Live Nation Entertainment, Inc. $LYV Position Increased by ProShare Advisors LLC

Key Points

• ProShare Advisors LLC increased its stake in Live Nation Entertainment by 45% in the fourth quarter, bringing its holdings to 41,642 shares worth about $5.93 million.
• Institutional ownership in Live Nation remains high at 74.52%, and several other hedge funds also boosted or initiated positions in the company during recent quarters.
• Live Nation’s latest earnings showed a big EPS miss at $1.85 loss versus a $0.35 loss expected, even though revenue came in above estimates at $3.79 billion and rose 12.1% year over year.

ProShare Advisors LLC increased its stake in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 45.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 41,642 shares of the company's stock after purchasing an additional 12,916 shares during the period. ProShare Advisors LLC's holdings in Live Nation Entertainment were worth $5,934,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Bessemer Group Inc. lifted its holdings in shares of Live Nation Entertainment by 70.0% in the 4th quarter. Bessemer Group Inc. now owns 1,843,750 shares of the company's stock worth $262,733,000 after purchasing an additional 759,363 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Live Nation Entertainment by 22.1% in the 3rd quarter. Principal Financial Group Inc. now owns 9,725,776 shares of the company's stock worth $1,589,196,000 after purchasing an additional 1,763,511 shares during the last quarter. Rakuten Investment Management Inc. bought a new stake in shares of Live Nation Entertainment in the 3rd quarter worth approximately $1,606,000. Profund Advisors LLC lifted its holdings in shares of Live Nation Entertainment by 51.1% in the 3rd quarter. Profund Advisors LLC now owns 11,141 shares of the company's stock worth $1,820,000 after purchasing an additional 3,767 shares during the last quarter. Finally, EFG Asset Management North America Corp. bought a new stake in shares of Live Nation Entertainment in the 3rd quarter worth approximately $1,191,000. Institutional investors own 74.52% of the company's stock.

Insider Activity

In other news, Director Jeffrey T. Hinson sold 944 shares of Live Nation Entertainment stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $165.87, for a total transaction of $156,581.28. Following the transaction, the director directly owned 48,030 shares in the company, valued at approximately $7,966,736.10. This trade represents a 1.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP John Hopmans sold 93,078 shares of Live Nation Entertainment stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $166.07, for a total value of $15,457,463.46. Following the transaction, the executive vice president owned 188,751 shares in the company, valued at approximately $31,345,878.57. This trade represents a 33.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 157,798 shares of company stock worth $26,088,615. 2.89% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Morgan Stanley reissued an "overweight" rating and issued a $185.00 price target on shares of Live Nation Entertainment in a report on Friday, February 20th. Roth Mkm restated a "buy" rating and issued a $190.00 target price on shares of Live Nation Entertainment in a research report on Friday, February 20th. Sanford C. Bernstein raised their target price on Live Nation Entertainment from $185.00 to $200.00 and gave the company an "outperform" rating in a research report on Friday, February 20th. JPMorgan Chase & Co. raised their target price on Live Nation Entertainment from $178.00 to $180.00 and gave the company an "overweight" rating in a research report on Wednesday, May 6th. Finally, Wells Fargo & Company lowered their target price on Live Nation Entertainment from $203.00 to $199.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 6th. Twenty investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $187.75.

Live Nation Entertainment Stock Down 0.1%

LYV opened at $165.74 on Friday. Live Nation Entertainment, Inc. has a 12 month low of $125.34 and a 12 month high of $175.25. The company has a debt-to-equity ratio of 13.93, a current ratio of 0.88 and a quick ratio of 0.88. The stock has a market cap of $39.04 billion, a P/E ratio of -93.64 and a beta of 1.11. The stock's 50 day moving average price is $158.63 and its 200 day moving average price is $149.75.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last posted its earnings results on Tuesday, May 5th. The company reported ($1.85) EPS for the quarter, missing the consensus estimate of ($0.35) by ($1.50). Live Nation Entertainment had a net margin of 0.15% and a return on equity of 45.92%. The business had revenue of $3.79 billion during the quarter, compared to analyst estimates of $3.57 billion. During the same quarter in the prior year, the business earned ($0.32) earnings per share. The firm's revenue was up 12.1% compared to the same quarter last year. As a group, research analysts predict that Live Nation Entertainment, Inc. will post 1.13 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.

Want to see what other hedge funds are holding LYV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Live Nation Entertainment, Inc. (NYSE:LYV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.