Ardmore Road Asset Management LP Buys Shares of 100,000 Live Nation Entertainment, Inc. $LYV

Ardmore Road Asset Management LP purchased a new position in shares of Live Nation Entertainment, Inc. (NYSE:LYV) in the first quarter, HoldingsChannel.com reports. The fund purchased 100,000 shares of the company’s stock, valued at approximately $15,251,000.

Several other institutional investors have also added to or reduced their stakes in LYV. Norges Bank acquired a new position in shares of Live Nation Entertainment during the 4th quarter worth $285,924,000. Sachem Head Capital Management LP acquired a new position in Live Nation Entertainment during the fourth quarter worth about $173,380,000. Jericho Capital Asset Management L.P. lifted its holdings in shares of Live Nation Entertainment by 37.9% in the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,996,512 shares of the company’s stock worth $569,503,000 after acquiring an additional 1,099,350 shares during the last quarter. First Trust Advisors LP boosted its stake in shares of Live Nation Entertainment by 653.7% in the 4th quarter. First Trust Advisors LP now owns 1,191,347 shares of the company’s stock valued at $169,767,000 after purchasing an additional 1,033,289 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of Live Nation Entertainment by 10.3% during the 4th quarter. Principal Financial Group Inc. now owns 10,727,681 shares of the company’s stock valued at $1,528,700,000 after purchasing an additional 1,001,905 shares during the last quarter. 74.52% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Michael Rowles sold 63,776 shares of the business’s stock in a transaction on 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 transaction, the executive vice president owned 204,716 shares in the company, valued at $33,622,555.84. The trade was a 23.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP John Hopmans sold 93,078 shares of the company’s stock in a transaction on 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 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. 2.89% of the stock is currently owned by insiders.

Analyst Ratings Changes

LYV has been the topic of a number of research analyst reports. BTIG Research assumed coverage on shares of Live Nation Entertainment in a research report on Thursday. They issued a “buy” rating and a $215.00 target price on the stock. Rothschild & Co Redburn upped their price target on shares of Live Nation Entertainment from $193.00 to $195.00 in a report on Wednesday, May 6th. Weiss Ratings reissued a “hold (c-)” rating on shares of Live Nation Entertainment in a report on Thursday, June 4th. Wall Street Zen raised Live Nation Entertainment from a “sell” rating to a “hold” rating in a report on Saturday, April 11th. Finally, Susquehanna lowered Live Nation Entertainment from a “positive” rating to a “neutral” rating and lifted their price target for the company from $181.00 to $186.00 in a research note on Tuesday, July 21st. Twenty investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $195.95.

Live Nation Entertainment Trading Up 0.0%

Shares of LYV stock opened at $177.29 on Monday. Live Nation Entertainment, Inc. has a 1-year low of $125.34 and a 1-year high of $188.00. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 13.93. The stock has a market cap of $41.76 billion, a price-to-earnings ratio of -100.16 and a beta of 1.11. The stock has a 50-day moving average of $173.49 and a 200-day moving average of $161.18.

Live Nation Entertainment (NYSE:LYV) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($1.85) 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 company had revenue of $3.79 billion during the quarter, compared to analyst estimates of $3.57 billion. During the same period in the prior year, the firm earned ($0.32) earnings per share. Live Nation Entertainment’s revenue was up 12.1% compared to the same quarter last year. On average, equities research analysts forecast that Live Nation Entertainment, Inc. will post 0.94 earnings per share for the current year.

Live Nation Entertainment Profile

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.