Hennessy Advisors Inc. Trims Position in Live Nation Entertainment, Inc. $LYV

Key Points

• Hennessy Advisors Inc. has decreased its stake in Live Nation Entertainment by 14.9%, owning 73,995 shares worth approximately $11.19 million after selling 13,005 shares in Q2.
• Research analysts have raised their target prices for Live Nation Entertainment, with Benchmark setting a new price target of $190.00 and Citigroup raising theirs to $195.00, indicating overall strong support for the stock.
• Live Nation reported a revenue of $7.01 billion for the most recent quarter, exceeding estimates, although its earnings per share missed analyst expectations.

Hennessy Advisors Inc. lessened its stake in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 14.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 73,995 shares of the company's stock after selling 13,005 shares during the period. Hennessy Advisors Inc.'s holdings in Live Nation Entertainment were worth $11,194,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. Procyon Advisors LLC grew its holdings in Live Nation Entertainment by 8.9% during the 1st quarter. Procyon Advisors LLC now owns 10,943 shares of the company's stock worth $1,429,000 after acquiring an additional 894 shares in the last quarter. SOA Wealth Advisors LLC. grew its holdings in Live Nation Entertainment by 678.4% during the 1st quarter. SOA Wealth Advisors LLC. now owns 3,892 shares of the company's stock worth $508,000 after acquiring an additional 3,392 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in Live Nation Entertainment by 72.6% during the 1st quarter. Farther Finance Advisors LLC now owns 744 shares of the company's stock worth $98,000 after acquiring an additional 313 shares in the last quarter. GAMMA Investing LLC grew its holdings in Live Nation Entertainment by 24.5% during the 1st quarter. GAMMA Investing LLC now owns 3,914 shares of the company's stock worth $511,000 after acquiring an additional 771 shares in the last quarter. Finally, Curated Wealth Partners LLC bought a new position in Live Nation Entertainment during the 1st quarter worth about $1,120,000. Hedge funds and other institutional investors own 74.52% of the company's stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Benchmark increased their target price on shares of Live Nation Entertainment from $180.00 to $190.00 and gave the stock a "buy" rating in a report on Friday, September 26th. Weiss Ratings restated a "hold (c)" rating on shares of Live Nation Entertainment in a report on Saturday, September 27th. 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. Citigroup raised their price target on shares of Live Nation Entertainment from $165.00 to $195.00 and gave the company a "buy" rating in a report on Tuesday, September 9th. Finally, Guggenheim restated a "buy" rating and issued a $170.00 price target on shares of Live Nation Entertainment in a report on Wednesday, June 18th. Eighteen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $171.21.

Live Nation Entertainment Stock Down 0.4%

LYV stock opened at $156.01 on Friday. The firm has a 50 day moving average of $161.58 and a 200 day moving average of $146.54. The stock has a market capitalization of $36.58 billion, a PE ratio of 67.54, a price-to-earnings-growth ratio of 10.65 and a beta of 1.40. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 5.38. Live Nation Entertainment, Inc. has a 52 week low of $109.15 and a 52 week high of $175.25.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.41 EPS for the quarter, missing analysts' consensus estimates of $1.08 by ($0.67). The company had revenue of $7.01 billion during the quarter, compared to analyst estimates of $6.93 billion. Live Nation Entertainment had a return on equity of 105.85% and a net margin of 3.88%.The firm's revenue for the quarter was up 16.3% on a year-over-year basis. During the same quarter last year, the business earned $1.03 earnings per share. Sell-side analysts forecast that Live Nation Entertainment, Inc. will post 2.38 earnings per share for the current year.

Live Nation Entertainment Company Profile

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.

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