Live Nation Entertainment, Inc. $LYV Stake Decreased by Kornitzer Capital Management Inc. KS

Key Points

• Kornitzer Capital Management cut its Live Nation stake by 15.3% in the third quarter, selling 7,128 shares and ending the period with 39,572 shares valued at about $6.7 million.
• Live Nation’s latest quarter beat estimates: earnings were $1.69 per share versus $1.50 expected, while revenue rose 18.9% year over year to $10.11 billion. Record attendance and Ticketmaster growth supported results, though operating margins narrowed.
• Analyst sentiment remains broadly positive, with 20 of 25 analysts rating the stock a Buy and an average price target of $197.90.

Kornitzer Capital Management Inc. KS reduced its stake in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 15.3% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 39,572 shares of the company's stock after selling 7,128 shares during the quarter. Kornitzer Capital Management Inc. KS's holdings in Live Nation Entertainment were worth $6,700,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in LYV. Burkett Financial Services LLC acquired a new position in Live Nation Entertainment in the 2nd quarter valued at about $26,000. Kilter Group LLC purchased a new stake in Live Nation Entertainment during the 2nd quarter worth approximately $27,000. Meeder Asset Management Inc. purchased a new stake in Live Nation Entertainment during the 2nd quarter worth approximately $27,000. Transamerica Financial Advisors LLC purchased a new position in Live Nation Entertainment in the 2nd quarter valued at approximately $27,000. Finally, Keating Financial Advisory Services Inc. acquired a new position in shares of Live Nation Entertainment in the second quarter worth $32,000. Institutional investors and hedge funds own 74.52% of the company's stock.

Insiders Place Their Bets

In related news, CAO Brian Capo sold 2,900 shares of the business's stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $184.00, for a total value of $533,600.00. Following the completion of the transaction, the chief accounting officer owned 8,655 shares of the company's stock, valued at approximately $1,592,520. The trade was a 25.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.89% of the company's stock.

Key Live Nation Entertainment News

Here are the key news stories impacting Live Nation Entertainment this week:

• Positive Sentiment: Live Nation earned $1.69 per share, beating the $1.50 consensus estimate, while revenue rose 18.9% year over year to $10.11 billion, ahead of estimates of $9.60 billion. Live Nation Q3 earnings and revenues surpass estimates
• Positive Sentiment: Record concert attendance and Ticketmaster growth helped drive the results; reports cited 61 million fans attending events during the quarter. Strong demand supports the company’s growth outlook. Live Nation Q3 earnings beat on record attendance and ticketing gains
• Positive Sentiment: Wells Fargo maintained an “overweight” rating and a $221 price target, only slightly below its prior $222 target. The firm’s target suggests substantial upside from the quoted share price. Wells Fargo analyst ratings
• Negative Sentiment: Despite higher sales and earnings, operating margins narrowed, a potential concern given the company’s very thin reported net margin. Investors may watch whether strong attendance and ticketing growth can translate into improved profitability. Live Nation Q3 earnings beat on record attendance and ticketing gains

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Guggenheim lifted their target price on Live Nation Entertainment from $197.00 to $218.00 and gave the company a "buy" rating in a report on Friday, July 31st. Wells Fargo & Company lowered their price target on shares of Live Nation Entertainment from $222.00 to $221.00 and set an "overweight" rating for the company in a report on Friday. TD Cowen reissued a "buy" rating on shares of Live Nation Entertainment in a research report on Monday, August 3rd. Citizens Jmp boosted their target price on shares of Live Nation Entertainment from $190.00 to $215.00 and gave the stock a "market outperform" rating in a research note on Wednesday, July 22nd. Finally, Benchmark lifted their price target on Live Nation Entertainment from $190.00 to $215.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Twenty equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, Live Nation Entertainment currently has an average rating of "Moderate Buy" and an average price target of $197.90.

Live Nation Entertainment Trading Up 0.1%

NYSE LYV opened at $175.40 on Monday. The firm's fifty day moving average is $172.84 and its two-hundred day moving average is $167.41. The company has a debt-to-equity ratio of 6.64, a quick ratio of 0.95 and a current ratio of 0.95. The firm has a market cap of $41.33 billion, a PE ratio of -1,031.78 and a beta of 1.15. Live Nation Entertainment, Inc. has a one year low of $125.34 and a one year high of $189.24.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last issued its earnings results on Thursday, November 5th. The company reported $1.69 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.19. Live Nation Entertainment had a net margin of 0.38% and a return on equity of 55.62%. The business had revenue of $10.11 billion for the quarter, compared to the consensus estimate of $9.60 billion. During the same quarter in the previous year, the firm earned $0.73 earnings per share. The business's quarterly revenue was up 18.9% compared to the same quarter last year. Analysts expect that Live Nation Entertainment, Inc. will post 1.06 earnings per share for the current year.

About Live Nation Entertainment

Live Nation Entertainment, Inc is a live entertainment company that promotes concerts, operates and manages venues, and provides ticketing services. Its activities span the live-event process, from helping artists plan and promote tours to connecting fans with events.

The company's businesses include concert promotion and venue operations, ticketing through Ticketmaster, and sponsorship and advertising services for brands seeking to reach live-event audiences. Ticketmaster provides ticket sales and related technology for concerts and other events.

Live Nation was formed in 2010 through the merger of concert promoter Live Nation and ticketing company Ticketmaster.

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