Resona Asset Management Co. Ltd. Purchases 3,418 Shares of Live Nation Entertainment, Inc. $LYV

Key Points

• Resona Asset Management Co. Ltd. increased its stake in Live Nation Entertainment by 7.3% to a total of 50,043 shares, valued at approximately $6.49 million.
• Live Nation reported earnings of $0.41 per share, missing estimates by $0.67, but achieved revenues of $7.01 billion against estimates of $6.93 billion.
• Brokerages have generally set price targets for Live Nation with a consensus target of $167.41, with seventeen analysts rating it as a "buy".

Resona Asset Management Co. Ltd. grew its stake in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 7.3% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 50,043 shares of the company's stock after buying an additional 3,418 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Live Nation Entertainment were worth $6,492,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Rockefeller Capital Management L.P. bought a new position in Live Nation Entertainment in the fourth quarter valued at about $1,405,000. Townsquare Capital LLC boosted its holdings in shares of Live Nation Entertainment by 6.2% during the 4th quarter. Townsquare Capital LLC now owns 4,630 shares of the company's stock worth $600,000 after buying an additional 269 shares in the last quarter. Mariner LLC grew its position in shares of Live Nation Entertainment by 8.3% during the 4th quarter. Mariner LLC now owns 10,953 shares of the company's stock worth $1,418,000 after buying an additional 844 shares during the period. Canada Post Corp Registered Pension Plan acquired a new position in shares of Live Nation Entertainment during the 4th quarter valued at $305,000. Finally, Jump Financial LLC acquired a new stake in Live Nation Entertainment in the 4th quarter valued at $1,173,000. 74.52% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Morgan Stanley set a $180.00 price objective on shares of Live Nation Entertainment in a report on Thursday, July 24th. Rosenblatt Securities lowered their price target on shares of Live Nation Entertainment from $174.00 to $170.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. Susquehanna set a $165.00 price objective on Live Nation Entertainment and gave the company a "positive" rating in a report on Tuesday, June 10th. Guggenheim reiterated a "buy" rating and set a $170.00 price target on shares of Live Nation Entertainment in a research note on Wednesday, June 18th. Finally, Moffett Nathanson assumed coverage on Live Nation Entertainment in a research note on Monday. They issued a "buy" rating and a $195.00 price objective on the stock. Eighteen research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $168.94.

Live Nation Entertainment Trading Up 0.2%

NYSE:LYV traded up $0.31 during trading hours on Tuesday, reaching $162.43. The company's stock had a trading volume of 547,765 shares, compared to its average volume of 2,494,943. The company has a debt-to-equity ratio of 5.38, a quick ratio of 0.88 and a current ratio of 0.88. The firm has a market capitalization of $38.08 billion, a price-to-earnings ratio of 70.37, a PEG ratio of 9.71 and a beta of 1.46. The firm has a 50-day simple moving average of $149.59 and a 200-day simple moving average of $140.74. Live Nation Entertainment, Inc. has a 1 year low of $92.57 and a 1 year high of $164.06.

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 for the quarter, missing analysts' consensus estimates of $1.08 by ($0.67). The company had revenue of $7.01 billion during the quarter, compared to the consensus estimate of $6.93 billion. Live Nation Entertainment had a net margin of 3.88% and a return on equity of 105.85%. The company's revenue was up 16.3% on a year-over-year basis. During the same period last year, the firm posted $1.03 EPS. Research analysts expect that Live Nation Entertainment, Inc. will post 2.38 EPS for the current fiscal year.

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.