NewEdge Wealth LLC Invests $1.22 Million in Live Nation Entertainment, Inc. $LYV

Key Points

• NewEdge Wealth acquired 6,661 Live Nation shares worth approximately $1.22 million during the second quarter, while institutional investors collectively own 74.52% of the company.
• Live Nation reported stronger-than-expected quarterly results, with EPS of $1.05 versus a $0.66 consensus estimate and revenue of $7.67 billion, up 9.4% year over year.
• Analysts remain broadly bullish: 20 analysts rate the stock a Buy and four rate it a Hold, with an average price target of $197.19 compared with the reported share price of $182.28.

NewEdge Wealth LLC acquired a new stake in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 6,661 shares of the company's stock, valued at approximately $1,220,000.

A number of other large investors also recently modified their holdings of the stock. Norges Bank bought a new position in Live Nation Entertainment during the 4th quarter valued at $285,924,000. Sachem Head Capital Management LP purchased a new position in Live Nation Entertainment in the fourth quarter valued at approximately $173,380,000. Jericho Capital Asset Management L.P. grew its stake in shares of Live Nation Entertainment by 37.9% during the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,996,512 shares of the company's stock worth $569,503,000 after acquiring an additional 1,099,350 shares during the period. First Trust Advisors LP boosted its position in Live Nation Entertainment by 653.7% during the fourth quarter. First Trust Advisors LP now owns 1,191,347 shares of the company's stock worth $169,767,000 after purchasing an additional 1,033,289 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in Live Nation Entertainment by 10.3% in the 4th quarter. Principal Financial Group Inc. now owns 10,727,681 shares of the company's stock worth $1,528,700,000 after buying an additional 1,001,905 shares during the period. Institutional investors own 74.52% of the company's stock.

Live Nation Entertainment Stock Performance

Shares of Live Nation Entertainment stock opened at $182.28 on Friday. Live Nation Entertainment, Inc. has a 12 month low of $125.34 and a 12 month high of $189.24. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 8.25. The business has a fifty day simple moving average of $180.20 and a two-hundred day simple moving average of $166.31. The firm has a market capitalization of $42.95 billion, a P/E ratio of -161.31 and a beta of 1.12.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The company reported $1.05 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.39. Live Nation Entertainment had a return on equity of 54.61% and a net margin of 0.34%.The company had revenue of $7.67 billion for the quarter, compared to the consensus estimate of $7.56 billion. During the same quarter in the prior year, the business posted $0.41 EPS. The firm's quarterly revenue was up 9.4% compared to the same quarter last year. On average, equities analysts forecast that Live Nation Entertainment, Inc. will post 1.05 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. TD Cowen restated a "buy" rating on shares of Live Nation Entertainment in a research note on Monday, August 3rd. Roth Capital set a $208.00 target price on shares of Live Nation Entertainment in a research report on Friday, July 31st. The Goldman Sachs Group increased their price target on shares of Live Nation Entertainment from $192.00 to $202.00 and gave the company a "buy" rating in a research report on Wednesday, July 8th. Citizens Jmp raised their price objective on Live Nation Entertainment from $190.00 to $215.00 and gave the company a "market outperform" rating in a research note on Wednesday, July 22nd. Finally, Benchmark lifted their target price on shares of Live Nation Entertainment from $190.00 to $215.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Twenty research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $197.19.

Live Nation Entertainment Company Profile

Live Nation Entertainment is a global live entertainment company that promotes, operates and sells tickets for live events. The company's core activities include concert promotion and production, venue operations and management, ticketing services through its Ticketmaster platform, artist management and development, and sponsorship and advertising services tied to live events. These integrated businesses are designed to connect artists, fans and commercial partners across the live event ecosystem.

The company in its current form was created following the 2010 merger of Live Nation and Ticketmaster, combining a promoter and venue operator with one of the industry's largest ticketing platforms.

Want to see what other hedge funds are holding LYV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Live Nation Entertainment, Inc. (NYSE:LYV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source