First Trust Advisors LP Increases Stock Holdings in Live Nation Entertainment, Inc. (NYSE:LYV)

Posted by Defense World Staff on May 26th, 2023

First Trust Advisors LP increased its holdings in shares of Live Nation Entertainment, Inc. (NYSE:LYV – Get Rating) by 78.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 109,393 shares of the company’s stock after buying an additional 47,958 shares during the quarter. First Trust Advisors LP’s holdings in Live Nation Entertainment were worth $7,630,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. MQS Management LLC purchased a new position in Live Nation Entertainment during the 3rd quarter worth $216,000. Eaton Vance Management grew its stake in Live Nation Entertainment by 108.8% during the 3rd quarter. Eaton Vance Management now owns 432,917 shares of the company’s stock worth $32,919,000 after buying an additional 225,576 shares during the last quarter. Nordea Investment Management AB grew its stake in Live Nation Entertainment by 4,008.3% during the 4th quarter. Nordea Investment Management AB now owns 421,303 shares of the company’s stock worth $29,264,000 after buying an additional 411,048 shares during the last quarter. Pictet Asset Management SA grew its stake in Live Nation Entertainment by 3.5% during the 3rd quarter. Pictet Asset Management SA now owns 69,813 shares of the company’s stock worth $5,308,000 after buying an additional 2,363 shares during the last quarter. Finally, New York State Teachers Retirement System grew its stake in Live Nation Entertainment by 4.5% during the 4th quarter. New York State Teachers Retirement System now owns 162,726 shares of the company’s stock valued at $11,349,000 after purchasing an additional 7,054 shares during the last quarter. 69.90% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Live Nation Entertainment

In other Live Nation Entertainment news, EVP Michael Rowles sold 100,000 shares of the stock in a transaction that occurred on Monday, May 8th. The stock was sold at an average price of $78.00, for a total transaction of $7,800,000.00. Following the completion of the transaction, the executive vice president now owns 157,786 shares of the company’s stock, valued at $12,307,308. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 4.01% of the company’s stock.

Wall Street Analyst Weigh In

LYV has been the topic of several research analyst reports. Benchmark dropped their price target on Live Nation Entertainment from $120.00 to $105.00 in a research note on Wednesday, May 3rd. Roth Capital initiated coverage on Live Nation Entertainment in a research note on Wednesday, March 22nd. They set a “neutral” rating on the stock. Roth Mkm initiated coverage on Live Nation Entertainment in a research note on Wednesday, March 22nd. They set a “neutral” rating and a $72.00 price target on the stock. TheStreet downgraded Live Nation Entertainment from a “c-” rating to a “d+” rating in a research note on Friday, March 3rd. Finally, Rosenblatt Securities boosted their price objective on Live Nation Entertainment from $101.00 to $105.00 and gave the company a “buy” rating in a report on Monday, February 27th. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $98.55.

Live Nation Entertainment Stock Performance

NYSE LYV opened at $81.69 on Friday. The stock has a market capitalization of $18.92 billion, a price-to-earnings ratio of 115.06 and a beta of 1.29. Live Nation Entertainment, Inc. has a twelve month low of $64.25 and a twelve month high of $99.66. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 82.73. The stock has a 50-day moving average of $71.83 and a 200 day moving average of $72.65.

Live Nation Entertainment (NYSE:LYV – Get Rating) last released its quarterly earnings results on Thursday, February 23rd. The company reported ($1.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.96) by ($0.13). Live Nation Entertainment had a return on equity of 226.22% and a net margin of 1.90%. The business had revenue of $4.29 billion during the quarter, compared to analyst estimates of $3.40 billion. Sell-side analysts anticipate that Live Nation Entertainment, Inc. will post 0.4 EPS for the current fiscal year.

Live Nation Entertainment Company Profile

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Live Nation Entertainment, Inc operates as an entertainment company. The firm engages in producing, marketing, and selling live concerts for artists via its global concert pipe. It operates through the following segments: Concerts, Sponsorship and Advertising, and Ticketing. The Concerts segment is involved in the promotion of live music events in owned or operated venues and in rented third-party venues.