Allstate Corp Makes New Investment in Live Nation Entertainment, Inc. $LYV

Allstate Corp purchased a new stake in shares of Live Nation Entertainment, Inc. (NYSE:LYV) during the third quarter, Holdings Channel.com reports. The fund purchased 6,369 shares of the company’s stock, valued at approximately $1,041,000.

Several other large investors also recently added to or reduced their stakes in LYV. Clearstead Trust LLC raised its stake in Live Nation Entertainment by 469.0% in the 2nd quarter. Clearstead Trust LLC now owns 165 shares of the company’s stock valued at $25,000 after acquiring an additional 136 shares during the period. Atwood & Palmer Inc. purchased a new position in shares of Live Nation Entertainment in the third quarter worth about $33,000. Heartwood Wealth Advisors LLC purchased a new position in shares of Live Nation Entertainment in the third quarter worth about $34,000. Measured Risk Portfolios Inc. bought a new stake in shares of Live Nation Entertainment in the third quarter valued at approximately $37,000. Finally, CYBER HORNET ETFs LLC purchased a new stake in shares of Live Nation Entertainment during the 2nd quarter valued at approximately $56,000. Hedge funds and other institutional investors own 74.52% of the company’s stock.

Wall Street Analyst Weigh In

LYV has been the topic of several recent research reports. UBS Group initiated coverage on Live Nation Entertainment in a research report on Tuesday, November 25th. They set a “buy” rating and a $164.00 target price on the stock. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Live Nation Entertainment from $173.00 to $160.00 and set a “buy” rating on the stock in a research report on Thursday, November 20th. Benchmark restated a “buy” rating on shares of Live Nation Entertainment in a research report on Tuesday, November 4th. The Goldman Sachs Group upped their price target on shares of Live Nation Entertainment from $160.00 to $165.00 and gave the company a “sell” rating in a research report on Friday, January 2nd. Finally, Rothschild & Co Redburn decreased their target price on shares of Live Nation Entertainment from $170.00 to $166.00 and set a “neutral” rating on the stock in a research note on Monday, January 12th. Seventeen investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $173.30.

Live Nation Entertainment Stock Performance

LYV stock opened at $139.84 on Thursday. Live Nation Entertainment, Inc. has a 1 year low of $112.88 and a 1 year high of $175.25. The company has a market cap of $32.83 billion, a P/E ratio of 101.33, a price-to-earnings-growth ratio of 9.25 and a beta of 1.20. The company has a debt-to-equity ratio of 5.41, a current ratio of 0.92 and a quick ratio of 0.92. The stock’s fifty day moving average price is $139.48 and its 200-day moving average price is $150.25.

Live Nation Entertainment (NYSE:LYV) last issued its quarterly earnings results on Tuesday, November 4th. The company reported $0.73 EPS for the quarter, missing analysts’ consensus estimates of $1.54 by ($0.81). Live Nation Entertainment had a return on equity of 97.90% and a net margin of 3.66%.The company had revenue of $8.50 billion during the quarter, compared to analysts’ expectations of $8.87 billion. During the same quarter in the previous year, the company earned $1.66 EPS. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. On average, equities analysts forecast that Live Nation Entertainment, Inc. will post 2.38 earnings per share for the current year.

About Live Nation Entertainment

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.