CIBC Asset Management Inc Has $1.55 Million Stock Holdings in Live Nation Entertainment, Inc. (NYSE:LYV)

Posted by Defense World Staff on Jun 12th, 2023

CIBC Asset Management Inc increased its position in shares of Live Nation Entertainment, Inc. (NYSE:LYV – Get Rating) by 3.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 22,261 shares of the company’s stock after buying an additional 806 shares during the quarter. CIBC Asset Management Inc’s holdings in Live Nation Entertainment were worth $1,552,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Trifecta Capital Advisors LLC bought a new position in Live Nation Entertainment during the fourth quarter worth about $33,000. Parkside Financial Bank & Trust lifted its stake in Live Nation Entertainment by 153.0% during the first quarter. Parkside Financial Bank & Trust now owns 415 shares of the company’s stock worth $48,000 after purchasing an additional 251 shares during the period. Belpointe Asset Management LLC bought a new position in Live Nation Entertainment during the fourth quarter worth about $58,000. Western Pacific Wealth Management LP lifted its stake in Live Nation Entertainment by 47.3% during the fourth quarter. Western Pacific Wealth Management LP now owns 847 shares of the company’s stock worth $59,000 after purchasing an additional 272 shares during the period. Finally, IFP Advisors Inc lifted its stake in Live Nation Entertainment by 12.0% during the third quarter. IFP Advisors Inc now owns 1,369 shares of the company’s stock worth $72,000 after purchasing an additional 147 shares during the period. 69.90% of the stock is owned by institutional investors and hedge funds.

Live Nation Entertainment Trading Up 1.7 %

LYV traded up $1.41 during trading on Monday, reaching $85.56. 709,717 shares of the company’s stock were exchanged, compared to its average volume of 1,905,772. The company’s fifty day moving average price is $75.03 and its 200-day moving average price is $73.46. The company has a debt-to-equity ratio of 82.73, a quick ratio of 1.08 and a current ratio of 1.08. Live Nation Entertainment, Inc. has a fifty-two week low of $64.25 and a fifty-two week high of $99.66. The firm has a market capitalization of $19.82 billion, a PE ratio of 120.23 and a beta of 1.28.

Live Nation Entertainment (NYSE:LYV – Get Rating) last posted its quarterly earnings data on Thursday, May 4th. The company reported ($0.25) EPS for the quarter, beating the consensus estimate of ($0.45) by $0.20. The business had revenue of $3.13 billion for the quarter, compared to analysts’ expectations of $2.24 billion. Live Nation Entertainment had a net margin of 1.90% and a return on equity of 226.22%. As a group, equities analysts forecast that Live Nation Entertainment, Inc. will post 0.4 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have commented on LYV. Northcoast Research upgraded shares of Live Nation Entertainment from a “neutral” rating to a “buy” rating and set a $85.00 price target for the company in a research note on Monday, March 20th. Rosenblatt Securities lifted their target price on shares of Live Nation Entertainment from $101.00 to $105.00 and gave the company a “buy” rating in a research note on Monday, February 27th. Roth Capital began coverage on shares of Live Nation Entertainment in a research note on Wednesday, March 22nd. They issued a “neutral” rating for the company. Benchmark cut their target price on shares of Live Nation Entertainment from $120.00 to $105.00 in a research note on Wednesday, May 3rd. Finally, Citigroup lifted their target price on shares of Live Nation Entertainment from $82.00 to $89.00 in a research note on Tuesday, May 9th. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $96.50.

Insiders Place Their Bets

In other Live Nation Entertainment news, EVP Michael Rowles sold 100,000 shares of the business’s stock in a transaction dated Monday, May 8th. The shares were sold at an average price of $78.00, for a total transaction of $7,800,000.00. Following the sale, the executive vice president now directly owns 157,786 shares of the company’s stock, valued at approximately $12,307,308. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 2.85% of the company’s stock.

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.