American International Group Inc. Raises Position in Live Nation Entertainment, Inc. (LYV)

American International Group Inc. increased its holdings in Live Nation Entertainment, Inc. (NYSE:LYV) by 2.6% in the 3rd quarter, HoldingsChannel reports. The fund owned 281,319 shares of the company’s stock after buying an additional 7,257 shares during the quarter. American International Group Inc.’s holdings in Live Nation Entertainment were worth $15,323,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of LYV. BlackRock Inc. increased its stake in Live Nation Entertainment by 6.0% during the 3rd quarter. BlackRock Inc. now owns 13,741,840 shares of the company’s stock valued at $748,517,000 after purchasing an additional 778,092 shares in the last quarter. Canada Pension Plan Investment Board increased its stake in Live Nation Entertainment by 27.5% during the 2nd quarter. Canada Pension Plan Investment Board now owns 9,709,300 shares of the company’s stock valued at $471,581,000 after purchasing an additional 2,096,500 shares in the last quarter. Select Equity Group L.P. bought a new stake in Live Nation Entertainment during the 2nd quarter valued at about $216,729,000. Findlay Park Partners LLP bought a new stake in Live Nation Entertainment during the 3rd quarter valued at about $176,436,000. Finally, Diamond Hill Capital Management Inc. increased its stake in Live Nation Entertainment by 12.0% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 1,068,020 shares of the company’s stock valued at $51,874,000 after purchasing an additional 114,281 shares in the last quarter. Institutional investors own 69.34% of the company’s stock.

Shares of NYSE LYV opened at $53.36 on Friday. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.76. The stock has a market cap of $11.04 billion, a PE ratio of -111.17 and a beta of 0.99. Live Nation Entertainment, Inc. has a 52-week low of $35.94 and a 52-week high of $58.26.

Live Nation Entertainment (NYSE:LYV) last announced its quarterly earnings results on Thursday, November 1st. The company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.06. The company had revenue of $3.84 billion for the quarter, compared to analysts’ expectations of $3.72 billion. The business’s revenue was up 11.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.53 EPS. On average, equities research analysts forecast that Live Nation Entertainment, Inc. will post -0.06 earnings per share for the current fiscal year.

A number of analysts have weighed in on the stock. ValuEngine lowered shares of Live Nation Entertainment from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 28th. Macquarie restated a “buy” rating and set a $60.00 price objective on shares of Live Nation Entertainment in a research note on Thursday. Finally, JPMorgan Chase & Co. raised their price objective on shares of Live Nation Entertainment from $53.00 to $60.00 and gave the company an “overweight” rating in a research note on Friday, November 2nd. One analyst has rated the stock with a sell rating, one has issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $57.35.

In related news, Director Robert Ted Enloe III sold 7,000 shares of the firm’s stock in a transaction that occurred on Friday, September 14th. The shares were sold at an average price of $54.07, for a total value of $378,490.00. Following the transaction, the director now owns 17,508 shares of the company’s stock, valued at $946,657.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Joe Berchtold sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 30th. The stock was sold at an average price of $49.35, for a total transaction of $987,000.00. Following the completion of the transaction, the president now directly owns 163,409 shares in the company, valued at approximately $8,064,234.15. The disclosure for this sale can be found here. In the last three months, insiders sold 92,000 shares of company stock worth $4,752,040. 5.19% of the stock is currently owned by 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 and/or operated venues, and in rented third-party venues; operates and manages music venues; and produces music festivals and creates associated content.

Further Reading: Growth Stocks

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

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