State of New Jersey Common Pension Fund D Lowers Stake in Live Nation Entertainment, Inc. $LYV

Key Points

• The State of New Jersey Common Pension Fund D has reduced its stake in Live Nation Entertainment, Inc. by 8.9%, holding 53,777 shares worth $7.02 million after selling 5,278 shares.
• Live Nation reported $0.41 EPS for the last quarter, missing estimates, despite achieving revenue of $7.01 billion, surpassing analyst expectations of $6.93 billion.
• Equities research analysts remain optimistic, with a consensus rating of "Moderate Buy" and an average target price of $167.41 for Live Nation's stock.

State of New Jersey Common Pension Fund D lowered its stake in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 8.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 53,777 shares of the company's stock after selling 5,278 shares during the period. State of New Jersey Common Pension Fund D's holdings in Live Nation Entertainment were worth $7,022,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in LYV. Nuveen LLC purchased a new position in shares of Live Nation Entertainment in the first quarter worth $201,501,000. Massachusetts Financial Services Co. MA raised its holdings in shares of Live Nation Entertainment by 46.1% in the first quarter. Massachusetts Financial Services Co. MA now owns 2,804,375 shares of the company's stock worth $366,195,000 after buying an additional 884,745 shares during the last quarter. Jericho Capital Asset Management L.P. raised its holdings in shares of Live Nation Entertainment by 32.0% in the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,208,082 shares of the company's stock worth $415,447,000 after buying an additional 777,105 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Live Nation Entertainment by 3.7% during the first quarter. Vanguard Group Inc. now owns 19,882,872 shares of the company's stock worth $2,596,305,000 after purchasing an additional 713,020 shares during the last quarter. Finally, Voloridge Investment Management LLC purchased a new position in shares of Live Nation Entertainment during the fourth quarter worth $88,394,000. Hedge funds and other institutional investors own 74.52% of the company's stock.

Live Nation Entertainment Trading Up 1.9%

Shares of Live Nation Entertainment stock traded up $3.1630 on Friday, reaching $165.6330. The company had a trading volume of 1,421,944 shares, compared to its average volume of 2,487,511. Live Nation Entertainment, Inc. has a 52-week low of $92.57 and a 52-week high of $166.54. The firm's 50 day moving average price is $150.76 and its two-hundred day moving average price is $141.15. The firm has a market cap of $38.84 billion, a PE ratio of 71.70, a PEG ratio of 9.76 and a beta of 1.46. The company has a debt-to-equity ratio of 5.38, a quick ratio of 0.88 and a current ratio of 0.88.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.41 EPS for the quarter, missing the consensus estimate of $1.08 by ($0.67). Live Nation Entertainment had a return on equity of 105.85% and a net margin of 3.88%.The firm had revenue of $7.01 billion for the quarter, compared to analyst estimates of $6.93 billion. During the same quarter last year, the firm earned $1.03 EPS. The company's revenue was up 16.3% on a year-over-year basis. Sell-side analysts predict that Live Nation Entertainment, Inc. will post 2.38 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently issued reports on LYV. Guggenheim reissued a "buy" rating and set a $170.00 target price on shares of Live Nation Entertainment in a report on Wednesday, June 18th. Oppenheimer raised their target price on shares of Live Nation Entertainment from $165.00 to $180.00 and gave the stock an "outperform" rating in a report on Tuesday, August 12th. Rosenblatt Securities reduced their target price on shares of Live Nation Entertainment from $174.00 to $170.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Susquehanna set a $165.00 price objective on shares of Live Nation Entertainment and gave the company a "positive" rating in a report on Tuesday, June 10th. Finally, Moffett Nathanson started coverage on shares of Live Nation Entertainment in a report on Monday. They issued a "buy" rating and a $195.00 price objective for the company. Eighteen equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $168.94.

Live Nation Entertainment Company 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.