Wealthfront Advisers LLC Invests $3.98 Million in Live Nation Entertainment, Inc. $LYV

Key Points

• Wealthfront Advisers acquired 21,723 Live Nation shares in the second quarter, worth approximately $3.98 million. Institutional investors collectively own 74.52% of the company.
• Live Nation reported quarterly earnings of $1.05 per share, exceeding estimates of $0.66, while revenue rose 9.4% year over year to $7.67 billion.
• Analysts remain bullish, with 20 Buy ratings and four Holds. The stock has a “Moderate Buy” consensus rating and an average price target of $197.19.

Wealthfront Advisers LLC acquired a new position in Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 21,723 shares of the company's stock, valued at approximately $3,978,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Bessemer Group Inc. lifted its holdings in Live Nation Entertainment by 70.0% during the fourth quarter. Bessemer Group Inc. now owns 1,843,750 shares of the company's stock valued at $262,733,000 after purchasing an additional 759,363 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Live Nation Entertainment by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 4,301,900 shares of the company's stock valued at $610,707,000 after buying an additional 20,165 shares in the last quarter. CenterBook Partners LP boosted its holdings in Live Nation Entertainment by 780.1% in the 4th quarter. CenterBook Partners LP now owns 22,143 shares of the company's stock worth $3,155,000 after buying an additional 19,627 shares during the period. Troluce Capital Advisors LLC purchased a new stake in Live Nation Entertainment in the 1st quarter worth $50,328,000. Finally, ProShare Advisors LLC raised its holdings in Live Nation Entertainment by 45.0% during the fourth quarter. ProShare Advisors LLC now owns 41,642 shares of the company's stock valued at $5,934,000 after acquiring an additional 12,916 shares during the period. Institutional investors own 74.52% of the company's stock.

Live Nation Entertainment Price Performance

Shares of LYV stock opened at $181.79 on Friday. The company has a debt-to-equity ratio of 8.25, a quick ratio of 0.85 and a current ratio of 0.85. The stock has a 50 day moving average price of $180.00 and a 200 day moving average price of $166.20. Live Nation Entertainment, Inc. has a 52-week low of $125.34 and a 52-week high of $189.24. The firm has a market capitalization of $42.84 billion, a P/E ratio of -160.88 and a beta of 1.12.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last released its earnings results on Thursday, July 30th. The company reported $1.05 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.39. The business had revenue of $7.67 billion during the quarter, compared to the consensus estimate of $7.56 billion. Live Nation Entertainment had a return on equity of 54.61% and a net margin of 0.34%.The business's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period last year, the company earned $0.41 earnings per share. As a group, sell-side analysts predict that Live Nation Entertainment, Inc. will post 1.05 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Benchmark boosted their price objective on Live Nation Entertainment from $190.00 to $215.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Wells Fargo & Company lifted their target price on Live Nation Entertainment from $199.00 to $222.00 and gave the company an "overweight" rating in a research note on Thursday, July 9th. Morgan Stanley upped their price target on Live Nation Entertainment from $185.00 to $200.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 10th. Zacks Research raised shares of Live Nation Entertainment from a "strong sell" rating to a "hold" rating in a report on Monday. Finally, UBS Group boosted their target price on shares of Live Nation Entertainment from $181.00 to $208.00 and gave the stock a "buy" rating in a report on Monday, July 20th. Twenty analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $197.19.

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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