SummitTX Capital L.P. Takes $5.82 Million Position in Live Nation Entertainment, Inc. $LYV

SummitTX Capital L.P. bought a new stake in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 38,148 shares of the company's stock, valued at approximately $5,818,000.

Several other large investors have also recently added to or reduced their stakes in LYV. Leonteq Securities AG purchased a new position in Live Nation Entertainment in the fourth quarter valued at about $25,000. Nvest Wealth Strategies Inc. purchased a new stake in shares of Live Nation Entertainment in the fourth quarter worth about $26,000. Elyxium Wealth LLC acquired a new stake in shares of Live Nation Entertainment in the fourth quarter valued at about $30,000. DV Equities LLC purchased a new stake in shares of Live Nation Entertainment during the 4th quarter valued at about $31,000. Finally, Blue Trust Inc. raised its holdings in shares of Live Nation Entertainment by 62.6% during the 4th quarter. Blue Trust Inc. now owns 278 shares of the company's stock valued at $40,000 after buying an additional 107 shares during the period. 74.52% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Michael Rowles sold 63,776 shares of Live Nation Entertainment stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $164.24, for a total value of $10,474,570.24. Following the completion of the transaction, the executive vice president directly owned 204,716 shares in the company, valued at approximately $33,622,555.84. This trade represents a 23.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP John Hopmans sold 93,078 shares of the business's stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $166.07, for a total value of $15,457,463.46. Following the completion of the sale, the executive vice president directly owned 188,751 shares of the company's stock, valued at approximately $31,345,878.57. This represents a 33.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 2.89% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. UBS Group upped their price target on Live Nation Entertainment from $181.00 to $208.00 and gave the stock a "buy" rating in a report on Monday, July 20th. Susquehanna lowered shares of Live Nation Entertainment from a "positive" rating to a "neutral" rating and lifted their price objective for the company from $181.00 to $186.00 in a research note on Tuesday, July 21st. Weiss Ratings reissued a "hold (c-)" rating on shares of Live Nation Entertainment in a research report on Thursday, June 4th. Roth Capital reaffirmed a "buy" rating and set a $205.00 price target on shares of Live Nation Entertainment in a report on Wednesday, July 15th. Finally, Wells Fargo & Company upped their price objective on shares of Live Nation Entertainment from $199.00 to $222.00 and gave the company an "overweight" rating in a research report on Thursday, July 9th. Twenty investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $195.95.

Live Nation Entertainment Stock Up 1.2%

Shares of NYSE:LYV opened at $179.28 on Tuesday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 13.93. The company has a fifty day simple moving average of $173.74 and a 200 day simple moving average of $161.42. The firm has a market cap of $42.23 billion, a PE ratio of -101.29 and a beta of 1.11. Live Nation Entertainment, Inc. has a 12-month low of $125.34 and a 12-month high of $188.00.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($1.85) earnings per share (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 analyst estimates of $3.57 billion. Live Nation Entertainment had a net margin of 0.15% and a return on equity of 45.92%. The company's revenue was up 12.1% on a year-over-year basis. During the same period in the prior year, the company earned ($0.32) earnings per share. On average, equities research analysts anticipate that Live Nation Entertainment, Inc. will post 0.94 EPS for the current fiscal year.

About Live Nation Entertainment

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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