Allstate Corp Boosts Stake in Live Nation Entertainment, Inc. $LYV

Allstate Corp increased its stake in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 102.1% in the fourth quarter, HoldingsChannel.com reports. The firm owned 12,872 shares of the company’s stock after buying an additional 6,503 shares during the period. Allstate Corp’s holdings in Live Nation Entertainment were worth $1,834,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Bessemer Group Inc. boosted its position in shares of Live Nation Entertainment by 70.0% during the 4th quarter. Bessemer Group Inc. now owns 1,843,750 shares of the company’s stock worth $262,733,000 after purchasing an additional 759,363 shares during the period. Principal Financial Group Inc. boosted its position in shares of Live Nation Entertainment by 22.1% during the 3rd quarter. Principal Financial Group Inc. now owns 9,725,776 shares of the company’s stock worth $1,589,196,000 after purchasing an additional 1,763,511 shares during the period. Profund Advisors LLC boosted its position in Live Nation Entertainment by 51.1% in the 3rd quarter. Profund Advisors LLC now owns 11,141 shares of the company’s stock valued at $1,820,000 after buying an additional 3,767 shares during the period. Envestnet Asset Management Inc. boosted its position in Live Nation Entertainment by 8.5% in the 3rd quarter. Envestnet Asset Management Inc. now owns 334,934 shares of the company’s stock valued at $54,728,000 after buying an additional 26,116 shares during the period. Finally, L2 Asset Management LLC boosted its position in Live Nation Entertainment by 70.4% in the 3rd quarter. L2 Asset Management LLC now owns 35,019 shares of the company’s stock valued at $5,722,000 after buying an additional 14,470 shares during the period. Hedge funds and other institutional investors own 74.52% of the company’s stock.

Insider Buying and Selling at Live Nation Entertainment

In other Live Nation Entertainment news, EVP Michael Rowles sold 63,776 shares of the company’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $164.24, for a total value of $10,474,570.24. Following the sale, the executive vice president owned 204,716 shares of the company’s stock, valued at $33,622,555.84. This represents a 23.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John Hopmans sold 93,078 shares of the company’s stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $166.07, for a total transaction of $15,457,463.46. Following the completion of the sale, the executive vice president directly owned 188,751 shares in the company, valued at $31,345,878.57. This trade represents a 33.03% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 157,798 shares of company stock valued at $26,088,615 over the last quarter. Corporate insiders own 2.89% of the company’s stock.

Live Nation Entertainment Trading Up 0.3%

Shares of Live Nation Entertainment stock opened at $167.05 on Friday. Live Nation Entertainment, Inc. has a 52-week low of $125.34 and a 52-week high of $175.25. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 13.93. The company’s 50-day simple moving average is $159.41 and its 200-day simple moving average is $150.46. The firm has a market cap of $39.35 billion, a price-to-earnings ratio of -94.38 and a beta of 1.11.

Live Nation Entertainment (NYSE:LYV) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($1.85) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.35) by ($1.50). Live Nation Entertainment had a return on equity of 45.92% and a net margin of 0.15%.The firm had revenue of $3.79 billion for the quarter, compared to analyst estimates of $3.57 billion. During the same quarter last year, the firm earned ($0.32) earnings per share. The company’s revenue was up 12.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Live Nation Entertainment, Inc. will post 1.13 earnings per share for the current year.

Wall Street Analysts Forecast Growth

LYV has been the subject of several recent research reports. Guggenheim raised their price target on shares of Live Nation Entertainment from $192.00 to $197.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Wall Street Zen raised shares of Live Nation Entertainment from a “sell” rating to a “hold” rating in a research report on Saturday, April 11th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Live Nation Entertainment from $180.00 to $185.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Benchmark reaffirmed a “buy” rating on shares of Live Nation Entertainment in a research report on Thursday, February 19th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Live Nation Entertainment from $178.00 to $180.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. Twenty analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $187.75.

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.