Guggenheim Capital LLC lifted its position in Live Nation Entertainment, Inc. (NYSE:LYV – Free Report) by 38.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 11,459 shares of the company’s stock after purchasing an additional 3,198 shares during the quarter. Guggenheim Capital LLC’s holdings in Live Nation Entertainment were worth $802,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in LYV. Goldman Sachs Group Inc. grew its holdings in shares of Live Nation Entertainment by 96.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,698,063 shares of the company’s stock worth $435,041,000 after purchasing an additional 1,819,841 shares during the last quarter. Norges Bank bought a new stake in shares of Live Nation Entertainment in the 4th quarter worth about $115,328,000. Renaissance Technologies LLC grew its holdings in shares of Live Nation Entertainment by 399.9% in the 4th quarter. Renaissance Technologies LLC now owns 1,474,552 shares of the company’s stock worth $102,835,000 after purchasing an additional 1,179,605 shares during the last quarter. Bessemer Group Inc. grew its holdings in shares of Live Nation Entertainment by 5,567.4% in the 1st quarter. Bessemer Group Inc. now owns 1,006,465 shares of the company’s stock worth $70,454,000 after purchasing an additional 988,706 shares during the last quarter. Finally, Anomaly Capital Management LP lifted its position in Live Nation Entertainment by 166.3% during the 4th quarter. Anomaly Capital Management LP now owns 1,139,811 shares of the company’s stock worth $79,490,000 after buying an additional 711,741 shares in the last quarter. Institutional investors own 70.95% of the company’s stock.
Analysts Set New Price Targets
Several brokerages recently issued reports on LYV. TD Cowen upped their price target on shares of Live Nation Entertainment from $105.00 to $110.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 25th. Citigroup upped their price target on shares of Live Nation Entertainment from $110.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, July 31st. Oppenheimer upped their price target on shares of Live Nation Entertainment from $110.00 to $115.00 in a research report on Friday, July 28th. JPMorgan Chase & Co. upped their price target on shares of Live Nation Entertainment from $110.00 to $115.00 and gave the stock an “overweight” rating in a research report on Friday, July 28th. Finally, TheStreet upgraded shares of Live Nation Entertainment from a “d+” rating to a “c-” rating in a research report on Wednesday, July 5th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, Live Nation Entertainment presently has a consensus rating of “Moderate Buy” and a consensus target price of $105.69.
Insider Buying and Selling
In related news, Director Jeffrey T. Hinson sold 1,000 shares of the stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $85.79, for a total transaction of $85,790.00. Following the completion of the sale, the director now directly owns 60,975 shares of the company’s stock, valued at approximately $5,231,045.25. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.85% of the stock is owned by company insiders.
Live Nation Entertainment Stock Performance
Shares of NYSE:LYV opened at $84.05 on Tuesday. The company has a market capitalization of $19.34 billion, a price-to-earnings ratio of 78.55 and a beta of 1.30. The firm’s 50 day simple moving average is $89.42 and its 200 day simple moving average is $79.98. The company has a debt-to-equity ratio of 17.65, a current ratio of 1.08 and a quick ratio of 1.08. Live Nation Entertainment, Inc. has a fifty-two week low of $64.25 and a fifty-two week high of $101.74.
Live Nation Entertainment (NYSE:LYV – Get Free Report) last announced its quarterly earnings results on Thursday, July 27th. The company reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.45. The business had revenue of $5.63 billion for the quarter, compared to the consensus estimate of $4.95 billion. Live Nation Entertainment had a net margin of 2.34% and a return on equity of 190.42%. Live Nation Entertainment’s revenue for the quarter was up 27.0% on a year-over-year basis. During the same period last year, the company posted $0.66 EPS. As a group, sell-side analysts forecast that Live Nation Entertainment, Inc. will post 1.09 earnings per share for the current year.
About Live Nation Entertainment
Live Nation Entertainment, Inc operates as a live entertainment company. It operates through Concerts, Ticketing, and Sponsorship & Advertising segments. The Concerts segment promotes live music events in its owned or operated venues, and in rented third-party venues; operates and manages music venues; produces music festivals; creates and streams associated content; and offers management and other services to artists.
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