L2 Asset Management LLC Takes Position in Live Nation Entertainment, Inc. $LYV

Key Points

• L2 Asset Management acquired 36,058 Live Nation shares in the second quarter, valued at approximately $6.6 million. Institutional investors and hedge funds collectively own 74.52% of the company.
• Analyst sentiment remains positive, with 20 analysts rating LYV a Buy and four assigning a Hold rating. The stock has a consensus rating of “Moderate Buy” 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 $184.37, near the company’s 52-week high of $189.24.

L2 Asset Management LLC bought a new position in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 36,058 shares of the company's stock, valued at approximately $6,603,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Leonteq Securities AG acquired a new position in Live Nation Entertainment during the fourth quarter worth $25,000. Burkett Financial Services LLC purchased a new stake in shares of Live Nation Entertainment during the second quarter worth about $26,000. Kilter Group LLC purchased a new stake in shares of Live Nation Entertainment during the second quarter worth about $27,000. Meeder Asset Management Inc. acquired a new position in shares of Live Nation Entertainment during the 2nd quarter worth about $27,000. Finally, Elyxium Wealth LLC purchased a new position in Live Nation Entertainment in the 4th quarter valued at about $30,000. Institutional investors and hedge funds own 74.52% of the company's stock.

Analyst Ratings Changes

Several research firms have commented on LYV. Susquehanna boosted their price objective on Live Nation Entertainment from $186.00 to $187.00 and gave the stock a "neutral" rating in a research note on Friday, July 31st. BTIG Research restated a "buy" rating and issued a $215.00 target price on shares of Live Nation Entertainment in a research report on Friday, July 31st. TD Cowen reaffirmed a "buy" rating on shares of Live Nation Entertainment in a research note on Monday, August 3rd. Citigroup boosted their price target on Live Nation Entertainment from $181.00 to $212.00 and gave the stock a "buy" rating in a research report on Monday, August 3rd. Finally, Sanford C. Bernstein raised their price objective on Live Nation Entertainment from $200.00 to $215.00 and gave the company an "outperform" rating in a report on Friday, July 31st. Twenty investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, Live Nation Entertainment has an average rating of "Moderate Buy" and an average price target of $197.19.

Live Nation Entertainment Trading Up 1.4%

LYV opened at $184.37 on Tuesday. The company has a debt-to-equity ratio of 8.25, a current ratio of 0.85 and a quick ratio of 0.85. The company's 50 day simple moving average is $180.38 and its two-hundred day simple moving average is $166.77. Live Nation Entertainment, Inc. has a 1-year low of $125.34 and a 1-year high of $189.24. The firm has a market capitalization of $43.44 billion, a price-to-earnings ratio of -163.16 and a beta of 1.12.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last posted its quarterly 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. Live Nation Entertainment had a return on equity of 54.61% and a net margin of 0.34%.The business had revenue of $7.67 billion during the quarter, compared to analyst estimates of $7.56 billion. During the same period in the prior year, the business earned $0.41 earnings per share. The business's revenue was up 9.4% compared to the same quarter last year. Analysts expect that Live Nation Entertainment, Inc. will post 1.05 EPS for the current fiscal 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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