Jennison Associates LLC Invests $12.06 Million in Live Nation Entertainment, Inc. $LYV

Key Points

• Jennison Associates LLC initiated a new position in Live Nation Entertainment in Q1, buying 79,087 shares worth about $12.06 million.
• Institutional ownership remains heavy, with hedge funds and other investors holding about 74.52% of the stock. Several firms increased their stakes, including Bessemer Group and Geode Capital Management.
• Analyst sentiment is mixed but still generally positive: Live Nation has a Moderate Buy rating overall, even after some target-price increases and a few downgrades. The stock also fell 1.7% and recently reported earnings that missed EPS estimates but beat on revenue.

Jennison Associates LLC bought a new stake in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor bought 79,087 shares of the company's stock, valued at approximately $12,062,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of LYV. Bessemer Group Inc. raised its stake in 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 acquiring an additional 759,363 shares during the period. Geode Capital Management LLC boosted its position in Live Nation Entertainment by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 4,301,900 shares of the company's stock worth $610,707,000 after purchasing an additional 20,165 shares during the period. CenterBook Partners LP increased its holdings in shares of Live Nation Entertainment by 780.1% in the fourth quarter. CenterBook Partners LP now owns 22,143 shares of the company's stock valued at $3,155,000 after purchasing an additional 19,627 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of Live Nation Entertainment by 14.8% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 607,164 shares of the company's stock valued at $88,227,000 after purchasing an additional 78,171 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its stake in shares of Live Nation Entertainment by 4.0% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 3,195,473 shares of the company's stock worth $455,355,000 after buying an additional 123,800 shares during the last quarter. Institutional investors own 74.52% of the company's stock.

Analyst Ratings Changes

Several research firms have weighed in on LYV. Guggenheim increased their price target on shares of Live Nation Entertainment from $192.00 to $197.00 and gave the company a "buy" rating in a report on Wednesday, May 6th. JPMorgan Chase & Co. lifted their price target on Live Nation Entertainment from $180.00 to $205.00 and gave the stock an "overweight" rating in a report on Tuesday. Zacks Research lowered Live Nation Entertainment from a "hold" rating to a "strong sell" rating in a report on Friday, July 17th. Weiss Ratings reissued a "hold (c-)" rating on shares of Live Nation Entertainment in a research report on Thursday, June 4th. Finally, Susquehanna lowered shares of Live Nation Entertainment from a "positive" rating to a "neutral" rating and increased their target price for the stock from $181.00 to $186.00 in a research report on Tuesday. Nineteen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $193.75.

Insider Transactions at Live Nation Entertainment

In other Live Nation Entertainment news, EVP John Hopmans sold 93,078 shares of the company's stock in a transaction dated 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 transaction, the executive vice president owned 188,751 shares of the company's stock, valued at $31,345,878.57. This represents a 33.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Michael Rowles sold 63,776 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $164.24, for a total value of $10,474,570.24. Following the completion of the transaction, the executive vice president owned 204,716 shares of the company's stock, valued at $33,622,555.84. This represents a 23.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.89% of the stock is owned by corporate insiders.

Live Nation Entertainment Stock Down 1.7%

LYV stock opened at $177.77 on Wednesday. The stock has a market capitalization of $41.87 billion, a P/E ratio of -100.43 and a beta of 1.11. 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 firm has a 50-day moving average price of $173.01 and a 200-day moving average price of $160.49. Live Nation Entertainment, Inc. has a 12 month low of $125.34 and a 12 month high of $188.00.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($1.85) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.35) by ($1.50). Live Nation Entertainment had a return on equity of 45.92% and a net margin of 0.15%.The company had revenue of $3.79 billion for the quarter, compared to analyst estimates of $3.57 billion. During the same quarter in the prior year, the company earned ($0.32) earnings per share. Live Nation Entertainment's revenue for the quarter was up 12.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Live Nation Entertainment, Inc. will post 0.96 EPS for the current fiscal year.

Live Nation Entertainment Company 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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