Third Point LLC Raises Position in Live Nation Entertainment, Inc. $LYV

Key Points

• Third Point LLC increased its stake in Live Nation Entertainment by 22.1%, making it the fund's 4th largest position at approximately $274 million.
• Live Nation recently reported $7.01 billion in quarterly revenue, exceeding analyst expectations, but missed EPS estimates with $0.41.
• A number of institutions, including Vanguard and Canada Pension Plan, have boosted their holdings in Live Nation, reflecting growing investor confidence as over 74% of shares are held by institutional investors.

Third Point LLC grew its holdings in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 22.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,100,000 shares of the company's stock after buying an additional 380,000 shares during the period. Live Nation Entertainment accounts for about 4.2% of Third Point LLC's portfolio, making the stock its 4th biggest holding. Third Point LLC owned approximately 0.91% of Live Nation Entertainment worth $274,218,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. UniSuper Management Pty Ltd lifted its position in shares of Live Nation Entertainment by 4.7% in the first quarter. UniSuper Management Pty Ltd now owns 19,352 shares of the company's stock valued at $2,527,000 after buying an additional 865 shares during the last quarter. Shellback Capital LP acquired a new stake in Live Nation Entertainment during the 1st quarter worth approximately $11,752,000. Nissay Asset Management Corp Japan ADV lifted its holdings in Live Nation Entertainment by 1.2% during the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 19,644 shares of the company's stock worth $2,565,000 after purchasing an additional 236 shares during the last quarter. Josh Arnold Investment Consultant LLC acquired a new stake in Live Nation Entertainment during the 1st quarter worth approximately $3,498,000. Finally, Boothbay Fund Management LLC lifted its holdings in Live Nation Entertainment by 1.2% during the 1st quarter. Boothbay Fund Management LLC now owns 74,495 shares of the company's stock worth $9,728,000 after purchasing an additional 879 shares during the last quarter. 74.52% of the stock is owned by institutional investors and hedge funds.

Live Nation Entertainment Price Performance

Shares of LYV traded down $0.50 during midday trading on Friday, hitting $173.56. The company's stock had a trading volume of 414,809 shares, compared to its average volume of 2,424,610. Live Nation Entertainment, Inc. has a one year low of $97.40 and a one year high of $175.25. The company's fifty day simple moving average is $156.53 and its two-hundred day simple moving average is $142.79. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 5.38. The stock has a market capitalization of $40.69 billion, a price-to-earnings ratio of 75.17, a price-to-earnings-growth ratio of 11.53 and a beta of 1.42.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $7.01 billion during the quarter, compared to the consensus estimate of $6.93 billion. During the same quarter in the previous year, the business posted $1.03 EPS. The company's revenue for the quarter was up 16.3% on a year-over-year basis. As a group, equities analysts expect that Live Nation Entertainment, Inc. will post 2.38 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Morgan Stanley set a $180.00 price target on Live Nation Entertainment in a report on Thursday, July 24th. Benchmark lifted their price target on Live Nation Entertainment from $178.00 to $180.00 and gave the stock a "buy" rating in a report on Friday, August 8th. Sanford C. Bernstein assumed coverage on Live Nation Entertainment in a report on Wednesday, June 4th. They set an "outperform" rating and a $185.00 price target for the company. Moffett Nathanson started coverage on Live Nation Entertainment in a report on Monday, August 18th. They set a "buy" rating and a $195.00 price target for the company. Finally, Guggenheim reaffirmed a "buy" rating and issued a $170.00 price objective on shares of Live Nation Entertainment in a report on Wednesday, June 18th. Eighteen investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $170.72.

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.