Jupiter Asset Management Ltd. Takes $5.62 Million Position in Live Nation Entertainment, Inc. (NYSE:LYV)

Key Points

• Jupiter Asset Management Ltd. has acquired a new stake in Live Nation Entertainment, purchasing 43,066 shares valued at approximately $5.62 million.
• Live Nation Entertainment reported a net loss of ($0.32) earnings per share for the latest quarter, missing analysts' estimates, with revenue of $3.38 billion.
• Institutional investors own 74.52% of Live Nation's stock, reflecting strong interest from the market despite recent fluctuations in their stock price targets by analysts.

Jupiter Asset Management Ltd. purchased a new stake in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 43,066 shares of the company's stock, valued at approximately $5,624,000.

A number of other institutional investors also recently modified their holdings of the company. Canada Pension Plan Investment Board lifted its holdings in shares of Live Nation Entertainment by 0.5% in the fourth quarter. Canada Pension Plan Investment Board now owns 8,650,015 shares of the company's stock valued at $1,120,177,000 after purchasing an additional 44,703 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Live Nation Entertainment by 4.0% in the first quarter. Principal Financial Group Inc. now owns 7,596,509 shares of the company's stock valued at $991,952,000 after purchasing an additional 294,310 shares in the last quarter. Independent Franchise Partners LLP lifted its holdings in shares of Live Nation Entertainment by 207.6% in the fourth quarter. Independent Franchise Partners LLP now owns 4,693,986 shares of the company's stock valued at $607,871,000 after purchasing an additional 3,168,210 shares in the last quarter. Jericho Capital Asset Management L.P. raised its holdings 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 acquiring an additional 777,105 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its holdings 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 acquiring an additional 884,745 shares in the last quarter. 74.52% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Live Nation Entertainment

In other Live Nation Entertainment news, EVP John Hopmans sold 34,808 shares of the firm's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $147.38, for a total value of $5,130,003.04. Following the sale, the executive vice president owned 189,456 shares of the company's stock, valued at approximately $27,922,025.28. This trade represents a 15.52% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.72% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on LYV. Roth Mkm dropped their target price on Live Nation Entertainment from $174.00 to $164.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. Susquehanna set a $165.00 target price on Live Nation Entertainment and gave the company a "positive" rating in a research report on Tuesday, June 10th. Rosenblatt Securities decreased their target price on Live Nation Entertainment from $174.00 to $170.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Sanford C. Bernstein assumed coverage on Live Nation Entertainment in a research report on Wednesday, June 4th. They issued an "outperform" rating and a $185.00 target price on the stock. Finally, Guggenheim reaffirmed a "buy" rating and issued a $170.00 target price on shares of Live Nation Entertainment in a research report on Wednesday, June 18th. One investment analyst has rated the stock with a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $165.82.

Live Nation Entertainment Price Performance

Shares of LYV stock traded down $1.14 during trading hours on Wednesday, reaching $149.28. The company's stock had a trading volume of 2,185,109 shares, compared to its average volume of 2,491,862. The firm's 50 day simple moving average is $146.65 and its 200-day simple moving average is $139.76. The company has a market capitalization of $34.60 billion, a price-to-earnings ratio of 50.95, a PEG ratio of 5.90 and a beta of 1.46. Live Nation Entertainment, Inc. has a fifty-two week low of $89.69 and a fifty-two week high of $157.75. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 7.43.

About Live Nation Entertainment

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.