Live Nation Entertainment, Inc. $LYV Stock Holdings Cut by Jericho Capital Asset Management L.P.

Key Points

• Jericho Capital Asset Management L.P. reduced its stake in Live Nation Entertainment (LYV) by 2.1%, now holding 3,141,082 shares after selling 67,000 shares, which accounts for 7.5% of its portfolio.
• Several large investors, including Independent Franchise Partners LLP and Massachusetts Financial Services Co., have increased their holdings in Live Nation Entertainment, reflecting strong institutional interest.
• Live Nation's recent quarterly earnings showed a revenue increase to $7.01 billion, although it missed the earnings per share estimate, indicating mixed performance in a recovering live events market.

Jericho Capital Asset Management L.P. trimmed its holdings in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 2.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,141,082 shares of the company's stock after selling 67,000 shares during the quarter. Live Nation Entertainment makes up about 7.5% of Jericho Capital Asset Management L.P.'s investment portfolio, making the stock its 4th largest holding. Jericho Capital Asset Management L.P. owned approximately 1.36% of Live Nation Entertainment worth $410,162,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Measured Risk Portfolios Inc. purchased a new position in Live Nation Entertainment in the 4th quarter worth about $29,000. Wayfinding Financial LLC bought a new stake in shares of Live Nation Entertainment in the 1st quarter valued at about $30,000. Chilton Capital Management LLC bought a new stake in shares of Live Nation Entertainment in the 1st quarter valued at about $33,000. GW&K Investment Management LLC boosted its holdings in shares of Live Nation Entertainment by 690.2% in the 1st quarter. GW&K Investment Management LLC now owns 324 shares of the company's stock valued at $42,000 after buying an additional 283 shares in the last quarter. Finally, N.E.W. Advisory Services LLC bought a new stake in shares of Live Nation Entertainment in the 1st quarter valued at about $42,000. Institutional investors own 74.52% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on LYV. 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. Susquehanna set a $165.00 target price on shares of Live Nation Entertainment and gave the stock a "positive" rating in a research note on Tuesday, June 10th. Benchmark lifted their target price on shares of Live Nation Entertainment from $178.00 to $180.00 and gave the stock a "buy" rating in a research note on Friday, August 8th. Citigroup raised their price target on shares of Live Nation Entertainment from $165.00 to $195.00 and gave the stock a "buy" rating in a research report on Tuesday. Finally, Sanford C. Bernstein initiated coverage on shares of Live Nation Entertainment in a research report on Wednesday, June 4th. They set an "outperform" rating and a $185.00 price target for the company. Eighteen equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $170.72.

Live Nation Entertainment Trading Up 0.6%

Shares of LYV stock traded up $0.96 on Tuesday, hitting $170.36. 2,141,733 shares of the stock traded hands, compared to its average volume of 2,435,587. The firm's 50-day moving average price is $155.19 and its two-hundred day moving average price is $142.27. The company has a debt-to-equity ratio of 5.38, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a market capitalization of $39.94 billion, a PE ratio of 73.75, a PEG ratio of 11.02 and a beta of 1.42. Live Nation Entertainment, Inc. has a twelve month low of $93.64 and a twelve month high of $170.86.

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