Live Nation Entertainment, Inc. $LYV Shares Acquired by CenterBook Partners LP

Key Points

• CenterBook Partners LP sharply increased its stake in Live Nation Entertainment by 780.1% in the fourth quarter, ending with 22,143 shares valued at about $3.16 million.
• Live Nation reported a larger-than-expected quarterly loss of ($1.85) EPS, though revenue came in ahead of estimates at $3.79 billion and rose 12.1% year over year.
• Analysts remain generally bullish on LYV, with 20 Buy ratings and an average price target of $187.75; however, two executives recently sold significant amounts of stock.

CenterBook Partners LP grew its stake in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 780.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 22,143 shares of the company's stock after acquiring an additional 19,627 shares during the quarter. CenterBook Partners LP's holdings in Live Nation Entertainment were worth $3,155,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Syon Capital LLC increased its stake in shares of Live Nation Entertainment by 44.3% in the 4th quarter. Syon Capital LLC now owns 2,399 shares of the company's stock worth $342,000 after acquiring an additional 736 shares during the last quarter. Capital International Investors increased its stake in shares of Live Nation Entertainment by 0.9% in the 4th quarter. Capital International Investors now owns 265,145 shares of the company's stock worth $37,783,000 after acquiring an additional 2,488 shares during the last quarter. Los Angeles Capital Management LLC acquired a new stake in shares of Live Nation Entertainment in the 4th quarter worth $104,000. Greykasell Wealth Strategies Inc. grew its holdings in shares of Live Nation Entertainment by 9,130.0% during the 4th quarter. Greykasell Wealth Strategies Inc. now owns 923 shares of the company's stock worth $131,000 after purchasing an additional 913 shares during the period. Finally, 111 Capital purchased a new position in shares of Live Nation Entertainment during the 4th quarter worth $441,000. 74.52% of the stock is owned by institutional investors and hedge funds.

Live Nation Entertainment Stock Performance

Shares of Live Nation Entertainment stock opened at $159.65 on Tuesday. The business has a 50-day moving average of $161.06 and a 200 day moving average of $151.80. Live Nation Entertainment, Inc. has a 12 month low of $125.34 and a 12 month high of $175.25. The stock has a market capitalization of $37.60 billion, a price-to-earnings ratio of -90.19 and a beta of 1.12. The company has a debt-to-equity ratio of 13.93, a current ratio of 0.88 and a quick ratio of 0.88.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last announced its earnings results on Tuesday, May 5th. The company reported ($1.85) EPS for the quarter, missing analysts' consensus estimates 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 firm had revenue of $3.79 billion for the quarter, compared to analysts' expectations of $3.57 billion. During the same quarter last year, the business earned ($0.32) earnings per share. The business's revenue was up 12.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Live Nation Entertainment, Inc. will post 1.13 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on LYV shares. Citizens Jmp started coverage on Live Nation Entertainment in a report on Monday, March 30th. They set a "market outperform" rating and a $190.00 price target for the company. Morgan Stanley reiterated an "overweight" rating and set a $185.00 price target on shares of Live Nation Entertainment in a report on Friday, February 20th. Sanford C. Bernstein increased their price target on Live Nation Entertainment from $185.00 to $200.00 and gave the stock an "outperform" rating in a report on Friday, February 20th. Wells Fargo & Company lowered their price target on Live Nation Entertainment from $203.00 to $199.00 and set an "overweight" rating for the company in a report on Wednesday, May 6th. Finally, Wolfe Research increased their price target on Live Nation Entertainment from $205.00 to $206.00 and gave the stock an "outperform" rating in a report on Monday, April 13th. Twenty analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $187.75.

Insider Transactions at Live Nation Entertainment

In related news, EVP John Hopmans sold 93,078 shares of the firm's stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $166.07, for a total transaction of $15,457,463.46. Following the completion of the transaction, the executive vice president directly owned 188,751 shares in the company, valued at $31,345,878.57. This trade represents a 33.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Michael Rowles sold 63,776 shares of the firm's stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $164.24, for a total value of $10,474,570.24. Following the transaction, the executive vice president owned 204,716 shares of the company's stock, valued at $33,622,555.84. This trade represents a 23.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 2.89% of the company's stock.

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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