Virtu KCG Holdings LLC purchased a new position in Live Nation Entertainment, Inc. (NYSE:LYV) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 13,142 shares of the company’s stock, valued at approximately $458,000.
Other hedge funds have also modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Live Nation Entertainment by 9.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,321 shares of the company’s stock worth $185,000 after buying an additional 445 shares in the last quarter. NJ State Employees Deferred Compensation Plan purchased a new stake in Live Nation Entertainment in the 2nd quarter worth $210,000. Oppenheimer Asset Management Inc. purchased a new stake in Live Nation Entertainment in the 1st quarter worth $233,000. KBC Group NV purchased a new stake in Live Nation Entertainment in the 1st quarter worth $238,000. Finally, Montag A & Associates Inc. purchased a new stake in Live Nation Entertainment in the 2nd quarter worth $261,000. Institutional investors and hedge funds own 65.64% of the company’s stock.
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Live Nation Entertainment, Inc. (LYV) opened at 42.79 on Thursday. The company has a market cap of $8.77 billion, a P/E ratio of 6112.86 and a beta of 1.03. The firm’s 50 day moving average is $41.64 and its 200 day moving average is $36.33. Live Nation Entertainment, Inc. has a 12-month low of $26.41 and a 12-month high of $43.85.
Live Nation Entertainment (NYSE:LYV) last released its earnings results on Wednesday, August 9th. The company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.10. The business 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 company’s quarterly revenue 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 anticipate that Live Nation Entertainment, Inc. will post $0.22 EPS for the current fiscal year.
In other news, insider Brian Capo sold 7,500 shares of the business’s stock in a transaction dated Friday, September 8th. The shares were sold at an average price of $40.50, for a total transaction of $303,750.00. Following the completion of the sale, the insider now owns 13,354 shares of the company’s stock, valued at $540,837. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ariel Emanuel sold 10,000 shares of the business’s stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $41.56, for a total transaction of $415,600.00. Following the sale, the director now directly owns 85,737 shares of the company’s stock, valued at approximately $3,563,229.72. The disclosure for this sale can be found here. 4.77% of the stock is owned by insiders.
A number of equities research analysts have issued reports on LYV shares. BidaskClub lowered Live Nation Entertainment from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 22nd. Stephens reiterated an “overweight” rating and issued a $44.00 price target (up previously from $36.00) on shares of Live Nation Entertainment in a research note on Thursday, August 10th. J P Morgan Chase & Co reiterated a “buy” rating on shares of Live Nation Entertainment in a research note on Friday, August 11th. Zacks Investment Research upgraded Live Nation Entertainment from a “hold” rating to a “buy” rating and set a $48.00 price target for the company in a research note on Tuesday. Finally, William Blair started coverage on Live Nation Entertainment in a research note on Friday, July 21st. They issued an “outperform” rating for the company. Three analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Live Nation Entertainment presently has a consensus rating of “Buy” and an average price target of $40.86.
Live Nation Entertainment 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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