Southeast Asset Advisors Inc. increased its holdings in shares of Live Nation Entertainment, Inc. (NYSE:LYV) by 2.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 38,020 shares of the company’s stock after acquiring an additional 780 shares during the quarter. Live Nation Entertainment comprises 0.7% of Southeast Asset Advisors Inc.’s portfolio, making the stock its 23rd biggest holding. Southeast Asset Advisors Inc.’s holdings in Live Nation Entertainment were worth $2,519,000 as of its most recent SEC filing.
Several other hedge funds have also bought and sold shares of the stock. AMP Capital Investors Ltd increased its holdings in shares of Live Nation Entertainment by 56.8% during the 2nd quarter. AMP Capital Investors Ltd now owns 85,339 shares of the company’s stock worth $5,711,000 after acquiring an additional 30,904 shares during the last quarter. National Pension Service acquired a new position in shares of Live Nation Entertainment during the 2nd quarter worth approximately $272,000. Asset Management One Co. Ltd. increased its holdings in shares of Live Nation Entertainment by 11.7% during the 2nd quarter. Asset Management One Co. Ltd. now owns 72,564 shares of the company’s stock worth $4,808,000 after acquiring an additional 7,612 shares during the last quarter. Clal Insurance Enterprises Holdings Ltd increased its holdings in shares of Live Nation Entertainment by 23.5% during the 2nd quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,042,558 shares of the company’s stock worth $69,069,000 after acquiring an additional 198,558 shares during the last quarter. Finally, CQS Cayman LP acquired a new position in shares of Live Nation Entertainment during the 2nd quarter worth approximately $4,480,000. 69.09% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts recently weighed in on the company. Atlantic Securities assumed coverage on Live Nation Entertainment in a report on Tuesday, June 11th. They set an “overweight” rating and a $75.00 target price on the stock. Zacks Investment Research lowered Live Nation Entertainment from a “buy” rating to a “hold” rating in a report on Friday, August 2nd. Guggenheim set a $80.00 target price on Live Nation Entertainment and gave the stock a “buy” rating in a report on Thursday, August 29th. Finally, Citigroup downgraded Live Nation Entertainment from a “neutral” rating to a “sell” rating and set a $63.00 price target for the company. in a research note on Friday, June 28th. One research analyst has rated the stock with a sell rating, one has given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $70.00.
Live Nation Entertainment (NYSE:LYV) last released its quarterly earnings results on Thursday, July 25th. The company reported $0.41 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.02. The business had revenue of $3.16 billion during the quarter, compared to the consensus estimate of $3.18 billion. Live Nation Entertainment had a return on equity of 4.49% and a net margin of 0.55%. The firm’s quarterly revenue was up 10.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.24 EPS. As a group, sell-side analysts predict that Live Nation Entertainment, Inc. will post 0.3 EPS for the current fiscal year.
In related news, EVP Michael Rowles sold 67,840 shares of the business’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $71.71, for a total value of $4,864,806.40. Following the completion of the sale, the executive vice president now directly owns 257,691 shares in the company, valued at approximately $18,479,021.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 4.82% of the company’s stock.
Live Nation Entertainment Company 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 or operated venues, and in rented third-party venues; operates and manages music venues; and produces music festivals and creates associated content.
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