Massachusetts Financial Services Co. MA grew its stake in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 46.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,804,375 shares of the company's stock after buying an additional 884,745 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 1.20% of Live Nation Entertainment worth $366,195,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Robeco Institutional Asset Management B.V. bought a new position in shares of Live Nation Entertainment in the 1st quarter worth $1,153,000. Praxis Investment Management Inc. increased its position in shares of Live Nation Entertainment by 45.2% during the first quarter. Praxis Investment Management Inc. now owns 5,560 shares of the company's stock worth $726,000 after purchasing an additional 1,730 shares in the last quarter. Teacher Retirement System of Texas purchased a new position in shares of Live Nation Entertainment during the first quarter worth about $3,081,000. Highland Capital Management LLC purchased a new stake in Live Nation Entertainment in the 1st quarter valued at approximately $1,170,000. Finally, Personal CFO Solutions LLC acquired a new position in shares of Live Nation Entertainment during the 1st quarter worth approximately $277,000. 74.52% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
A number of brokerages recently weighed in on LYV. Sanford C. Bernstein initiated 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. Roth Mkm lowered their price objective on shares of Live Nation Entertainment from $174.00 to $164.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Susquehanna set a $165.00 price objective on shares of Live Nation Entertainment and gave the stock a "positive" rating in a report on Tuesday, June 10th. Benchmark reaffirmed a "buy" rating and issued a $178.00 price target on shares of Live Nation Entertainment in a research report on Tuesday, April 1st. Finally, Guggenheim reissued a "buy" rating and set a $170.00 target price on shares of Live Nation Entertainment in a research report on Wednesday, June 18th. One investment analyst has rated the stock with a hold rating and seventeen have given a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $165.24.
Read Our Latest Analysis on LYV
Live Nation Entertainment Trading Down 1.6%
Shares of LYV traded down $2.37 during trading hours on Tuesday, reaching $146.09. 2,028,459 shares of the company traded hands, compared to its average volume of 2,337,153. Live Nation Entertainment, Inc. has a 12-month low of $87.33 and a 12-month high of $157.75. The stock's fifty day moving average price is $143.75 and its 200 day moving average price is $137.49. The firm has a market cap of $33.86 billion, a price-to-earnings ratio of 49.86, a PEG ratio of 5.58 and a beta of 1.45. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 7.43.
Live Nation Entertainment (NYSE:LYV - Get Free Report) last announced its earnings results on Thursday, May 1st. The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.29). Live Nation Entertainment had a net margin of 4.28% and a return on equity of 125.77%. The business had revenue of $3.38 billion for the quarter, compared to analysts' expectations of $3.63 billion. During the same quarter last year, the business earned $0.60 EPS. The company's quarterly revenue was down 11.0% on a year-over-year basis. Sell-side analysts forecast that Live Nation Entertainment, Inc. will post 2.38 earnings per share for the current year.
Insiders Place Their Bets
In related news, EVP John Hopmans sold 34,808 shares of the company's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $147.38, for a total transaction of $5,130,003.04. Following the transaction, the executive vice president owned 189,456 shares of the company's stock, valued at $27,922,025.28. This represents a 15.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.72% of the stock is currently owned by insiders.
About Live Nation Entertainment
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Free Report)
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.
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