Korea Investment CORP Cuts Position in Live Nation Entertainment, Inc. $LYV

Key Points

• Korea Investment CORP reduced its stake in Live Nation Entertainment by 7.4%, selling 10,009 shares and retaining 125,197 shares worth approximately $16.3 million.
• Live Nation reported earnings per share of $0.41 for the latest quarter, missing projections of $1.08, but exceeding revenue expectations with $7.01 billion in revenue.
• Despite recent challenges, analysts maintain a positive outlook on Live Nation, with an average price target of $168.94 and 18 analysts rating the stock as a "Buy."

Korea Investment CORP trimmed its holdings in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 7.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 125,197 shares of the company's stock after selling 10,009 shares during the quarter. Korea Investment CORP owned 0.05% of Live Nation Entertainment worth $16,348,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Mariner LLC raised its stake in shares of Live Nation Entertainment by 8.3% during the 4th quarter. Mariner LLC now owns 10,953 shares of the company's stock worth $1,418,000 after purchasing an additional 844 shares during the period. First Trust Advisors LP increased its holdings in Live Nation Entertainment by 155.3% during the fourth quarter. First Trust Advisors LP now owns 457,122 shares of the company's stock worth $59,197,000 after buying an additional 278,061 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Live Nation Entertainment by 8.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 984,603 shares of the company's stock worth $127,528,000 after acquiring an additional 80,109 shares during the period. Ossiam boosted its stake in Live Nation Entertainment by 38.9% in the fourth quarter. Ossiam now owns 718 shares of the company's stock valued at $93,000 after acquiring an additional 201 shares during the last quarter. Finally, Natixis bought a new position in shares of Live Nation Entertainment during the 4th quarter valued at approximately $1,569,000. Hedge funds and other institutional investors own 74.52% of the company's stock.

Live Nation Entertainment Stock Performance

Shares of LYV opened at $162.0590 on Thursday. Live Nation Entertainment, Inc. has a 52-week low of $92.57 and a 52-week high of $164.06. The stock's 50-day simple moving average is $150.34 and its 200 day simple moving average is $141.04. 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 $38.00 billion, a price-to-earnings ratio of 70.16, a price-to-earnings-growth ratio of 9.83 and a beta of 1.46.

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

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Susquehanna set a $165.00 price target on shares of Live Nation Entertainment and gave the stock a "positive" rating in a report on Tuesday, June 10th. Wolfe Research upped their price target on Live Nation Entertainment from $160.00 to $168.00 and gave the company an "outperform" rating in a research report on Tuesday, June 10th. Roth Mkm cut their price target on Live Nation Entertainment from $174.00 to $164.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Rosenblatt Securities lowered their price objective on Live Nation Entertainment from $174.00 to $170.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Finally, Morgan Stanley set a $180.00 target price on shares of Live Nation Entertainment in a research report on Thursday, July 24th. Eighteen analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $168.94.

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.

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