BlackRock Inc. grew its position in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 6.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 13,741,840 shares of the company’s stock after purchasing an additional 778,092 shares during the period. BlackRock Inc. owned about 6.56% of Live Nation Entertainment worth $748,517,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. NumerixS Investment Technologies Inc increased its holdings in shares of Live Nation Entertainment by 130.8% in the second quarter. NumerixS Investment Technologies Inc now owns 4,171 shares of the company’s stock worth $203,000 after buying an additional 2,364 shares during the period. Pinnacle Associates Ltd. purchased a new position in shares of Live Nation Entertainment in the second quarter worth about $205,000. Advisor Partners LLC purchased a new position in shares of Live Nation Entertainment in the third quarter worth about $215,000. MML Investors Services LLC purchased a new position in shares of Live Nation Entertainment in the third quarter worth about $244,000. Finally, Cornerstone Wealth Management LLC purchased a new position in shares of Live Nation Entertainment in the third quarter worth about $250,000. 69.34% of the stock is owned by hedge funds and other institutional investors.
In related news, Director Robert Ted Enloe III sold 7,000 shares of the business’s stock in a transaction dated Friday, September 14th. The stock was sold at an average price of $54.07, for a total transaction of $378,490.00. Following the transaction, the director now owns 17,508 shares in the company, valued at approximately $946,657.56. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Michael Rowles sold 25,000 shares of the business’s stock in a transaction dated Friday, November 9th. The shares were sold at an average price of $56.47, for a total value of $1,411,750.00. Following the transaction, the executive vice president now owns 191,237 shares in the company, valued at approximately $10,799,153.39. The disclosure for this sale can be found here. 5.19% of the stock is owned by insiders.
Several research firms have recently commented on LYV. ValuEngine upgraded Live Nation Entertainment from a “buy” rating to a “strong-buy” rating in a report on Friday, October 12th. JPMorgan Chase & Co. lifted their price objective on Live Nation Entertainment from $53.00 to $60.00 and gave the stock an “overweight” rating in a report on Friday, November 2nd. Finally, Macquarie reiterated a “buy” rating and issued a $60.00 price objective on shares of Live Nation Entertainment in a report on Thursday, November 22nd. One analyst has rated the stock with a sell rating, one has issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $57.35.
LYV opened at $55.68 on Monday. The stock has a market capitalization of $11.67 billion, a PE ratio of -116.00 and a beta of 0.99. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.76. Live Nation Entertainment, Inc. has a 12 month low of $35.94 and a 12 month high of $58.26.
Live Nation Entertainment (NYSE:LYV) last announced its quarterly earnings results on Thursday, November 1st. The company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.06. The business had revenue of $3.84 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter in the prior year, the firm earned $0.53 EPS. The firm’s revenue for the quarter was up 11.5% on a year-over-year basis. On average, analysts predict that Live Nation Entertainment, Inc. will post -0.06 earnings per share for the current year.
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Live Nation Entertainment Company Profile
Live Nation Entertainment, Inc operates as a live entertainment company. It operates through Concerts, Sponsorship & Advertising, and Ticketing segments. The Concerts segment promotes live music events in its owned and/or operated venues, and in rented third-party venues; operates and manages music venues; and produces music festivals and creates associated content.
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