QRG Capital Management Inc. Acquires 2,289 Shares of Live Nation Entertainment, Inc. $LYV

Key Points

• QRG Capital Management Inc. increased its holdings in Live Nation Entertainment by 12.7% by acquiring an additional 2,289 shares, bringing their total to 20,279 shares valued at approximately $3,068,000.
• Live Nation reported a quarterly revenue of $7.01 billion, exceeding expectations, but missed earnings per share estimates at $0.41, falling short of the $1.08 consensus.
• The stock has a current average rating of "Moderate Buy," with an average target price of $171.42 among 21 equity research analysts.

QRG Capital Management Inc. raised its holdings in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 12.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 20,279 shares of the company's stock after buying an additional 2,289 shares during the period. QRG Capital Management Inc.'s holdings in Live Nation Entertainment were worth $3,068,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Ascent Group LLC acquired a new position in Live Nation Entertainment during the 2nd quarter valued at about $257,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its holdings in shares of Live Nation Entertainment by 82.0% in the second quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 2,807 shares of the company's stock valued at $425,000 after purchasing an additional 1,265 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in Live Nation Entertainment by 5.4% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 28,406 shares of the company's stock worth $4,297,000 after buying an additional 1,452 shares in the last quarter. ASR Vermogensbeheer N.V. raised its position in Live Nation Entertainment by 16.8% in the 2nd quarter. ASR Vermogensbeheer N.V. now owns 6,794 shares of the company's stock valued at $1,028,000 after buying an additional 979 shares during the last quarter. Finally, BSW Wealth Partners lifted its stake in Live Nation Entertainment by 7.0% during the 2nd quarter. BSW Wealth Partners now owns 2,665 shares of the company's stock valued at $403,000 after acquiring an additional 175 shares in the last quarter. 74.52% of the stock is owned by institutional investors.

Live Nation Entertainment Price Performance

Live Nation Entertainment stock opened at $156.02 on Tuesday. The business's 50 day simple moving average is $161.64 and its 200 day simple moving average is $147.11. Live Nation Entertainment, Inc. has a 12 month low of $110.21 and a 12 month high of $175.25. The company has a market cap of $36.58 billion, a price-to-earnings ratio of 67.54, a PEG ratio of 10.63 and a beta of 1.40. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 5.38.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.41 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.08 by ($0.67). Live Nation Entertainment had a return on equity of 105.85% and a net margin of 3.88%.The firm had revenue of $7.01 billion during the quarter, compared to analysts' expectations of $6.93 billion. During the same period in the prior year, the business earned $1.03 earnings per share. The business's quarterly revenue was up 16.3% compared to the same quarter last year. Sell-side analysts forecast that Live Nation Entertainment, Inc. will post 2.38 EPS for the current year.

Analyst Ratings Changes

Several brokerages have recently commented on LYV. Moffett Nathanson started coverage on shares of Live Nation Entertainment in a report on Monday, August 18th. They issued a "buy" rating and a $195.00 target price for the company. Morgan Stanley set a $180.00 price objective on shares of Live Nation Entertainment in a research note on Thursday, July 24th. Rothschild & Co Redburn downgraded Live Nation Entertainment from a "buy" rating to a "neutral" rating and boosted their target price for the stock from $144.00 to $170.00 in a research note on Tuesday, September 16th. Susquehanna set a $165.00 target price on Live Nation Entertainment and gave the company a "positive" rating in a report on Tuesday, June 10th. Finally, Rothschild Redb lowered Live Nation Entertainment from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 16th. Eighteen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $171.42.

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.

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