Rational Advisors LLC Purchases 48,099 Shares of Live Nation Entertainment, Inc. (LYV)
Rational Advisors LLC grew its stake in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 901.6% in the first quarter, Holdings Channel reports. The fund owned 53,434 shares of the company’s stock after buying an additional 48,099 shares during the quarter. Live Nation Entertainment makes up about 0.9% of Rational Advisors LLC’s portfolio, making the stock its 23rd largest position. Rational Advisors LLC’s holdings in Live Nation Entertainment were worth $3,396,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of LYV. Oregon Public Employees Retirement Fund increased its stake in shares of Live Nation Entertainment by 6,602.8% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 3,565,158 shares of the company’s stock valued at $72,000 after acquiring an additional 3,511,969 shares during the last quarter. Findlay Park Partners LLP increased its position in Live Nation Entertainment by 56.8% during the 4th quarter. Findlay Park Partners LLP now owns 5,077,885 shares of the company’s stock worth $250,086,000 after purchasing an additional 1,838,753 shares in the last quarter. Canada Pension Plan Investment Board increased its position in Live Nation Entertainment by 15.6% during the 4th quarter. Canada Pension Plan Investment Board now owns 10,823,188 shares of the company’s stock worth $532,997,000 after purchasing an additional 1,456,888 shares in the last quarter. Norges Bank acquired a new stake in Live Nation Entertainment during the 4th quarter worth approximately $63,908,000. Finally, Victory Capital Management Inc. increased its position in Live Nation Entertainment by 123.1% during the 1st quarter. Victory Capital Management Inc. now owns 1,884,233 shares of the company’s stock worth $119,724,000 after purchasing an additional 1,039,685 shares in the last quarter. 72.58% of the stock is owned by institutional investors.
A number of analysts recently issued reports on the stock. Zacks Investment Research raised shares of Live Nation Entertainment from a “hold” rating to a “strong-buy” rating and set a $63.00 target price for the company in a research report on Thursday, February 14th. ValuEngine downgraded shares of Live Nation Entertainment from a “strong-buy” rating to a “buy” rating in a research report on Monday, April 1st. Berenberg Bank assumed coverage on shares of Live Nation Entertainment in a research report on Tuesday, May 14th. They set a “buy” rating and a $73.00 target price for the company. Stephens increased their target price on shares of Live Nation Entertainment to $70.00 and gave the stock an “overweight” rating in a research report on Friday, March 29th. Finally, Citigroup cut Live Nation Entertainment from a “buy” rating to a “neutral” rating and upped their price target for the stock from $59.00 to $63.00 in a report on Friday, March 15th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $62.00.
Live Nation Entertainment (NYSE:LYV) last released its quarterly earnings results on Thursday, May 2nd. The company reported ($0.31) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.34) by $0.03. The firm had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.59 billion. Live Nation Entertainment had a return on equity of 1.77% and a net margin of 0.22%. Live Nation Entertainment’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.24) EPS. Sell-side analysts anticipate that Live Nation Entertainment, Inc. will post 0.27 EPS for the current fiscal year.
In other news, Director Ariel Emanuel sold 7,790 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $64.25, for a total transaction of $500,507.50. Following the completion of the transaction, the director now directly owns 71,394 shares in the company, valued at approximately $4,587,064.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Mark S. Shapiro sold 8,000 shares of the stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $64.90, for a total value of $519,200.00. Following the transaction, the director now owns 36,765 shares of the company’s stock, valued at $2,386,048.50. The disclosure for this sale can be found here. 5.19% of the stock is owned by corporate insiders.
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Live Nation Entertainment Profile
Live Nation Entertainment, Inc operates as a live entertainment company. It operates through Concerts, Sponsorship & Advertising, and Ticketing 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; and produces music festivals and creates associated content.
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