Meeder Asset Management Inc. Invests $6.22 Million in Live Nation Entertainment, Inc. (NYSE:LYV)

Key Points

• Meeder Asset Management Inc. has acquired 47,658 shares of Live Nation Entertainment, valued at approximately $6.2 million, during the 1st quarter, indicating growing institutional interest in the company.
• Analysts are generally bullish on Live Nation Entertainment, with 17 buy ratings and a consensus price target of $165.82, despite recent adjustments to target prices from various firms.
• Live Nation reported earnings of ($0.32) EPS in its latest report, missing expectations, and its revenue was down 11% year-over-year, highlighting current financial challenges amid a competitive environment.

Meeder Asset Management Inc. acquired a new position in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 47,658 shares of the company's stock, valued at approximately $6,223,000.

Other large investors have also added to or reduced their stakes in the company. Measured Risk Portfolios Inc. bought a new stake in shares of Live Nation Entertainment in the 4th quarter valued at approximately $29,000. Wayfinding Financial LLC bought a new stake in Live Nation Entertainment during the 1st quarter valued at $30,000. Chilton Capital Management LLC acquired a new stake in shares of Live Nation Entertainment in the 1st quarter worth $33,000. GW&K Investment Management LLC boosted its position in shares of Live Nation Entertainment by 690.2% in the 1st quarter. GW&K Investment Management LLC now owns 324 shares of the company's stock worth $42,000 after purchasing an additional 283 shares in the last quarter. Finally, Private Trust Co. NA lifted its position in Live Nation Entertainment by 94.2% during the 1st quarter. Private Trust Co. NA now owns 404 shares of the company's stock worth $53,000 after acquiring an additional 196 shares during the period. Institutional investors own 74.52% of the company's stock.

Insider Buying and Selling at Live Nation Entertainment

In other Live Nation Entertainment news, EVP John Hopmans sold 34,808 shares of the company's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $147.38, for a total value of $5,130,003.04. Following the completion of the sale, the executive vice president owned 189,456 shares of the company's stock, valued at approximately $27,922,025.28. This represents a 15.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 3.01% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on LYV shares. Guggenheim reiterated a "buy" rating and set a $170.00 price objective on shares of Live Nation Entertainment in a research note on Wednesday, June 18th. Morgan Stanley set a $180.00 price target on Live Nation Entertainment in a research report on Thursday, July 24th. Rosenblatt Securities decreased their price objective on Live Nation Entertainment from $174.00 to $170.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. Wolfe Research raised their price target on Live Nation Entertainment from $160.00 to $168.00 and gave the stock an "outperform" rating in a research report on Tuesday, June 10th. Finally, Sanford C. Bernstein started coverage on Live Nation Entertainment in a research note on Wednesday, June 4th. They issued an "outperform" rating and a $185.00 price objective on the stock. One analyst has rated the stock with a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $165.82.

Live Nation Entertainment Price Performance

Shares of LYV stock traded down $1.54 during trading hours on Friday, reaching $146.17. 926,848 shares of the company were exchanged, compared to its average volume of 2,496,646. Live Nation Entertainment, Inc. has a fifty-two week low of $87.33 and a fifty-two week high of $157.75. The stock's fifty day moving average is $146.35 and its two-hundred day moving average is $139.39. The company has a market cap of $33.88 billion, a price-to-earnings ratio of 49.89, a P/E/G ratio of 5.92 and a beta of 1.45. The company has a debt-to-equity ratio of 7.43, a current ratio of 0.96 and a quick ratio of 0.96.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported ($0.32) earnings per share for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.29). The business had revenue of $3.38 billion for the quarter, compared to the consensus estimate of $3.63 billion. Live Nation Entertainment had a return on equity of 125.77% and a net margin of 4.28%. The company's quarterly revenue was down 11.0% on a year-over-year basis. During the same period last year, the firm earned $0.60 earnings per share. Sell-side analysts forecast that Live Nation Entertainment, Inc. will post 2.38 earnings per share for the current fiscal year.

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.