K.J. Harrison & Partners Inc Acquires Shares of 7,050 Live Nation Entertainment, Inc. $LYV

Key Points

• K.J. Harrison & Partners initiated a position in Live Nation Entertainment by purchasing 7,050 shares valued at approximately $1.29 million. Institutional investors collectively own 74.52% of the company.
• Analyst sentiment remains positive, with 20 Buy, two Hold and two Sell ratings; the stock carries a “Moderate Buy” consensus and an average price target of $197.19.
• Live Nation reported quarterly EPS of $1.05, beating estimates of $0.66, while revenue rose 9.4% year over year to $7.67 billion. Shares opened at $184.28, near the company’s 52-week high of $189.24.

K.J. Harrison & Partners Inc bought a new position in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 7,050 shares of the company's stock, valued at approximately $1,291,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of LYV. Empowered Funds LLC lifted its stake in Live Nation Entertainment by 3.3% in the 1st quarter. Empowered Funds LLC now owns 17,376 shares of the company's stock worth $2,269,000 after purchasing an additional 547 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Live Nation Entertainment by 15.8% during the second quarter. EverSource Wealth Advisors LLC now owns 798 shares of the company's stock valued at $121,000 after purchasing an additional 109 shares in the last quarter. Cerity Partners LLC increased its holdings in shares of Live Nation Entertainment by 6.0% in the second quarter. Cerity Partners LLC now owns 27,496 shares of the company's stock worth $4,160,000 after purchasing an additional 1,550 shares during the last quarter. Daiwa Securities Group Inc. lifted its position in shares of Live Nation Entertainment by 15.9% in the second quarter. Daiwa Securities Group Inc. now owns 26,340 shares of the company's stock worth $3,983,000 after buying an additional 3,604 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its stake in Live Nation Entertainment by 344.3% during the second quarter. NewEdge Advisors LLC now owns 2,208 shares of the company's stock valued at $334,000 after buying an additional 1,711 shares during the last quarter. Institutional investors own 74.52% of the company's stock.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Morgan Stanley lifted their price objective on Live Nation Entertainment from $185.00 to $200.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 10th. Roth Capital set a $208.00 target price on shares of Live Nation Entertainment in a report on Friday, July 31st. UBS Group boosted their price target on shares of Live Nation Entertainment from $181.00 to $208.00 and gave the stock a "buy" rating in a research report on Monday, July 20th. Oppenheimer set a $100.00 price objective on shares of Live Nation Entertainment in a research report on Tuesday, July 28th. Finally, BTIG Research reissued a "buy" rating and issued a $215.00 price objective on shares of Live Nation Entertainment in a research note on Friday, July 31st. Twenty analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $197.19.

Live Nation Entertainment Price Performance

Shares of LYV stock opened at $184.28 on Tuesday. The stock has a 50 day moving average price of $179.13 and a 200 day moving average price of $165.45. Live Nation Entertainment, Inc. has a 52-week low of $125.34 and a 52-week high of $189.24. The company has a debt-to-equity ratio of 8.25, a quick ratio of 0.85 and a current ratio of 0.85. The firm has a market capitalization of $43.42 billion, a P/E ratio of -163.08 and a beta of 1.12.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last issued its earnings results on Thursday, July 30th. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.66 by $0.39. The firm had revenue of $7.67 billion during the quarter, compared to analyst estimates of $7.56 billion. Live Nation Entertainment had a net margin of 0.34% and a return on equity of 54.61%. The business's revenue was up 9.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.41 earnings per share. As a group, sell-side analysts predict that Live Nation Entertainment, Inc. will post 1.05 earnings per share for the current year.

About Live Nation Entertainment

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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