Federated Hermes Inc. Raises Stock Holdings in Live Nation Entertainment, Inc. (NYSE:LYV)

Key Points

• Federated Hermes Inc. increased its stake in Live Nation Entertainment by 21.7%, acquiring 119,811 shares during the first quarter, bringing its total holdings to approximately 671,974 shares valued at $87.7 million.
• Live Nation Entertainment reported a net loss of ($0.32) earnings per share for the last quarter, missing analyst estimates by ($0.29), and experienced an 11% decline in revenue year-over-year.
• Analysts have mixed opinions on Live Nation Entertainment, with a consensus target price of $165.82 and most maintaining a "buy" rating, while at least one analyst has given it a "hold" rating.

Federated Hermes Inc. raised its holdings in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 21.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 671,974 shares of the company's stock after acquiring an additional 119,811 shares during the period. Federated Hermes Inc. owned about 0.29% of Live Nation Entertainment worth $87,746,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. N.E.W. Advisory Services LLC bought a new position in shares of Live Nation Entertainment in the first quarter worth approximately $42,000. Meeder Asset Management Inc. bought a new position in shares of Live Nation Entertainment in the first quarter worth approximately $6,223,000. Meeder Advisory Services Inc. bought a new position in shares of Live Nation Entertainment in the first quarter worth approximately $215,000. Picton Mahoney Asset Management bought a new stake in Live Nation Entertainment in the first quarter valued at $1,415,000. Finally, Empirical Finance LLC boosted its holdings in Live Nation Entertainment by 4.0% in the first quarter. Empirical Finance LLC now owns 4,785 shares of the company's stock valued at $625,000 after acquiring an additional 186 shares in the last quarter. Institutional investors own 74.52% of the company's stock.

Insiders Place Their Bets

In other Live Nation Entertainment news, EVP John Hopmans sold 34,808 shares of the business's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $147.38, for a total value of $5,130,003.04. Following the completion of the transaction, the executive vice president owned 189,456 shares of the company's stock, valued at approximately $27,922,025.28. The trade was a 15.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 3.01% of the company's stock.

Live Nation Entertainment Stock Down 1.0%

Shares of LYV traded down $1.53 during trading hours on Friday, hitting $146.17. The company had a trading volume of 1,725,926 shares, compared to its average volume of 2,502,545. The firm has a fifty day moving average price of $146.35 and a 200-day moving average price of $139.39. The company has a debt-to-equity ratio of 7.43, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a market capitalization of $33.88 billion, a price-to-earnings ratio of 49.89, a P/E/G ratio of 5.92 and a beta of 1.45. Live Nation Entertainment, Inc. has a 52-week low of $87.33 and a 52-week high of $157.75.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.29). Live Nation Entertainment had a return on equity of 125.77% and a net margin of 4.28%. The company had revenue of $3.38 billion during the quarter, compared to analysts' expectations of $3.63 billion. During the same period in the prior year, the firm earned $0.60 EPS. Live Nation Entertainment's revenue for the quarter was down 11.0% compared to the same quarter last year. On average, equities research analysts forecast that Live Nation Entertainment, Inc. will post 2.38 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms recently weighed in on LYV. Roth Mkm cut their price target on shares of Live Nation Entertainment from $174.00 to $164.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. Morgan Stanley set a $180.00 price target on shares of Live Nation Entertainment in a report on Thursday, July 24th. Susquehanna set a $165.00 price target on shares of Live Nation Entertainment and gave the company a "positive" rating in a report on Tuesday, June 10th. Sanford C. Bernstein began coverage on shares of Live Nation Entertainment in a report on Wednesday, June 4th. They issued an "outperform" rating and a $185.00 price target on the stock. Finally, Rosenblatt Securities cut their price target on shares of Live Nation Entertainment from $174.00 to $170.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. One analyst has rated the stock with a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat.com, Live Nation Entertainment has a consensus rating of "Moderate Buy" and a consensus target price of $165.82.

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.