90,000 Shares in Live Nation Entertainment, Inc. $LYV Bought by Shellback Capital LP

Key Points

• Shellback Capital LP has acquired a new position in Live Nation Entertainment, purchasing 90,000 shares valued at approximately $11.75 million.
• The stock opened at $163.27 with a market cap of $38.28 billion and shows strong growth, reporting a 16.3% increase in quarterly revenue year-over-year.
• Analysts have set an average price target of $168.94 for Live Nation, with 18 brokerages rating the stock as a "Buy".

Shellback Capital LP acquired a new stake in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 90,000 shares of the company's stock, valued at approximately $11,752,000.

A number of other hedge funds have also bought and sold shares of the company. Gilbert & Cook Inc. increased its stake in Live Nation Entertainment by 1.4% in the 1st quarter. Gilbert & Cook Inc. now owns 5,538 shares of the company's stock worth $723,000 after buying an additional 75 shares during the period. Trust Asset Management LLC increased its position in Live Nation Entertainment by 5.8% during the 1st quarter. Trust Asset Management LLC now owns 1,785 shares of the company's stock valued at $233,000 after purchasing an additional 98 shares during the period. Callan Family Office LLC increased its position in Live Nation Entertainment by 1.8% during the 1st quarter. Callan Family Office LLC now owns 5,604 shares of the company's stock valued at $732,000 after purchasing an additional 98 shares during the period. HM Payson & Co. increased its position in Live Nation Entertainment by 9.5% during the 1st quarter. HM Payson & Co. now owns 1,150 shares of the company's stock valued at $150,000 after purchasing an additional 100 shares during the period. Finally, Mather Group LLC. increased its position in Live Nation Entertainment by 6.7% during the 1st quarter. Mather Group LLC. now owns 1,724 shares of the company's stock valued at $225,000 after purchasing an additional 108 shares during the period. Institutional investors own 74.52% of the company's stock.

Live Nation Entertainment Stock Performance

NYSE LYV traded up $3.23 on Thursday, hitting $174.13. 1,833,064 shares of the company's stock traded hands, compared to its average volume of 2,431,449. 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, Inc. has a 1-year low of $96.75 and a 1-year high of $174.42. The firm's 50-day moving average price is $156.04 and its two-hundred day moving average price is $142.66. The firm has a market capitalization of $40.83 billion, a PE ratio of 75.38, a P/E/G ratio of 11.49 and a beta of 1.42.

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

Analyst Ratings Changes

A number of research analysts have commented on the stock. Oppenheimer raised their target price on shares of Live Nation Entertainment from $165.00 to $180.00 and gave the company an "outperform" rating in a research report on Tuesday, August 12th. Wolfe Research raised their target price on shares of Live Nation Entertainment from $160.00 to $168.00 and gave the company an "outperform" rating in a research report on Tuesday, June 10th. Susquehanna set a $165.00 target price on shares of Live Nation Entertainment and gave the company a "positive" rating in a research report on Tuesday, June 10th. Morgan Stanley set a $180.00 target price on shares of Live Nation Entertainment in a research report on Thursday, July 24th. Finally, Citigroup raised their price target on shares of Live Nation Entertainment from $165.00 to $195.00 and gave the company a "buy" rating in a report on Tuesday. Eighteen equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $170.72.

Live Nation Entertainment Profile

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.