Handelsbanken Fonder AB Reduces Holdings in Live Nation Entertainment, Inc. $LYV

Key Points

• Handelsbanken Fonder AB cut its stake in Live Nation by 75.7% in Q3, selling 23,620 shares and leaving 7,598 shares valued at $1.242 million.
• In the latest quarter Live Nation reported EPS of ($1.06), missing estimates by $0.06 while revenue rose 11.1% to $6.31 billion, and the company carries a high debt-to-equity ratio of 8.51.
• Analyst sentiment is broadly positive: MarketBeat shows a consensus "Moderate Buy" with an average price target of $182.19 and multiple firms issuing Buy/Outperform ratings.

Handelsbanken Fonder AB cut its position in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 75.7% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,598 shares of the company's stock after selling 23,620 shares during the quarter. Handelsbanken Fonder AB's holdings in Live Nation Entertainment were worth $1,242,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in LYV. Empowered Funds LLC grew its position in shares of Live Nation Entertainment by 3.3% during the first quarter. Empowered Funds LLC now owns 17,376 shares of the company's stock worth $2,269,000 after acquiring an additional 547 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in Live Nation Entertainment during the 2nd quarter worth $941,000. Retirement Systems of Alabama grew its position in Live Nation Entertainment by 0.4% during the 2nd quarter. Retirement Systems of Alabama now owns 33,819 shares of the company's stock worth $5,116,000 after purchasing an additional 123 shares during the last quarter. State of Michigan Retirement System raised its holdings in shares of Live Nation Entertainment by 0.7% in the second quarter. State of Michigan Retirement System now owns 42,811 shares of the company's stock valued at $6,476,000 after buying an additional 300 shares during the last quarter. Finally, Resona Asset Management Co. Ltd. boosted its stake in shares of Live Nation Entertainment by 5.3% during the second quarter. Resona Asset Management Co. Ltd. now owns 52,706 shares of the company's stock worth $7,963,000 after buying an additional 2,663 shares during the period. Hedge funds and other institutional investors own 74.52% of the company's stock.

Live Nation Entertainment Price Performance

Live Nation Entertainment stock opened at $158.65 on Thursday. The company has a debt-to-equity ratio of 8.51, a quick ratio of 1.00 and a current ratio of 1.00. Live Nation Entertainment, Inc. has a one year low of $112.88 and a one year high of $175.25. The company has a market cap of $37.25 billion, a P/E ratio of -661.04 and a beta of 1.11. The business has a fifty day moving average of $149.02 and a two-hundred day moving average of $150.45.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last announced its quarterly earnings results on Thursday, February 19th. The company reported ($1.06) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.00) by ($0.06). Live Nation Entertainment had a net margin of 1.79% and a return on equity of 48.11%. The company had revenue of $6.31 billion during the quarter, compared to analysts' expectations of $6.12 billion. During the same quarter in the prior year, the business earned $0.58 EPS. The business's revenue for the quarter was up 11.1% 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.

Wall Street Analyst Weigh In

LYV has been the topic of several recent research reports. Moffett Nathanson dropped their price target on Live Nation Entertainment from $185.00 to $180.00 and set a "buy" rating on the stock in a research report on Thursday, January 22nd. Oppenheimer reissued an "outperform" rating and issued a $190.00 target price on shares of Live Nation Entertainment in a report on Friday, February 20th. Benchmark reaffirmed a "buy" rating on shares of Live Nation Entertainment in a report on Thursday, February 19th. Guggenheim dropped their price objective on shares of Live Nation Entertainment from $172.00 to $168.00 and set a "buy" rating on the stock in a research note on Wednesday, January 14th. Finally, Wells Fargo & Company initiated coverage on shares of Live Nation Entertainment in a research note on Wednesday, February 25th. They issued an "overweight" rating and a $204.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, Live Nation Entertainment currently has a consensus rating of "Moderate Buy" and a consensus price target of $182.19.

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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