Independent Franchise Partners LLP Raises Stock Position in Live Nation Entertainment, Inc. $LYV

Key Points

• Independent Franchise Partners LLP increased its stake in Live Nation Entertainment by 21.4%, now owning a total of 5,698,560 shares, which constitutes 5.3% of its portfolio.
• Live Nation reported a quarterly earnings miss with earnings of $0.41 per share, falling short of the expected $1.08, but exceeded revenue expectations at $7.01 billion.
• Institutional investors hold 74.52% of Live Nation's stock, indicating strong interest and backing from financial institutions in the company’s growth prospects.

Independent Franchise Partners LLP boosted its stake in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 21.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,698,560 shares of the company's stock after buying an additional 1,004,574 shares during the quarter. Live Nation Entertainment accounts for approximately 5.3% of Independent Franchise Partners LLP's portfolio, making the stock its 7th largest holding. Independent Franchise Partners LLP owned 2.46% of Live Nation Entertainment worth $744,118,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Nuveen LLC purchased a new stake in shares of Live Nation Entertainment in the first quarter valued at about $201,501,000. Massachusetts Financial Services Co. MA raised its stake in Live Nation Entertainment by 46.1% during the first quarter. Massachusetts Financial Services Co. MA now owns 2,804,375 shares of the company's stock worth $366,195,000 after purchasing an additional 884,745 shares during the period. Jericho Capital Asset Management L.P. raised its stake in Live Nation Entertainment by 32.0% during the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,208,082 shares of the company's stock worth $415,447,000 after purchasing an additional 777,105 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Live Nation Entertainment by 83.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,588,983 shares of the company's stock worth $207,490,000 after purchasing an additional 723,112 shares during the period. Finally, Vanguard Group Inc. raised its stake in Live Nation Entertainment by 3.7% during the first quarter. Vanguard Group Inc. now owns 19,882,872 shares of the company's stock worth $2,596,305,000 after purchasing an additional 713,020 shares during the period. 74.52% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on LYV shares. Rosenblatt Securities dropped their price objective on shares of Live Nation Entertainment from $174.00 to $170.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Roth Mkm lowered their price target on shares of Live Nation Entertainment from $174.00 to $164.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Wolfe Research raised their price target on shares of Live Nation Entertainment from $160.00 to $168.00 and gave the company an "outperform" rating in a report on Tuesday, June 10th. Oppenheimer raised their price target on shares of Live Nation Entertainment from $165.00 to $180.00 and gave the company an "outperform" rating in a report on Tuesday, August 12th. Finally, Moffett Nathanson initiated coverage on shares of Live Nation Entertainment in a report on Monday, August 18th. They set a "buy" rating and a $195.00 price target for the company. Eighteen investment analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $168.94.

Live Nation Entertainment Stock Performance

Shares of Live Nation Entertainment stock traded down $0.85 during trading hours on Wednesday, reaching $165.77. The company's stock had a trading volume of 1,177,238 shares, compared to its average volume of 2,211,398. The company's 50 day simple moving average is $152.21 and its 200 day simple moving average is $141.46. The company has a debt-to-equity ratio of 5.38, a quick ratio of 0.88 and a current ratio of 0.88. Live Nation Entertainment, Inc. has a one year low of $92.57 and a one year high of $167.01. The stock has a market cap of $38.87 billion, a P/E ratio of 71.76, a price-to-earnings-growth ratio of 10.05 and a beta of 1.46.

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

Live Nation Entertainment 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.