Geode Capital Management LLC Purchases 20,165 Shares of Live Nation Entertainment, Inc. $LYV

Key Points

• Geode Capital Management increased its Live Nation stake by 20,165 shares in the fourth quarter, bringing its total holdings to 4.3 million shares worth about $610.7 million.
• Live Nation’s latest quarterly results showed revenue of $3.79 billion, topping expectations, but EPS of -$1.85 missed analyst estimates by a wide margin.
• Institutional ownership remains high at 74.52%, while analysts are still broadly positive on the stock with a Moderate Buy rating and an average price target of $187.75.

Geode Capital Management LLC raised its stake in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 0.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,301,900 shares of the company's stock after buying an additional 20,165 shares during the period. Geode Capital Management LLC owned about 1.83% of Live Nation Entertainment worth $610,707,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Bessemer Group Inc. grew its position in shares of Live Nation Entertainment by 70.0% in the 4th quarter. Bessemer Group Inc. now owns 1,843,750 shares of the company's stock valued at $262,733,000 after buying an additional 759,363 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of Live Nation Entertainment by 22.1% in the 3rd quarter. Principal Financial Group Inc. now owns 9,725,776 shares of the company's stock valued at $1,589,196,000 after buying an additional 1,763,511 shares during the last quarter. Profund Advisors LLC grew its position in shares of Live Nation Entertainment by 51.1% in the 3rd quarter. Profund Advisors LLC now owns 11,141 shares of the company's stock valued at $1,820,000 after buying an additional 3,767 shares during the last quarter. Envestnet Asset Management Inc. grew its position in shares of Live Nation Entertainment by 8.5% in the 3rd quarter. Envestnet Asset Management Inc. now owns 334,934 shares of the company's stock valued at $54,728,000 after buying an additional 26,116 shares during the last quarter. Finally, L2 Asset Management LLC grew its position in shares of Live Nation Entertainment by 70.4% in the 3rd quarter. L2 Asset Management LLC now owns 35,019 shares of the company's stock valued at $5,722,000 after buying an additional 14,470 shares during the last quarter. Institutional investors own 74.52% of the company's stock.

Live Nation Entertainment Stock Performance

Shares of LYV opened at $168.34 on Friday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 13.93. The company has a market capitalization of $39.65 billion, a price-to-earnings ratio of -95.11 and a beta of 1.11. The stock has a 50 day moving average of $159.65 and a 200 day moving average of $150.59. Live Nation Entertainment, Inc. has a 12 month low of $125.34 and a 12 month high of $175.25.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($1.85) EPS for the quarter, missing analysts' consensus estimates of ($0.35) by ($1.50). The business had revenue of $3.79 billion for the quarter, compared to analysts' expectations of $3.57 billion. Live Nation Entertainment had a net margin of 0.15% and a return on equity of 45.92%. The business's revenue was up 12.1% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.32) earnings per share. As a group, sell-side analysts forecast that Live Nation Entertainment, Inc. will post 1.13 earnings per share for the current year.

Insider Activity at Live Nation Entertainment

In other Live Nation Entertainment news, Director Jeffrey T. Hinson sold 944 shares of the firm's stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $165.87, for a total value of $156,581.28. Following the completion of the sale, the director directly owned 48,030 shares of the company's stock, valued at $7,966,736.10. This trade represents a 1.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP John Hopmans sold 93,078 shares of the firm's stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $166.07, for a total value of $15,457,463.46. Following the completion of the sale, the executive vice president directly owned 188,751 shares of the company's stock, valued at $31,345,878.57. This represents a 33.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 157,798 shares of company stock valued at $26,088,615. 2.89% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms have commented on LYV. Morgan Stanley reiterated an "overweight" rating and issued a $185.00 price target on shares of Live Nation Entertainment in a research report on Friday, February 20th. Oppenheimer reiterated an "outperform" rating and issued a $190.00 price target on shares of Live Nation Entertainment in a research report on Friday, February 20th. Roth Mkm reissued a "buy" rating and issued a $190.00 price objective on shares of Live Nation Entertainment in a research note on Friday, February 20th. Zacks Research raised Live Nation Entertainment from a "strong sell" rating to a "hold" rating in a research note on Friday, May 8th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Live Nation Entertainment from $178.00 to $180.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 6th. Twenty research 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, Live Nation Entertainment presently has an average rating of "Moderate Buy" and an average price target of $187.75.

Live Nation Entertainment 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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