Concentric Capital Strategies LP Acquires New Position in Live Nation Entertainment, Inc. $LYV

Concentric Capital Strategies LP acquired a new stake in Live Nation Entertainment, Inc. (NYSE:LYV) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 40,332 shares of the company’s stock, valued at approximately $5,747,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Live Nation Entertainment by 1.8% in the 3rd quarter. Vanguard Group Inc. now owns 20,679,128 shares of the company’s stock valued at $3,378,970,000 after purchasing an additional 372,715 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Live Nation Entertainment by 10.3% in 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. Capital World Investors raised its position in shares of Live Nation Entertainment by 4.8% in the 3rd quarter. Capital World Investors now owns 5,145,834 shares of the company’s stock valued at $840,829,000 after purchasing an additional 237,342 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Live Nation Entertainment by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 4,301,900 shares of the company’s stock valued at $610,707,000 after purchasing an additional 20,165 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its position in shares of Live Nation Entertainment by 4.0% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 3,195,473 shares of the company’s stock valued at $455,355,000 after purchasing an additional 123,800 shares during the last quarter. 74.52% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently weighed in on LYV shares. Citizens Jmp started coverage on shares of Live Nation Entertainment in a report on Monday, March 30th. They issued a “market outperform” rating and a $190.00 price target on the stock. Roth Mkm reiterated a “buy” rating and issued a $190.00 price target on shares of Live Nation Entertainment in a report on Friday, February 20th. The Goldman Sachs Group increased their price target on shares of Live Nation Entertainment from $190.00 to $192.00 in a report on Wednesday, May 6th. JPMorgan Chase & Co. increased their price target on shares of Live Nation Entertainment from $178.00 to $180.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Finally, UBS Group increased their price target on shares of Live Nation Entertainment from $164.00 to $181.00 and gave the stock a “buy” rating in a report on Friday, February 20th. Twenty analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $188.50.

Insider Buying and Selling

In other news, EVP Michael Rowles sold 63,776 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $164.24, for a total transaction 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 trade represents a 23.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP John Hopmans sold 93,078 shares of the firm’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 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. The trade was a 33.03% decrease in their position. The SEC filing for this sale provides additional information. 2.89% of the stock is owned by company insiders.

Live Nation Entertainment Price Performance

Shares of NYSE:LYV opened at $171.41 on Thursday. The company has a market cap of $40.37 billion, a PE ratio of -96.84 and a beta of 1.12. Live Nation Entertainment, Inc. has a twelve month low of $125.34 and a twelve month high of $176.00. The company’s 50 day moving average is $163.55 and its 200 day moving average is $153.83. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 13.93.

Live Nation Entertainment (NYSE:LYV) last issued 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). The firm had revenue of $3.79 billion for the quarter, compared to analyst estimates of $3.57 billion. Live Nation Entertainment had a return on equity of 45.92% and a net margin of 0.15%.Live Nation Entertainment’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.32) EPS. On average, sell-side analysts forecast that Live Nation Entertainment, Inc. will post 1.09 EPS for the current year.

Live Nation Entertainment Company 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.