainment during the fourth quarter worth $31,000. Institutional investors and hedge funds own 74.52% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Benchmark restated a "buy" rating on shares of Live Nation Entertainment in a research note on Thursday, February 19th. Zacks Research raised shares of Live Nation Entertainment from a "strong sell" rating to a "hold" rating in a report on Friday, May 8th. JPMorgan Chase & Co. boosted their price target on shares of Live Nation Entertainment from $178.00 to $180.00 and gave the company an "overweight" rating in a research report on Wednesday, May 6th. Oppenheimer reaffirmed an "outperform" rating and set a $190.00 price objective on shares of Live Nation Entertainment in a report on Friday, February 20th. Finally, Morgan Stanley boosted their target price on Live Nation Entertainment from $185.00 to $200.00 and gave the stock an "overweight" rating in a report on Wednesday, June 10th. Twenty analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $188.50.

Insider Activity at Live Nation Entertainment

In other Live Nation Entertainment news, EVP Michael Rowles sold 63,776 shares of the company's stock in a transaction on Friday, May 8th. The stock was sold at an average price of $164.24, for a total transaction of $10,474,570.24. Following the transaction, the executive vice president owned 204,716 shares of the company's stock, valued at approximately $33,622,555.84. This represents a 23.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John Hopmans sold 93,078 shares of the stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $166.07, for a total value of $15,457,463.46. Following the completion of the transaction, the executive vice president owned 188,751 shares in the company, valued at $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. Insiders own 2.89% of the company's stock.

Live Nation Entertainment Stock Down 1.5%

Shares of NYSE LYV opened at $171.41 on Thursday. Live Nation Entertainment, Inc. has a 12-month low of $125.34 and a 12-month high of $176.00. The firm's 50-day simple moving average is $163.55 and its 200 day simple moving average is $153.83. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 13.93. The company has a market cap of $40.37 billion, a price-to-earnings ratio of -96.84 and a beta of 1.12.

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

Live Nation Entertainment Company 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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