Jericho Capital Asset Management L.P. Buys 777,105 Shares of Live Nation Entertainment, Inc. (NYSE:LYV)

Jericho Capital Asset Management L.P. raised its holdings in shares of Live Nation Entertainment, Inc. (NYSE:LYV - Free Report) by 32.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,208,082 shares of the company's stock after purchasing an additional 777,105 shares during the quarter. Live Nation Entertainment accounts for approximately 5.9% of Jericho Capital Asset Management L.P.'s investment portfolio, making the stock its 4th largest holding. Jericho Capital Asset Management L.P. owned approximately 1.38% of Live Nation Entertainment worth $415,447,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in LYV. World Investment Advisors LLC bought a new position in shares of Live Nation Entertainment in the 3rd quarter worth $38,000. Murphy & Mullick Capital Management Corp purchased a new stake in shares of Live Nation Entertainment in the 4th quarter valued at $40,000. Morse Asset Management Inc acquired a new stake in Live Nation Entertainment during the 3rd quarter worth about $42,000. Golden State Wealth Management LLC acquired a new stake in Live Nation Entertainment during the fourth quarter worth about $42,000. Finally, Retirement Wealth Solutions LLC purchased a new position in shares of Live Nation Entertainment during the 4th quarter valued at approximately $44,000. Hedge funds and other institutional investors own 74.52% of the company's stock.

Live Nation Entertainment Stock Up 2.1 %

Shares of NYSE:LYV traded up $2.77 during trading on Friday, hitting $134.11. 3,356,734 shares of the company were exchanged, compared to its average volume of 2,250,619. The company has a debt-to-equity ratio of 6.10, a current ratio of 1.01 and a quick ratio of 1.01. The firm's 50 day moving average price is $128.60 and its 200-day moving average price is $132.12. The stock has a market capitalization of $31.30 billion, a P/E ratio of 49.31, a PEG ratio of 1.81 and a beta of 1.31. Live Nation Entertainment, Inc. has a 12-month low of $86.81 and a 12-month high of $157.75.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.29). The firm had revenue of $3.38 billion for the quarter, compared to analyst estimates of $3.63 billion. Live Nation Entertainment had a return on equity of 139.09% and a net margin of 3.90%. The company's quarterly revenue was down 11.0% on a year-over-year basis. During the same period last year, the firm earned $0.60 EPS. On average, research analysts predict that Live Nation Entertainment, Inc. will post 2.38 earnings per share for the current fiscal year.

Insider Activity at Live Nation Entertainment

In other news, CAO Brian Capo sold 5,066 shares of Live Nation Entertainment stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $123.24, for a total transaction of $624,333.84. Following the completion of the sale, the chief accounting officer now directly owns 10,549 shares in the company, valued at approximately $1,300,058.76. This trade represents a 32.44 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Michael Rowles sold 63,136 shares of the business's stock in a transaction on Monday, February 24th. The stock was sold at an average price of $155.40, for a total value of $9,811,334.40. Following the sale, the executive vice president now owns 195,346 shares in the company, valued at approximately $30,356,768.40. The trade was a 24.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 68,702 shares of company stock worth $10,497,143 in the last quarter. Company insiders own 2.72% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on LYV shares. Morgan Stanley upped their target price on Live Nation Entertainment from $150.00 to $170.00 and gave the stock an "overweight" rating in a research note on Tuesday, February 18th. Benchmark reissued a "buy" rating and set a $178.00 price objective on shares of Live Nation Entertainment in a research note on Tuesday, April 1st. Macquarie raised their price target on shares of Live Nation Entertainment from $146.00 to $165.00 and gave the stock an "outperform" rating in a report on Thursday, March 6th. Bank of America increased their target price on shares of Live Nation Entertainment from $149.00 to $175.00 and gave the stock a "buy" rating in a research note on Monday, February 24th. Finally, Rosenblatt Securities cut their price objective on Live Nation Entertainment from $174.00 to $170.00 and set a "buy" rating on the stock in a report on Friday. Two analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, Live Nation Entertainment presently has a consensus rating of "Moderate Buy" and a consensus target price of $159.13.

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.