Engineers Gate Manager LP lifted its stake in Live Nation Entertainment, Inc. (NYSE:LYV) by 765.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 139,019 shares of the company’s stock after acquiring an additional 122,959 shares during the quarter. Live Nation Entertainment makes up 0.5% of Engineers Gate Manager LP’s portfolio, making the stock its 8th biggest holding. Engineers Gate Manager LP owned 0.07% of Live Nation Entertainment worth $6,054,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Aperio Group LLC boosted its holdings in Live Nation Entertainment by 95.0% in the second quarter. Aperio Group LLC now owns 44,049 shares of the company’s stock worth $1,535,000 after purchasing an additional 21,460 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in Live Nation Entertainment by 23.5% in the second quarter. Russell Investments Group Ltd. now owns 105,071 shares of the company’s stock worth $3,662,000 after purchasing an additional 20,007 shares in the last quarter. Great West Life Assurance Co. Can boosted its holdings in Live Nation Entertainment by 2.1% in the second quarter. Great West Life Assurance Co. Can now owns 80,549 shares of the company’s stock worth $2,806,000 after purchasing an additional 1,660 shares in the last quarter. Spark Investment Management LLC bought a new stake in Live Nation Entertainment in the second quarter worth $1,369,000. Finally, NJ State Employees Deferred Compensation Plan bought a new stake in Live Nation Entertainment in the second quarter worth $210,000. 68.09% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts recently issued reports on the stock. Macquarie reiterated a “buy” rating and issued a $48.00 price objective on shares of Live Nation Entertainment in a report on Sunday, November 5th. Zacks Investment Research upgraded shares of Live Nation Entertainment from a “hold” rating to a “buy” rating and set a $48.00 price target for the company in a report on Tuesday, October 24th. Jefferies Group restated a “buy” rating and set a $42.00 price target on shares of Live Nation Entertainment in a report on Monday, October 16th. J P Morgan Chase & Co restated a “buy” rating on shares of Live Nation Entertainment in a report on Wednesday, October 18th. Finally, Stephens restated an “overweight” rating and set a $44.00 price target (up from $36.00) on shares of Live Nation Entertainment in a report on Thursday, August 10th. Four research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $42.86.
Live Nation Entertainment, Inc. (LYV) traded down $1.04 during midday trading on Tuesday, hitting $43.66. 2,898,500 shares of the company traded hands, compared to its average volume of 1,444,942. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 1.39. Live Nation Entertainment, Inc. has a twelve month low of $26.41 and a twelve month high of $46.99. The company has a market capitalization of $9,243.96, a PE ratio of 2,235.00 and a beta of 1.05.
Live Nation Entertainment (NYSE:LYV) last released its earnings results on Thursday, November 2nd. The company reported $0.53 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.55 by ($0.02). Live Nation Entertainment had a net margin of 0.50% and a return on equity of 3.33%. The company had revenue of $3.56 billion during the quarter, compared to the consensus estimate of $3.36 billion. During the same quarter in the previous year, the business posted $0.49 EPS. The firm’s quarterly revenue was up 12.3% on a year-over-year basis. sell-side analysts predict that Live Nation Entertainment, Inc. will post 0.18 earnings per share for the current year.
In related news, CEO Michael Rapino sold 210,000 shares of the stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $45.59, for a total value of $9,573,900.00. Following the completion of the transaction, the chief executive officer now owns 115,277 shares of the company’s stock, valued at $5,255,478.43. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Brian Capo sold 7,500 shares of the stock in a transaction dated Friday, September 8th. The stock was sold at an average price of $40.50, for a total transaction of $303,750.00. Following the completion of the transaction, the insider now directly owns 13,354 shares of the company’s stock, valued at approximately $540,837. The disclosure for this sale can be found here. Insiders sold 824,011 shares of company stock valued at $37,250,502 in the last three months. Company insiders own 4.77% of the company’s stock.
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Live Nation Entertainment Company Profile
Live Nation Entertainment, Inc is a live entertainment company. The Company’s businesses consist of the promotion of live events, including ticketing, sponsorship and advertising. Its segments include Concerts, Sponsorship & Advertising, Ticketing and Artist Nation. The Concerts segment is engaged in promotion of live music events in its owned or operated venues and in rented third-party venues; operation and management of music venues; production of music festivals, and creation of associated content.
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