Voleon Capital Management LP Has $2.52 Million Position in Live Nation Entertainment, Inc. $LYV

Key Points

• Voleon Capital Management LP has reduced its holdings in Live Nation Entertainment by 32.3%, owning approximately 19,294 shares valued at $2.52 million after selling 9,215 shares in the first quarter.
• Several institutional investors, including Vanguard Group and Canada Pension Plan Investment Board, have increased their positions in Live Nation, suggesting strong interest, with 74.52% of the stock now owned by these investors.
• Live Nation Entertainment reported earnings per share of $0.41 for the last quarter, missing estimates by $0.67, although its revenue grew by 16.3% year-over-year, amounting to $7.01 billion.

Voleon Capital Management LP lowered its position in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 32.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,294 shares of the company's stock after selling 9,215 shares during the quarter. Voleon Capital Management LP's holdings in Live Nation Entertainment were worth $2,519,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in LYV. Measured Risk Portfolios Inc. acquired a new position in Live Nation Entertainment in the fourth quarter valued at $29,000. Wayfinding Financial LLC acquired a new position in Live Nation Entertainment in the first quarter valued at $30,000. Chilton Capital Management LLC acquired a new position in shares of Live Nation Entertainment during the first quarter worth about $33,000. GW&K Investment Management LLC lifted its stake in shares of Live Nation Entertainment by 690.2% during the first quarter. GW&K Investment Management LLC now owns 324 shares of the company's stock worth $42,000 after purchasing an additional 283 shares in the last quarter. Finally, N.E.W. Advisory Services LLC acquired a new position in shares of Live Nation Entertainment during the first quarter worth about $42,000. Institutional investors and hedge funds own 74.52% of the company's stock.

Live Nation Entertainment Price Performance

Shares of NYSE LYV traded down $0.31 during trading on Friday, hitting $173.75. The company had a trading volume of 1,408,354 shares, compared to its average volume of 2,430,429. The company has a market cap of $40.74 billion, a P/E ratio of 75.22, a PEG ratio of 11.53 and a beta of 1.42. Live Nation Entertainment, Inc. has a 52 week low of $97.40 and a 52 week high of $175.25. The business's 50-day moving average is $156.53 and its 200 day moving average is $142.79. The company has a debt-to-equity ratio of 5.38, a quick ratio of 0.88 and a current ratio of 0.88.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.67). The company had revenue of $7.01 billion during the quarter, compared to the consensus estimate of $6.93 billion. Live Nation Entertainment had a net margin of 3.88% and a return on equity of 105.85%. Live Nation Entertainment's quarterly revenue was up 16.3% on a year-over-year basis. During the same period in the prior year, the company posted $1.03 EPS. Equities research analysts predict that Live Nation Entertainment, Inc. will post 2.38 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on LYV. Benchmark boosted their price objective on Live Nation Entertainment from $178.00 to $180.00 and gave the stock a "buy" rating in a research note on Friday, August 8th. Citigroup boosted their price objective on Live Nation Entertainment from $165.00 to $195.00 and gave the company a "buy" rating in a report on Tuesday. Morgan Stanley set a $180.00 price objective on Live Nation Entertainment in a report on Thursday, July 24th. 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 note on Tuesday, June 10th. Finally, Oppenheimer lifted their target price 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. Eighteen investment analysts have rated the stock with a Buy rating, According to MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $170.72.

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.