Live Nation Entertainment, Inc. $LYV Shares Bought by Sumitomo Mitsui DS Asset Management Company Ltd

Key Points

• Sumitomo Mitsui DS Asset Management increased its stake in Live Nation Entertainment by 11.2% in the second quarter, bringing their holdings to 23,600 shares valued at approximately $3.57 million.
• Analyst ratings for Live Nation are generally positive, with a consensus of 18 "Buy" ratings and an average price target of $170.68, indicating expectations for growth.
• Despite a missed earnings estimate in its recent quarterly report, Live Nation's revenue of $7.01 billion exceeded expectations, showing a 16.3% year-over-year growth.

Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 11.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 23,600 shares of the company's stock after purchasing an additional 2,381 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Live Nation Entertainment were worth $3,570,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Gilbert & Cook Inc. lifted its holdings in shares of Live Nation Entertainment by 1.4% in the first quarter. Gilbert & Cook Inc. now owns 5,538 shares of the company's stock valued at $723,000 after purchasing an additional 75 shares in the last quarter. Central Pacific Bank Trust Division lifted its holdings in shares of Live Nation Entertainment by 1.8% in the second quarter. Central Pacific Bank Trust Division now owns 5,521 shares of the company's stock valued at $835,000 after purchasing an additional 97 shares in the last quarter. Trust Asset Management LLC lifted its holdings in shares of Live Nation Entertainment by 5.8% in the first quarter. Trust Asset Management LLC now owns 1,785 shares of the company's stock valued at $233,000 after purchasing an additional 98 shares in the last quarter. Callan Family Office LLC raised its position in shares of Live Nation Entertainment by 1.8% in the first quarter. Callan Family Office LLC now owns 5,604 shares of the company's stock valued at $732,000 after buying an additional 98 shares during the last quarter. Finally, HM Payson & Co. raised its position in shares of Live Nation Entertainment by 9.5% in the first quarter. HM Payson & Co. now owns 1,150 shares of the company's stock valued at $150,000 after buying an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 74.52% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Guggenheim reissued a "buy" rating and issued a $170.00 price objective on shares of Live Nation Entertainment in a research report on Wednesday, June 18th. Moffett Nathanson assumed coverage on shares of Live Nation Entertainment in a research report on Monday, August 18th. They issued a "buy" rating and a $195.00 price objective for the company. Citigroup boosted their price objective on shares of Live Nation Entertainment from $165.00 to $195.00 and gave the company a "buy" rating in a research report on Tuesday, September 9th. Sanford C. Bernstein assumed coverage on shares of Live Nation Entertainment in a research report on Wednesday, June 4th. They set an "outperform" rating and a $185.00 price target for the company. Finally, Benchmark upped their price target on shares of Live Nation Entertainment from $178.00 to $180.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. Eighteen investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Live Nation Entertainment currently has a consensus rating of "Moderate Buy" and a consensus price target of $170.68.

Live Nation Entertainment Stock Down 0.5%

NYSE LYV traded down $0.88 during trading hours on Tuesday, reaching $164.27. 540,692 shares of the company traded hands, compared to its average volume of 2,452,339. Live Nation Entertainment, Inc. has a 12 month low of $104.80 and a 12 month high of $175.25. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 5.38. The stock has a market capitalization of $38.52 billion, a PE ratio of 71.12, a PEG ratio of 11.04 and a beta of 1.42. The company has a 50 day moving average of $159.70 and a two-hundred day moving average of $144.34.

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

Live Nation Entertainment Profile

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.