L2 Asset Management LLC Boosts Stake in Live Nation Entertainment, Inc. $LYV

L2 Asset Management LLC increased its holdings in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 70.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 35,019 shares of the company’s stock after acquiring an additional 14,470 shares during the quarter. L2 Asset Management LLC’s holdings in Live Nation Entertainment were worth $5,722,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Vident Advisory LLC boosted its holdings in shares of Live Nation Entertainment by 2.1% during the 2nd quarter. Vident Advisory LLC now owns 3,622 shares of the company’s stock worth $548,000 after purchasing an additional 75 shares during the last quarter. Prairie Wealth Advisors Inc. increased its holdings in shares of Live Nation Entertainment by 5.0% in the third quarter. Prairie Wealth Advisors Inc. now owns 1,665 shares of the company’s stock valued at $272,000 after purchasing an additional 80 shares during the last quarter. Private Trust Co. NA lifted its position in Live Nation Entertainment by 24.4% during the third quarter. Private Trust Co. NA now owns 418 shares of the company’s stock worth $68,000 after buying an additional 82 shares in the last quarter. Ameriflex Group Inc. lifted its position in Live Nation Entertainment by 102.4% during the third quarter. Ameriflex Group Inc. now owns 166 shares of the company’s stock worth $27,000 after buying an additional 84 shares in the last quarter. Finally, GW&K Investment Management LLC grew its holdings in Live Nation Entertainment by 22.2% in the 3rd quarter. GW&K Investment Management LLC now owns 468 shares of the company’s stock valued at $76,000 after buying an additional 85 shares in the last quarter. Institutional investors and hedge funds own 74.52% of the company’s stock.

Live Nation Entertainment Stock Up 2.0%

Shares of NYSE:LYV opened at $157.05 on Tuesday. The company has a market capitalization of $36.88 billion, a price-to-earnings ratio of -654.39 and a beta of 1.11. Live Nation Entertainment, Inc. has a 12-month low of $113.20 and a 12-month high of $175.25. The business has a 50-day moving average price of $151.59 and a 200 day moving average price of $150.13. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 8.51.

Live Nation Entertainment (NYSE:LYV) last posted its earnings results on Thursday, February 19th. The company reported ($1.06) EPS for the quarter, missing analysts’ consensus estimates of ($1.00) by ($0.06). Live Nation Entertainment had a net margin of 1.79% and a return on equity of 48.11%. The company had revenue of $6.31 billion during the quarter, compared to analyst estimates of $6.12 billion. During the same period in the previous year, the company earned $0.58 EPS. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. Sell-side analysts expect that Live Nation Entertainment, Inc. will post 2.38 EPS for the current year.

Insider Activity at Live Nation Entertainment

In related news, Director Jeffrey T. Hinson sold 944 shares of the stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $165.87, for a total transaction of $156,581.28. Following the completion of the transaction, the director owned 48,030 shares of the company’s stock, valued at approximately $7,966,736.10. This trade represents a 1.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.72% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on LYV. TD Cowen reiterated a “buy” rating on shares of Live Nation Entertainment in a report on Monday, February 23rd. Wall Street Zen lowered shares of Live Nation Entertainment from a “hold” rating to a “sell” rating in a report on Sunday. Wells Fargo & Company began coverage on shares of Live Nation Entertainment in a research report on Wednesday, February 25th. They set an “overweight” rating and a $204.00 price objective for the company. Weiss Ratings upgraded shares of Live Nation Entertainment from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, March 9th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $185.00 price target on shares of Live Nation Entertainment in a research note on Friday, February 20th. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $184.40.

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.