T. Rowe Price Investment Management Inc. Buys Shares of 709,738 Live Nation Entertainment, Inc. $LYV

Key Points

• T. Rowe Price Investment Management acquired 709,738 shares of Live Nation Entertainment, valued at approximately $92.68 million, increasing its stake to about 0.31%.
• The company's recent quarterly earnings showed a revenue of $7.01 billion, exceeding expectations, but missed the EPS estimate with a result of $0.41 per share.
• Analysts are optimistic about Live Nation's stock, with multiple firms raising their price targets, resulting in an average target price of $168.94 and a consensus rating of "Buy."

T. Rowe Price Investment Management Inc. bought a new position in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 709,738 shares of the company's stock, valued at approximately $92,678,000. T. Rowe Price Investment Management Inc. owned 0.31% of Live Nation Entertainment at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in LYV. Capital Fund Management S.A. acquired a new stake in shares of Live Nation Entertainment in the first quarter worth $2,892,000. Banco Bilbao Vizcaya Argentaria S.A. raised its position in shares of Live Nation Entertainment by 4.5% during the first quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 3,372 shares of the company's stock worth $440,000 after acquiring an additional 145 shares during the last quarter. Groupama Asset Managment boosted its holdings in Live Nation Entertainment by 0.3% in the first quarter. Groupama Asset Managment now owns 2,006,693 shares of the company's stock valued at $2,896,000 after acquiring an additional 6,693 shares during the last quarter. Northern Trust Corp increased its position in Live Nation Entertainment by 0.6% in the first quarter. Northern Trust Corp now owns 1,454,064 shares of the company's stock worth $189,872,000 after purchasing an additional 8,562 shares during the period. Finally, Brooklyn Investment Group raised its holdings in Live Nation Entertainment by 95.3% during the 1st quarter. Brooklyn Investment Group now owns 617 shares of the company's stock worth $81,000 after purchasing an additional 301 shares during the last quarter. 74.52% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

LYV has been the subject of a number of recent research reports. Rosenblatt Securities dropped their price target on shares of Live Nation Entertainment from $174.00 to $170.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Roth Mkm cut their price objective on shares of Live Nation Entertainment from $174.00 to $164.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Guggenheim restated a "buy" rating and set a $170.00 price objective on shares of Live Nation Entertainment in a research note on Wednesday, June 18th. Wolfe Research lifted their target price on Live Nation Entertainment from $160.00 to $168.00 and gave the company an "outperform" rating in a research report on Tuesday, June 10th. Finally, Moffett Nathanson assumed coverage on Live Nation Entertainment in a research report on Monday, August 18th. They set a "buy" rating and a $195.00 price target for the company. Eighteen analysts have rated the stock with a Buy rating, According to MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $168.94.

Live Nation Entertainment Price Performance

LYV stock traded up $0.83 during midday trading on Tuesday, reaching $166.67. The company had a trading volume of 1,367,503 shares, compared to its average volume of 2,472,854. The stock has a 50 day moving average price of $151.79 and a 200-day moving average price of $141.28. The company has a market capitalization of $39.08 billion, a price-to-earnings ratio of 72.15, a price-to-earnings-growth ratio of 10.00 and a beta of 1.46. The company has a debt-to-equity ratio of 5.38, a current ratio of 0.88 and a quick ratio of 0.88. Live Nation Entertainment, Inc. has a 1-year low of $92.57 and a 1-year high of $166.90.

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 the consensus estimate of $1.08 by ($0.67). Live Nation Entertainment had a return on equity of 105.85% and a net margin of 3.88%.The business had revenue of $7.01 billion for the quarter, compared to the consensus estimate of $6.93 billion. During the same quarter in the previous year, the company earned $1.03 earnings per share. The firm's revenue for the quarter was up 16.3% on a year-over-year basis. Equities research analysts expect that Live Nation Entertainment, Inc. will post 2.38 earnings per share for the current year.

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.