OP Asset Management Ltd acquired a new position in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 16,032 shares of the company's stock, valued at approximately $2,445,000.
Several other hedge funds have also bought and sold shares of the stock. Norges Bank bought a new position in shares of Live Nation Entertainment in the 4th quarter worth $285,924,000. Sachem Head Capital Management LP bought a new stake in shares of Live Nation Entertainment during the 4th quarter worth $173,380,000. Jericho Capital Asset Management L.P. grew its position in Live Nation Entertainment by 37.9% in the fourth 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 in the last quarter. First Trust Advisors LP increased its stake in Live Nation Entertainment by 653.7% in the fourth quarter. First Trust Advisors LP now owns 1,191,347 shares of the company's stock valued at $169,767,000 after acquiring an additional 1,033,289 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in shares of 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 purchasing an additional 1,001,905 shares in the last quarter. 74.52% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
A number of brokerages recently weighed in on LYV. Deutsche Bank Aktiengesellschaft raised their price objective on Live Nation Entertainment from $180.00 to $185.00 and gave the company a "buy" rating in a report on Wednesday, May 6th. Morgan Stanley increased their price target on shares of Live Nation Entertainment from $185.00 to $200.00 and gave the company an "overweight" rating in a research report on Wednesday, June 10th. Wolfe Research boosted their price objective on shares of Live Nation Entertainment from $205.00 to $206.00 and gave the stock an "outperform" rating in a report on Monday, April 13th. The Goldman Sachs Group upped their price objective on shares of Live Nation Entertainment from $190.00 to $192.00 in a research note on Wednesday, May 6th. Finally, Rothschild & Co Redburn increased their target price on shares of Live Nation Entertainment from $193.00 to $195.00 in a report on Wednesday, May 6th. Twenty investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $188.50.
Read Our Latest Analysis on Live Nation Entertainment
Insider Transactions at Live Nation Entertainment
In other Live Nation Entertainment news, EVP Michael Rowles sold 63,776 shares of the company's stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $164.24, for a total transaction of $10,474,570.24. Following the transaction, the executive vice president owned 204,716 shares in the company, valued at approximately $33,622,555.84. This represents a 23.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John Hopmans sold 93,078 shares of the stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $166.07, for a total value 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. This represents a 33.03% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.89% of the stock is owned by corporate insiders.
Live Nation Entertainment Stock Performance
NYSE:LYV opened at $179.44 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 13.93. The firm's fifty day simple moving average is $165.03 and its 200 day simple moving average is $155.56. The stock has a market cap of $42.27 billion, a P/E ratio of -101.38 and a beta of 1.12. Live Nation Entertainment, Inc. has a twelve month low of $125.34 and a twelve month high of $180.92.
Live Nation Entertainment (NYSE:LYV - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($1.85) EPS for the quarter, missing the consensus estimate of ($0.35) by ($1.50). The company had revenue of $3.79 billion during the quarter, compared to the consensus estimate of $3.57 billion. Live Nation Entertainment had a return on equity of 45.92% and a net margin of 0.15%.The firm's revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter last year, the company posted ($0.32) earnings per share. As a group, research analysts predict that Live Nation Entertainment, Inc. will post 1.09 EPS for the current year.
Live Nation Entertainment Profile
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Free Report)
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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