Sachem Head Capital Management LP Takes Position in Live Nation Entertainment, Inc. $LYV

Sachem Head Capital Management LP acquired a new stake in Live Nation Entertainment, Inc. (NYSE:LYV) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 1,216,700 shares of the company’s stock, valued at approximately $173,380,000. Live Nation Entertainment accounts for 4.1% of Sachem Head Capital Management LP’s investment portfolio, making the stock its 13th biggest holding. Sachem Head Capital Management LP owned about 0.52% of Live Nation Entertainment as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Ameriflex Group Inc. increased its position in Live Nation Entertainment by 102.4% in the 3rd quarter. Ameriflex Group Inc. now owns 166 shares of the company’s stock valued at $27,000 after buying an additional 84 shares in the last quarter. Leonteq Securities AG bought a new stake in Live Nation Entertainment in the 4th quarter valued at about $25,000. Nvest Wealth Strategies Inc. bought a new stake in Live Nation Entertainment in the 4th quarter valued at about $26,000. Elyxium Wealth LLC bought a new stake in Live Nation Entertainment in the 4th quarter valued at about $30,000. Finally, KERR FINANCIAL PLANNING Corp bought a new stake in Live Nation Entertainment in the 3rd quarter valued at about $41,000. 74.52% of the stock is owned by institutional investors.

Insider Activity at Live Nation Entertainment

In other news, EVP John Hopmans sold 93,078 shares of the company’s stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $166.07, for a total value of $15,457,463.46. Following the completion of the transaction, the executive vice president directly owned 188,751 shares of the company’s stock, valued at $31,345,878.57. This represents a 33.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Michael Rowles sold 63,776 shares of the 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 directly owned 204,716 shares of the company’s stock, valued at approximately $33,622,555.84. This trade represents a 23.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 2.89% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on LYV. Sanford C. Bernstein boosted their target price on Live Nation Entertainment from $185.00 to $200.00 and gave the company an “outperform” rating in a research report on Friday, February 20th. Bank of America boosted their target price on Live Nation Entertainment from $170.00 to $180.00 and gave the company a “buy” rating in a research report on Friday, February 20th. UBS Group boosted their target price on Live Nation Entertainment from $164.00 to $181.00 and gave the company a “buy” rating in a research report on Friday, February 20th. JPMorgan Chase & Co. boosted their target price on Live Nation Entertainment from $178.00 to $180.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Finally, Citizens Jmp initiated coverage on Live Nation Entertainment in a report on Monday, March 30th. They set a “market outperform” rating and a $190.00 price objective for the company. Twenty investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $188.50.

Live Nation Entertainment Stock Performance

LYV stock opened at $172.35 on Monday. The firm has a market cap of $40.60 billion, a PE ratio of -97.37 and a beta of 1.12. 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 business has a 50 day moving average of $162.57 and a 200-day moving average of $152.92. Live Nation Entertainment, Inc. has a 12-month low of $125.34 and a 12-month high of $175.25.

Live Nation Entertainment (NYSE:LYV) last released its earnings results on Tuesday, May 5th. The company reported ($1.85) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.35) by ($1.50). The business had revenue of $3.79 billion during the quarter, compared to the consensus estimate of $3.57 billion. Live Nation Entertainment had a net margin of 0.15% and a return on equity of 45.92%. The business’s revenue was up 12.1% on a year-over-year basis. During the same period in the prior year, the company earned ($0.32) earnings per share. As a group, sell-side analysts expect that Live Nation Entertainment, Inc. will post 1.09 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.