Southeast Asset Advisors LLC Reduces Stake in Live Nation Entertainment, Inc. $LYV

Key Points

• Southeast Asset Advisors LLC reduced its stake in Live Nation Entertainment by 26.5% during the first quarter, now holding 33,111 shares valued at approximately $4.32 million.
• Analysts have a generally positive outlook on Live Nation, with an average rating of "Buy" and target prices ranging from $164 to $195, according to multiple recent reports.
• Live Nation reported earnings of $0.41 per share, falling short of the expected $1.08, but surpassed revenue expectations with $7.01 billion in quarterly revenue.

Southeast Asset Advisors LLC trimmed its holdings in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 26.5% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 33,111 shares of the company's stock after selling 11,943 shares during the period. Live Nation Entertainment makes up 0.5% of Southeast Asset Advisors LLC's investment portfolio, making the stock its 25th largest holding. Southeast Asset Advisors LLC's holdings in Live Nation Entertainment were worth $4,324,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in shares of Live Nation Entertainment by 3.7% during the first quarter. Vanguard Group Inc. now owns 19,882,872 shares of the company's stock worth $2,596,305,000 after acquiring an additional 713,020 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Live Nation Entertainment by 4.0% during the 1st quarter. Principal Financial Group Inc. now owns 7,596,509 shares of the company's stock worth $991,952,000 after purchasing an additional 294,310 shares in the last quarter. Jericho Capital Asset Management L.P. raised its stake in shares of Live Nation Entertainment by 32.0% in the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,208,082 shares of the company's stock worth $415,447,000 after purchasing an additional 777,105 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Live Nation Entertainment by 46.1% in the first quarter. Massachusetts Financial Services Co. MA now owns 2,804,375 shares of the company's stock valued at $366,195,000 after purchasing an additional 884,745 shares in the last quarter. Finally, Groupama Asset Managment boosted its position in shares of Live Nation Entertainment by 0.3% during the first quarter. Groupama Asset Managment now owns 2,006,693 shares of the company's stock valued at $2,896,000 after buying an additional 6,693 shares during the last quarter. 74.52% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Oppenheimer upped their price objective on Live Nation Entertainment from $165.00 to $180.00 and gave the company an "outperform" rating in a research note on Tuesday, August 12th. Guggenheim reaffirmed a "buy" rating and issued a $170.00 price objective on shares of Live Nation Entertainment in a report on Wednesday, June 18th. Roth Mkm dropped their price objective on Live Nation Entertainment from $174.00 to $164.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. 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, Sanford C. Bernstein started coverage on shares of Live Nation Entertainment in a report on Wednesday, June 4th. They issued an "outperform" rating and a $185.00 price target on the stock. Eighteen research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $168.94.

Live Nation Entertainment Stock Up 0.6%

Shares of NYSE:LYV traded up $1.04 during trading on Thursday, hitting $166.61. The stock had a trading volume of 1,066,499 shares, compared to its average volume of 2,461,340. The company has a market capitalization of $39.07 billion, a PE ratio of 72.13, a PEG ratio of 10.05 and a beta of 1.46. The firm's fifty day moving average is $152.57 and its 200 day moving average is $141.62. Live Nation Entertainment, Inc. has a 12 month low of $92.57 and a 12 month high of $167.22. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 5.38.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last announced 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). Live Nation Entertainment had a net margin of 3.88% and a return on equity of 105.85%. The business had revenue of $7.01 billion for the quarter, compared to the consensus estimate of $6.93 billion. During the same period in the prior year, the business posted $1.03 EPS. Live Nation Entertainment's revenue for the quarter was up 16.3% on a year-over-year basis. Analysts anticipate 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.