The Manufacturers Life Insurance Company Takes $14.96 Million Position in Live Nation Entertainment, Inc. $LYV

Key Points

• The Manufacturers Life Insurance Company acquired 81,697 Live Nation shares worth approximately $14.96 million during the second quarter. Institutional investors collectively own 74.52% of LYV.
• Live Nation reported quarterly EPS of $1.05, beating estimates of $0.66, while revenue rose 9.4% year over year to $7.67 billion.
• Wall Street remains broadly positive: 20 analysts rate the stock a Buy and four rate it Hold, producing a “Moderate Buy” consensus and an average price target of $197.19 versus the reported $180.84 share price.

The Manufacturers Life Insurance Company bought a new position in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 81,697 shares of the company's stock, valued at approximately $14,960,000.

A number of other large investors have also recently made changes to their positions in LYV. Empowered Funds LLC grew its holdings in Live Nation Entertainment by 3.3% during the 1st quarter. Empowered Funds LLC now owns 17,376 shares of the company's stock valued at $2,269,000 after buying an additional 547 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Live Nation Entertainment by 15.8% in the second quarter. EverSource Wealth Advisors LLC now owns 798 shares of the company's stock worth $121,000 after buying an additional 109 shares in the last quarter. Cerity Partners LLC boosted its position in shares of Live Nation Entertainment by 6.0% in the second quarter. Cerity Partners LLC now owns 27,496 shares of the company's stock valued at $4,160,000 after acquiring an additional 1,550 shares during the period. Daiwa Securities Group Inc. boosted its position in shares of Live Nation Entertainment by 15.9% in the second quarter. Daiwa Securities Group Inc. now owns 26,340 shares of the company's stock valued at $3,983,000 after acquiring an additional 3,604 shares during the period. Finally, NewEdge Advisors LLC grew its stake in Live Nation Entertainment by 344.3% during the second quarter. NewEdge Advisors LLC now owns 2,208 shares of the company's stock valued at $334,000 after acquiring an additional 1,711 shares in the last quarter. 74.52% of the stock is owned by institutional investors.

Insider Activity at Live Nation Entertainment

In related news, CAO Brian Capo sold 2,900 shares of Live Nation Entertainment stock in a transaction on Monday, August 24th. The shares were sold at an average price of $184.00, for a total value of $533,600.00. Following the transaction, the chief accounting officer owned 8,655 shares in the company, valued at $1,592,520. This trade represents a 25.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.89% of the company's stock.

Live Nation Entertainment Price Performance

Shares of NYSE:LYV opened at $180.84 on Friday. The company's fifty day moving average price is $181.24 and its 200-day moving average price is $167.76. The company has a debt-to-equity ratio of 8.25, a current ratio of 0.85 and a quick ratio of 0.85. The firm has a market capitalization of $42.61 billion, a price-to-earnings ratio of -160.04 and a beta of 1.12. Live Nation Entertainment, Inc. has a one year low of $125.34 and a one year high of $189.24.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The company reported $1.05 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.66 by $0.39. The company had revenue of $7.67 billion during the quarter, compared to the consensus estimate of $7.56 billion. Live Nation Entertainment had a net margin of 0.34% and a return on equity of 54.61%. The firm's revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.41 EPS. On average, equities research analysts anticipate that Live Nation Entertainment, Inc. will post 1.05 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

LYV has been the topic of several recent analyst reports. Sanford C. Bernstein increased their target price on shares of Live Nation Entertainment from $200.00 to $215.00 and gave the stock an "outperform" rating in a research note on Friday, July 31st. TD Cowen reaffirmed a "buy" rating on shares of Live Nation Entertainment in a report on Monday, August 3rd. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $205.00 price objective on shares of Live Nation Entertainment in a research report on Friday, July 31st. The Goldman Sachs Group lifted their price objective on Live Nation Entertainment from $192.00 to $202.00 and gave the company a "buy" rating in a research note on Wednesday, July 8th. Finally, Roth Capital set a $208.00 target price on Live Nation Entertainment in a research note on Friday, July 31st. Twenty equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, Live Nation Entertainment currently has a consensus rating of "Moderate Buy" and an average target price of $197.19.

Live Nation Entertainment Company 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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