OMERS ADMINISTRATION Corp Raises Stock Holdings in Live Nation Entertainment, Inc. $LYV

Key Points

• OMERS ADMINISTRATION Corp dramatically increased its stake in Live Nation Entertainment, boosting holdings by 5,799.1% in the first quarter to 900,794 shares, worth about $137.4 million.
• Several hedge funds and institutional investors also adjusted positions in LYV, and institutions now own 74.52% of the company’s stock.
• Live Nation reported a quarterly earnings miss with EPS of -$1.85 versus expectations of -$0.35, even though revenue of $3.79 billion topped estimates and rose 12.1% year over year. Analysts remain broadly positive, with a consensus rating of Moderate Buy and an average price target of $195.95.

OMERS ADMINISTRATION Corp raised its holdings in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 5,799.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 900,794 shares of the company's stock after purchasing an additional 885,524 shares during the period. OMERS ADMINISTRATION Corp owned about 0.38% of Live Nation Entertainment worth $137,380,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in LYV. Leonteq Securities AG acquired a new position in shares of Live Nation Entertainment during the 4th quarter worth about $25,000. Nvest Wealth Strategies Inc. acquired a new stake in Live Nation Entertainment in the 4th quarter valued at about $26,000. Elyxium Wealth LLC purchased a new position in Live Nation Entertainment during the fourth quarter worth approximately $30,000. DV Equities LLC purchased a new position in shares of Live Nation Entertainment during the 4th quarter worth $31,000. Finally, Blue Trust Inc. boosted its holdings in Live Nation Entertainment by 62.6% in the 4th quarter. Blue Trust Inc. now owns 278 shares of the company's stock valued at $40,000 after purchasing an additional 107 shares during the last quarter. Hedge funds and other institutional investors own 74.52% of the company's stock.

Insiders Place Their Bets

In related news, EVP John Hopmans sold 93,078 shares of the business's stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $166.07, for a total transaction of $15,457,463.46. Following the completion of the transaction, the executive vice president directly owned 188,751 shares of the company's stock, valued at $31,345,878.57. The trade was a 33.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Michael Rowles sold 63,776 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $164.24, for a total value of $10,474,570.24. Following the completion of the sale, the executive vice president directly owned 204,716 shares in the company, valued at $33,622,555.84. This represents a 23.75% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.89% of the stock is currently owned by corporate insiders.

Live Nation Entertainment Trading Up 0.7%

NYSE LYV opened at $177.29 on Friday. The company has a debt-to-equity ratio of 13.93, a quick ratio of 0.88 and a current ratio of 0.88. The firm has a market cap of $41.76 billion, a price-to-earnings ratio of -100.16 and a beta of 1.11. The firm has a 50 day simple moving average of $173.49 and a 200-day simple moving average of $161.07. Live Nation Entertainment, Inc. has a one year low of $125.34 and a one year high of $188.00.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last announced its earnings results on Tuesday, May 5th. The company reported ($1.85) earnings per share for the quarter, missing the consensus estimate of ($0.35) by ($1.50). Live Nation Entertainment had a return on equity of 45.92% and a net margin of 0.15%.The business had revenue of $3.79 billion for the quarter, compared to analysts' expectations of $3.57 billion. During the same period in the previous year, the company earned ($0.32) earnings per share. Live Nation Entertainment's quarterly revenue was up 12.1% on a year-over-year basis. Equities research analysts anticipate that Live Nation Entertainment, Inc. will post 0.94 EPS for the current fiscal year.

Wall Street Analyst Weigh In

LYV has been the topic of several analyst reports. Roth Capital reaffirmed a "buy" rating and set a $205.00 price target on shares of Live Nation Entertainment in a research report on Wednesday, July 15th. Wolfe Research boosted their price target on shares of Live Nation Entertainment from $205.00 to $206.00 and gave the company an "outperform" rating in a research note on Monday, April 13th. BTIG Research initiated coverage on shares of Live Nation Entertainment in a report on Thursday. They issued a "buy" rating and a $215.00 price objective on the stock. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Live Nation Entertainment from $180.00 to $185.00 and gave the company a "buy" rating in a report on Wednesday, May 6th. Finally, Citizens Jmp upped their price target on Live Nation Entertainment from $190.00 to $215.00 and gave the stock a "market outperform" rating in a research note on Wednesday. Twenty research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $195.95.

About Live Nation Entertainment

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.

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