Sunriver Management LLC Has $26.03 Million Stake in Live Nation Entertainment, Inc. $LYV

Key Points

• Sunriver Management LLC increased its stake in Live Nation Entertainment by 13.8% in Q1, ending with 170,661 shares worth about $26.0 million. The position now represents 4.4% of Sunriver’s holdings.
• Several Live Nation executives recently sold shares, including Michael Rowles and John Hopmans, who reduced their positions by 23.75% and 33.03%, respectively. Insiders still own 2.89% of the company.
• Wall Street remains broadly bullish on LYV: analysts rate it a Moderate Buy with a consensus target price of $195.95. The stock last traded at $177.29 after the company reported stronger revenue but a larger-than-expected quarterly loss.

Sunriver Management LLC raised its holdings in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 13.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 170,661 shares of the company's stock after acquiring an additional 20,661 shares during the quarter. Live Nation Entertainment comprises approximately 4.4% of Sunriver Management LLC's holdings, making the stock its 11th largest position. Sunriver Management LLC owned about 0.07% of Live Nation Entertainment worth $26,028,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the business. Leonteq Securities AG acquired a new stake in shares of Live Nation Entertainment in the 4th quarter valued at $25,000. Nvest Wealth Strategies Inc. acquired a new position in Live Nation Entertainment during the fourth quarter worth $26,000. Elyxium Wealth LLC bought a new position in Live Nation Entertainment during the fourth quarter valued at about $30,000. DV Equities LLC bought a new position in Live Nation Entertainment during the fourth quarter valued at about $31,000. Finally, Blue Trust Inc. lifted its position in shares of Live Nation Entertainment by 62.6% in the fourth quarter. Blue Trust Inc. now owns 278 shares of the company's stock worth $40,000 after buying an additional 107 shares during the last quarter. Institutional investors and hedge funds own 74.52% of the company's stock.

Insiders Place Their Bets

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

Analyst Ratings Changes

A number of brokerages have recently commented on LYV. BTIG Research started coverage on Live Nation Entertainment in a report on Thursday. They set a "buy" rating and a $215.00 price objective on the stock. Deutsche Bank Aktiengesellschaft boosted their target price on Live Nation Entertainment from $180.00 to $185.00 and gave the stock a "buy" rating in a report on Wednesday, May 6th. Roth Capital reiterated a "buy" rating and set a $205.00 price target on shares of Live Nation Entertainment in a report on Wednesday, July 15th. UBS Group lifted their price target on shares of Live Nation Entertainment from $181.00 to $208.00 and gave the company a "buy" rating in a research report on Monday. Finally, Guggenheim upped their price objective on shares of Live Nation Entertainment from $192.00 to $197.00 and gave the stock a "buy" rating in a report on Wednesday, May 6th. Twenty analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $195.95.

Live Nation Entertainment Price Performance

Shares of NYSE:LYV opened at $177.29 on Friday. The company has a market cap of $41.76 billion, a price-to-earnings ratio of -100.16 and a beta of 1.11. The business has a 50 day moving average price of $173.49 and a 200 day moving average price of $161.07. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 13.93. Live Nation Entertainment, Inc. has a twelve month low of $125.34 and a twelve month high of $188.00.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($1.85) EPS for the quarter, missing the consensus estimate of ($0.35) by ($1.50). Live Nation Entertainment had a return on equity of 45.92% and a net margin of 0.15%.The business had revenue of $3.79 billion during the quarter, compared to the consensus estimate of $3.57 billion. During the same period in the prior year, the firm earned ($0.32) earnings per share. The business's quarterly revenue was up 12.1% on a year-over-year basis. Research analysts predict that Live Nation Entertainment, Inc. will post 0.94 earnings per share for the current year.

Live Nation Entertainment Profile

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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