Mediolanum International Funds Ltd Takes $836,000 Position in Live Nation Entertainment, Inc. (NYSE:LYV)

Key Points

• Mediolanum International Funds Ltd has acquired a new stake in Live Nation Entertainment, purchasing 6,684 shares valued at approximately $836,000 during Q1.
• Live Nation's stock experienced a decline of 1.6%, trading at $150.60, while the company reported a significant quarterly earnings miss with an EPS of ($0.32).
• Analysts have an average recommendation of "Moderate Buy" for Live Nation stock, with a consensus price target of $165.82, although some have adjusted forecasts based on recent performance.

Mediolanum International Funds Ltd acquired a new stake in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 6,684 shares of the company's stock, valued at approximately $836,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of LYV. Independent Franchise Partners LLP boosted its holdings in Live Nation Entertainment by 207.6% in the fourth quarter. Independent Franchise Partners LLP now owns 4,693,986 shares of the company's stock worth $607,871,000 after purchasing an additional 3,168,210 shares during the period. Groupama Asset Managment bought a new position in shares of Live Nation Entertainment in the 4th quarter worth about $259,000,000. Massachusetts Financial Services Co. MA boosted its holdings in shares of Live Nation Entertainment by 46.1% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,804,375 shares of the company's stock valued at $366,195,000 after buying an additional 884,745 shares during the period. Jericho Capital Asset Management L.P. grew its position in shares of Live Nation Entertainment by 32.0% during the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,208,082 shares of the company's stock valued at $415,447,000 after buying an additional 777,105 shares during the last quarter. Finally, Voloridge Investment Management LLC acquired a new stake in Live Nation Entertainment during the fourth quarter worth about $88,394,000. Institutional investors and hedge funds own 74.52% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have commented on LYV shares. Roth Mkm decreased their target price on Live Nation Entertainment from $174.00 to $164.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Wolfe Research boosted their price objective on Live Nation Entertainment from $160.00 to $168.00 and gave the company an "outperform" rating in a research report on Tuesday, June 10th. Rosenblatt Securities lowered their price objective on Live Nation Entertainment from $174.00 to $170.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Morgan Stanley set a $180.00 target price on Live Nation Entertainment in a research note on Thursday, July 24th. Finally, Guggenheim restated a "buy" rating and set a $170.00 price target on shares of Live Nation Entertainment in a research report on Wednesday, June 18th. One research analyst has rated the stock with a hold rating and seventeen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $165.82.

Insider Activity

In related news, EVP John Hopmans sold 34,808 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $147.38, for a total transaction of $5,130,003.04. Following the completion of the sale, the executive vice president directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 3.01% of the stock is owned by corporate insiders.

Live Nation Entertainment Price Performance

NYSE LYV traded down $1.85 on Friday, reaching $145.85. 701,857 shares of the stock traded hands, compared to its average volume of 2,495,199. Live Nation Entertainment, Inc. has a 12 month low of $87.33 and a 12 month high of $157.75. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 7.43. The firm's fifty day simple moving average is $146.35 and its 200 day simple moving average is $139.39. The company has a market cap of $33.80 billion, a price-to-earnings ratio of 49.86, a P/E/G ratio of 5.92 and a beta of 1.45.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last released 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 return on equity of 125.77% and a net margin of 4.28%. The firm had revenue of $3.38 billion for the quarter, compared to analyst estimates of $3.63 billion. During the same period in the previous year, the firm earned $0.60 earnings per share. Live Nation Entertainment's revenue was down 11.0% on a year-over-year basis. As a group, research analysts predict that Live Nation Entertainment, Inc. will post 2.38 EPS for the current fiscal year.

About Live Nation Entertainment

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.