Martingale Asset Management L P Acquires 439,229 Shares of Live Nation Entertainment, Inc. (LYV)

Martingale Asset Management L P boosted its holdings in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 1,379.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 471,077 shares of the company’s stock after purchasing an additional 439,229 shares during the period. Martingale Asset Management L P owned approximately 0.23% of Live Nation Entertainment worth $16,418,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in Live Nation Entertainment by 5.2% during the first quarter. Vanguard Group Inc. now owns 10,414,998 shares of the company’s stock valued at $316,303,000 after purchasing an additional 517,577 shares during the last quarter. Sentry Investments Corp. lifted its stake in Live Nation Entertainment by 10.0% during the first quarter. Sentry Investments Corp. now owns 5,690,700 shares of the company’s stock valued at $172,827,000 after purchasing an additional 519,400 shares during the last quarter. Principal Financial Group Inc. lifted its stake in Live Nation Entertainment by 2.4% during the second quarter. Principal Financial Group Inc. now owns 5,200,396 shares of the company’s stock valued at $181,234,000 after purchasing an additional 120,428 shares during the last quarter. State Street Corp lifted its stake in Live Nation Entertainment by 2.9% during the first quarter. State Street Corp now owns 3,401,554 shares of the company’s stock valued at $103,306,000 after purchasing an additional 95,550 shares during the last quarter. Finally, William Blair Investment Management LLC acquired a new stake in Live Nation Entertainment during the second quarter valued at approximately $109,693,000. 65.71% of the stock is owned by institutional investors and hedge funds.

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Shares of Live Nation Entertainment, Inc. (NYSE LYV) opened at 40.96 on Monday. The stock has a market cap of $8.40 billion, a P/E ratio of 5851.43 and a beta of 1.01. The company has a 50 day moving average of $38.58 and a 200 day moving average of $34.03. Live Nation Entertainment, Inc. has a 12 month low of $25.56 and a 12 month high of $42.20.

Live Nation Entertainment (NYSE:LYV) last issued its quarterly earnings data on Wednesday, August 9th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.19 by $0.10. The firm had revenue of $2.82 billion during the quarter, compared to analysts’ expectations of $2.37 billion. Live Nation Entertainment had a net margin of 0.25% and a return on equity of 1.60%. The business’s revenue for the quarter was up 29.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.13 earnings per share. Equities research analysts expect that Live Nation Entertainment, Inc. will post $0.22 earnings per share for the current fiscal year.

In related news, Director Robert Ted Enloe III sold 6,337 shares of the business’s stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $35.82, for a total transaction of $226,991.34. Following the completion of the transaction, the director now owns 23,450 shares in the company, valued at $839,979. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 4.77% of the stock is currently owned by insiders.

Several analysts recently commented on LYV shares. Macquarie reissued an “outperform” rating and set a $38.00 target price on shares of Live Nation Entertainment in a research note on Sunday, May 14th. Jefferies Group LLC reissued a “buy” rating on shares of Live Nation Entertainment in a research note on Monday, May 15th. Citigroup Inc. reissued a “buy” rating and set a $39.00 target price (up from $32.00) on shares of Live Nation Entertainment in a research note on Friday, May 19th. Guggenheim started coverage on shares of Live Nation Entertainment in a research note on Wednesday, May 24th. They set a “buy” rating and a $40.00 target price for the company. Finally, ValuEngine raised shares of Live Nation Entertainment from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Four investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $39.43.

Live Nation Entertainment Company Profile

Live Nation Entertainment, Inc is a live entertainment company. The Company’s businesses consist of the promotion of live events, including ticketing, sponsorship and advertising. Its segments include Concerts, Sponsorship & Advertising, Ticketing and Artist Nation. The Concerts segment is engaged in promotion of live music events in its owned or operated venues and in rented third-party venues; operation and management of music venues; production of music festivals, and creation of associated content.

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Institutional Ownership by Quarter for Live Nation Entertainment (NYSE:LYV)

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